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3rd, the damages Claimant seeks are depending on an Investigation at odds Together with the statements in Claimant’s Reply that Yukos' tax assessments were not themselves expropriatory steps. As the supplemental expert report of Professor James Dow reveals, LECG’s calculation of damages, on which Claimant relies, is based on the identical "retroactive" tax statements that RoslnvestCo now acknowledges didn't represent functions of expropriation and, in any event, transpired nicely right before Claimant very first obtained an economic fascination inside the Yukos shares,

seven. When Claimant purchased its Yukos shares, it was significantly from specific that the company’s problems would demonstrate to get anything at all apart from momentary. At that time;

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The foregoing defenses amply justify the dismissal of this circumstance, with out want with the Tribunal to conduct an in depth examination of various yrs’ worth of documents associated with tax assessments, enforcement steps and personal bankruptcy proceedings.

The sequence of occasions, plus the sheer range and accumulation of hostile actions, all point to the conclusion that the Russian Federation abused its tax enforcement powers to expropriate strategic petroleum assets controlled by a political opponent in the Russian Condition:

three.7 Regarding the Participation Agreements, exactly what is the relevance of The big apple regulation as the governing legislation, of Russian legislation and of Global regulation, especially the IPPA, for the problems to be determined from the Tribunal from the, present situation?

599. More, the Tribunal usually takes into account the submissions with the Get-togethers concerning the numerous disputed actions and areas summarized previously mentioned, and notes in particular the submissions of your Events to the cumulative effect of the varied strands of Respondent’s steps in respect of Yukos. And even more, the Tribunal refers to its have criteria and conclusions higher than with respect to those person measures and aspects. As talked about over, the Tribunal considers that an evaluation of irrespective of whether Respondent breached the IPPA can only be efficiently done When the conduct as a whole is reviewed, as opposed to isolated actions or elements.

• The Russian Federation has did not show that its function was other than to induce the return of Yukos’ belongings to point out Command.

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213. Claimant stands by its assertion within the hearings, that only the language of your IPPA - as interpreted on The premise of The principles and rules of customary Intercontinental law codified inside the Vienna Conference - is pertinent to the issue irrespective of whether Claimant is an "Trader" with an "investment decision." The big apple legislation is applicable only to the development on the Participation Agreements. 214. In the course of the hearings, Claimant submitted that Russian legislation, Russian Securities Legislation as well as the Participation Agreements, are irrelevant. This case should not, are unable to and would not activate the interpretation software of Russian regulation or perhaps the law with the Point out of The big apple. Claimant has, all the time experienced as an Trader beneath the IPPA.

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• The Respondent’s hidden part (as a result of Rosneft) in arranging the initiation of bankruptcy proceedings against Yukos, along with the refusal of Rosneft and also the Russian Tax Ministry to just accept a rehabilitation prepare sponsored by Yukos' management that will have allowed Yukos to remain in organization, are further indications in the Respondent’s intent to ruin Yukos, The put up-individual bankruptcy transfer of practically all of Yukos’ remaining oil and gas belongings to condition Management Furthermore factors in the exact https://rosinvest.com same route.

The Respondent argues that RoslnvestCo "has the total stress of establishing that the steps it complains of tend not to gain https://rosinvest.com from the presumption of legality to which They are really entitled beneath Intercontinental law. "1

The Tribunal ought to reject this argument, as the Tribunal is entitled to look at functions that preceded Claimant’s investment decision to determine the context from the expropriation and as evidence with the Respondent's correct function. [ J