“Yukos v. the Russian Federation” and the Jurisdictional Immunity of the State

Former shareholders of “Yukos” started proceedings aimed at recognition and enforcement of the 3 arbitral awards dated 18 July 2014 rendered on the claims against the Russian Federation. By these awards, the arbitral tribunal ordered Russia a compensation (ca US$50 billion) to the shareholders of Yukos. In some countries of the world, the claimants did manage to obtain orders of arrests of Russian property. This attracted attention (also of the highest Russian authorities) to the quality of the international law advice aimed at protection of the interests of Russia and its companies. In this context the issue on how the jurisdictional immunity of Russia’s property as a foreign state operates became of a particular importance