By its award of July 18, 2014, an Arbitral Tribunal sitting in The Hague under the auspices of the Permanent Court of Arbitration found that the Russian Federation illegally expropriated the Yukos majority shareholders and awarded them USD 50 billion in damages.
This is, by a multiple of 20, the largest award ever rendered in the history of arbitration and it marks a great victory for Yukos’ majority shareholders in their long struggle for justice.
The formal announcement of this ruling was made by Tim Osborne, director of GML Ltd, and the two lead Counsels in the case, Emmanuel Gaillard, head of Shearman & Sterling LLP’s International Arbitration Group, and Yas Banifatemi, head of Shearman & Sterling LLP’s Public International Law practice, at the press conference for international media on Monday 28 July 2014, at 9:00 am London time.