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Yukos Universal Limited v Russian Federation, Final Award, PCA Case No AA 227, IIC 652 (2014), ICGJ 481 (PCA 2014), 18th July 2014, Permanent Court of Arbitration [PCA]



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Whether similar proceedings before the European Court of Human Rights would expose the respondent to double recovery contrary to ‘fork in the road’ provision

Whether the ‘clean hands’ principle or ‘legality’ requirement could be read into the Energy Charter Treaty (‘ECT’), and constitute a general principle of international law

Whether the taxation ‘carve-out’ and ‘claw back’ in the ECT applied.

Whether taxation assessments, fines, investigations, and legal proceedings relating to a tax optimization scheme amounted to an expropriation

Whether, and to what extent, the Claimants contributed to their losses.

Keywords: Investment-backed expectations (expropriation and); Police powers (expropriation and); Prompt, adequate and effective compensation (Hull Formula); Public purpose (expropriation and); Regulatory expropriation (or regulatory taking); Takings, legal and illegal (confiscatory measures); Investment ‘in accordance with host state law’; Tax measures; Due process; Fair and equitable treatment standard; Good faith; Procedural equality; Transparency; State entities and attribution; Scope of OPIC’s obligations; Fork in the road clause; Causation; Costs and expenses; Damages; Discounted cash flow (DCF), anticipated future profits; Interest; Interest, compound/simple; Interest, rate of; Interest, post-award; Interest, pre-award; Interest, temporal aspects; Valuation

Legal Material.  254731 words.  Illustrated.

Subjects: Public International Law ; International Law ; Arbitration ; Law

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