London Court Rejects Russia's State Immunity Bid in Yukos Case

A London court ruled that Russia cannot claim state immunity to avoid a $60 billion arbitration award related to the Yukos oil group. The judgment supports three former Yukos shareholders who have been fighting to enforce the 2014 award. Russia's appeal was dismissed by the Court of Appeal.

In a landmark decision, a London court has determined that Russia cannot claim state immunity to evade a $60 billion arbitration award concerning the defunct Yukos oil group.

The decision marks a significant victory for three former Yukos shareholders—Hulley Enterprises, Yukos Universal, and Veteran Petroleum—who have pursued enforcement of the 2014 award for over a decade.

This latest judgment, delivered by the Court of Appeal, dismisses Russia's appeal to have the High Court's November 2023 decision overturned.