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" The next compelled bankruptcy, seizures of Yukos’ remaining property, plus the ’ sale of Individuals assets at auction about the class of 2007 done the expropriation. In the event the dust settled, the Russian Federation had bankrupted and liquidated Yukos, and condition- j owned Rosneft was in possession of almost all of Yukos’ oil making assets. As President Putin himself place it Soon once the YNG auction:
"Наша совместная задача — реализовать этот проект в самый кратчайший возможный срок. Именно на это сейчас ...
(1investments of traders of possibly Contracting Occasion shall not be nationalised, expropriated or subjected to measures owning result comparable to nationalisation or expropriation (hereinafter referred to as "expropriation") from the territory of the other Contracting Get together aside from a function that's in the general public interest and isn't discriminatory and against the payment, with no delay, of suitable and helpful payment. Such compensation shall amount to the real value of the investment expropriated instantly before the expropriation or ahead of the approaching expropriation grew to become public information, whichever is the sooner, shall be made inside two months in the date of expropriation, after which interest at a normal professional charge shall accrue until the day of payment, and shall be proficiently realizable and be freely transferable.
Alterations to that basic principle may be used for at the latest at time of your Pre-Hearing Meeting. In view in the cancellation of your Pre-hearing Conference it is actually recalled that the respective day is 7 December 2009.
The sequence of occasions, plus the sheer number and accumulation of hostile steps, all position towards the summary that the Russian Federation abused its tax enforcement powers to expropriate strategic petroleum assets managed by a political opponent in the Russian State:
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Claimant’s legal rights and offsetting obligations in relation on the Yukos shares prior to March 2007 Consequently didn't have - and could not have had — any economic value. In truth, Claimant would have had to pay an individual to step into its shoes for As long as the Participation Agreements remained in place
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"Работы по реставрации здания консерватории, которое является особо ценным объектом культурного наследия, затянулись более чем на десять лет. Объект был передан ...
It is feasible to distil from these kinds of ideas — or alternatively rules for examining the tax and balancing the criteria for and against its expropriatory character — a system of presumptions (involving stress of evidence and lawful persuasion). As ‘purple flags' attach themselves to a tax evaluate, the burden of proof and authorized persuasion is on the taxing state to point out the evaluate will not be discriminatory, has respectable explanations, and isn't meant to damage overseas investors and execute expropriation in legallycamouflaged strategies"
The one plausible clarification for Claimant’s termination of Elliott Global’s economic curiosity from the Yukos shares from the midst of Yukos’ ongoing liquidation was the Elliott Team’s want to take advantage of the legal rights regarded as offered under the British isles-Soviet BIT - legal rights that Obviously wouldn't are accessible to Elliott Global, a Cayman Islands business. During the absence of the authentic expectation of realizing a return in the economic exercise of a heading issue, even Claimant’s 2007 acquisition of the economic interest during the Yukos shares did not constitute an "financial investment" within the that means of Article 1 (a) of the UK-Soviet Little bit.
The Russian tax assessments only enter into the picture because the Respondent seeks to disguise its having being a authentic physical exercise of its tax electric power.
Quite a few consequences adhere to from this point out of affairs, which serially and collectively mandate the dismissal of Claimant’s assert.