English Court greenlights determination of Russia’s state immunity objections to Yukos enforcement proceedings

Yesterday, the Commercial Court in London partially lifted the stay it had previously placed on the proceedings by former Yukos Oil Company shareholders – Hulley Enterprises, Yukos Universal and Veteran Petroleum – to enforce the US$50 billion arbitration awards the Permanent Court of Arbitration made in their favour in 2014. The arbitration proceedings were based on claims that Russia had unlawfully expropriated Yukos’ assets.