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621. In conclusion hence, the Tribunal considers which the totality of Respondent’ measures have been structured in this kind of way to eliminate Yukos’ belongings through the Charge of the company plus the people associated with Yukos. They have to be observed as factors during the cumulative treatment of Yukos for what appears to are already the supposed reason. The Tribunal, in reviewing the various alleged breaches of your IPPA, even when the justification of a specific personal measure might be arguable as an admissible software of your relevant legislation, considers this cumulative influence of those different steps taken by Respondent in respect of Yukos is related to its final decision beneath the IPPA. An illustration is, as Claimant has pointed out, that Inspite of having made use of nearly identical tax constructions, no other Russian oil enterprise was subjected to the identical relentless and inflexible attacks as Yukos. While in the look at of your Tribunal, they can only be understood as measures below a common denominator in a pattern to damage Yukos and get Handle about its assets. 622. The Tribunal now turns on the evaluation of the criteria delivered in Write-up 5(one) IPPA. During this regard, the Tribunal, with out repeating them, refers back to the intensive arguments by both of those Parties summarized over In this particular Award on the assorted components of the alleged getting along with the Tribunal’s respective reviews. 623. A evaluate constitutes an expropriation if it has the impact of a substantial deprivation of residence forming all or a material Element of the expense, and In case the measure is attributable to Respondent. If it is an expropriation, it can be lawful if the requirements set forth in Article five IPPA are complied with. 624. Within this context, the Tribunal has taken Observe on the functions’ solutions for the Tribunal’s Issues 3.4 and three.6 of PO-five. The Tribunal shares Respondent’s check out that which the term "steps acquiring result such as nationalisation or expropriation" covers indirect expropriation, but devoid of dispensing With all the necessity of a considerable or full deprivation of (i) the economic worth of an expense (as Claimant articulated the standard on the hearing), (ii) basic possession legal rights, especially, control of an ongoing business enterprise, or (iii) deprivation of genuine financial commitment-backed anticipations.

Preliminary notification of which witnesses recognized by one other get together that every occasion is likely to want to cross analyze at hearings.

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(a) Claimant may submit new documents in rebuttal to https://rosinvest.com the new paperwork handed out by Respondent, with its Closing Statement within the Listening to; and

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Поврежденный при обрушении моста ж/д путь начали менять в Вязьме

The facts undermining Claimant’s conspiracy theory—which illogically is dependent to the essential extent on the significant guidance in the alleged targets of the conspiracy (Yukos and its core shareholders) and implausibly hypothesizes the cooperation by 3rd get-togethers without any connection on the Russian Govt [). "

four. Any witness or expert might only be recalled for rebuttal evaluation by a Party or the associates in the Tribunal, if such intention is declared in time for you to assure The supply of your witness and specialist over the time of the Hearing,

213. Claimant stands by its statement in the hearings, that just the language in the IPPA - as interpreted on the basis of the rules and principles of customary Worldwide legislation codified inside the Vienna Convention - is suitable for the dilemma no matter if Claimant is an "investor" with the "financial investment." New York law is related only to the construction on the Participation Agreements. 214. In the course of the hearings, Claimant submitted that Russian legislation, Russian Securities Legislation and also the Participation Agreements, are irrelevant. This case should not, can not and will not turn on the interpretation software of Russian regulation or maybe the legislation on the State of New York. Claimant has, constantly competent being an Trader beneath the IPPA.

fifty one. The Respondent future contends that, even assuming that Claimant made its financial commitment in 2004 (because it did), Claimant was not deprived of the whole or considerable worth of its financial investment, simply because numerous tax liens turned enforceable previous to Claimant’s invest in of its shares, the shares had misplaced a significant aspect of their market price, and Yukos’ administration had declared that the company was insolvent as of 31 October 2004. Yet again, the Respondent’s argument should be rejected.

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Because submitting its Statement of Declare, Claimant has learned that Rosneft owned not less than twenty per cent of BFG at the time with the 2004 auction, in order that BFG alone was at the very least a partly condition-owned business at enough time of that auction.

That is legitimate irrespective of whether, also to what extent, the tax enforcement actions on their own could have complied with Russian domestic regulation. Official compliance with domestic legislation will not be used to justify the destruction of A personal business and justification the uncompensated transfer of that enterprise’s belongings towards the condition.These types of steps constitute an unlawful expropriation under international law, in spite of how they could be considered below domestic regulation, https://rosinvest.com and are already so perceived by Worldwide courts and commentators. :