Court decision invalidating yukos capital size of online dating

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When Rosneft invoked this provision in this case, Yukos Capital did not dispute that the awards had been set aside or that the Russian courts had jurisdiction to do so.Nevertheless, Yukos Capital argued on a number of grounds that the decisions to set aside should not be a reason to deny leave to enforce the awards.The court found that in the case at hand, Yukos Capital had insufficiently shown that such exceptional circumstances existed.Yukos Capital appealed, and on 28 April 2009 the Amsterdam Court of Appeal overturned the decision in first instance and granted the requested leave to enforce.Under Article III NYC, a Contracting State is required to recognise arbitral awards and enforce them in accordance with the rules of procedure of the territory where the award is relied upon.However, Article V NYC provides that recognition and enforcement may be refused at the request of the party against whom the award is invoked if that party furnishes proof that it has been set aside by a competent authority of the country in which the award was made (Article V-1(e) NYC).In December 2005, Yukos Capital started arbitration proceedings with the International Court of Commercial Arbitration of the Moscow Chamber of Commerce under the arbitration clauses in the loan agreements, claiming repayment of the loans with interest.

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If leave is also denied by the court of appeal, the requesting party has the right to appeal to the Supreme Court.Last Friday, the Dutch Supreme Court handed down an important decision, thereby terminating a large part of the Dutch Yukos litigation.The decision has major implications for the enforcement of foreign arbitral awards in the Netherlands.Article III NYC provides that no “substantially more onerous conditions or higher fees or charges” shall be imposed on the recognition or enforcement of foreign arbitral awards to which the NYC applies than on the recognition or enforcement of domestic arbitral awards.Pointing to the abovementioned appeals prohibition, Yukos Capital argued that allowing an appeal in cassation against the Court of Appeal’s decision to grant leave of enforcement for foreign arbitral awards would entail the imposition of substantially more onerous conditions or higher fees or charges for foreign than for domestic awards, and would thus violate Article III NYC.

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