Investment Treaties and the Russian Federation: Baiting the Bear?

摘要

In July 2004, the Russian oil giant Yukos was charged with tax code violations. The ensuing court proceedings resulted in the imprisonment of Yukos' former chief, Mikhail Khodorkovsky, tax assessments of billions of dollars and the liquidation of the company's assets. Many of Yukos' most important operating assets were acquired at auction by Russian state-owned companies. Whatever the merits of the tax investigation, the move against Yukos was widely viewed as politically motivated.2 In response to these events, a Cypriot corporate shareholder of Yukos, known as Group Menatep, stated publicly that it would challenge the legality of the auction on an international level. In 2005, Menatep filed a USD28 billion arbitration claim against the Russian Federation under the Energy Charter Treaty (ECT), a European multilateral agreement designed to protect and encourage investment in the energy sector. It was soon followed by other Yukos shareholders from around Europe.4 What are these claims, and how did these investors gain access to an international forum for the resolution of their dispute with the Russian Federation Government? And do they have any chance of success?