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Yukos Universal Limited v Russian Federation, Final Award, PCA Case No AA 227, ICGJ 481 (PCA 2014), 18th July 2014, Permanent Court of Arbitration [PCA]



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Whether the Claimant’s claims were barred by the ‘fork in the road’ clause of the Energy Charter Treaty (‘ECT’).

Whether the claims are rendered inadmissible as a result of the Claimant’s abuse of the 1998 Agreement between the Government of the Republic of Cyprus and the Government of the Russian Federation for the Avoidance of Double Taxation with Respect to Taxes on Income and on Capital (the ‘Cyprus-Russia DTA’) and the Claimant’s abuse of low-tax regimes applicable to certain Russian regions (‘unclean hands’).

Whether the Article 21 ECT ‘carve out’ for taxation measures deprives the tribunal of jurisdiction over the taxation measures applied by the Respondent to the Claimant’s investment.

Whether the taxation measures and associated fines applied by the Respondent amount to an expropriation of the Claimant’s investments, in breach of Article 13 ECT.

Whether the Claimant’s actions, including misuse of the Cyprus-Russia DTA and the abuse of low-tax regimes applicable to certain Russian regions, result in a loss or limitation of liability as a result of the Claimant’s contributory fault.

Keywords: Nationality of corporations; Expropriation; Nationality of investor; ECT (Energy Charter Treaty); Fair and equitable treatment standard; Non-discrimination; State entities and attribution; Effectiveness, principle of; Ordinary meaning (treaty interpretation and); International courts and tribunals, jurisdiction; Fork in the road clause; Costs and expenses; Damages; General principles of international law; Judicial decisions

Legal Material.  251665 words.  Illustrated.

Subjects: Public International Law ; International Law ; Law

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