Six claims were brought before the Permanent Court of Arbitration (PCA, The Hague) by different investors in the oil sector, against Russia and the national oil company, Roosneft. The claims were made on the basis of the Energy Charter Treaty. On 18 July 2014, the claimants were awarded 50 billion US Dollars. The arbitral tribunals held that Russia unduly expropriated the investments of the claimants.
On 20 April 2016, the District Court in The Hague (“the District Court”) set aside all the six arbitral awards (The Russian Federation v Veteran Petroleum Ltd, Yukos Universal Ltd and Hulley Enterprises Ltd(C/09/477160 / HA ZA 15-1, 15-2 and 15-122).
Nonetheless, those awards may be enforced in other countries such as France, USA and Algeria, where the laws or the case law consider that under Article V of the 1958 New York Convention enforcement and recognition may be granted to awards annulled in the country of origin. The battle is too long.
