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Everest Estate LLC et al. v. Russian Federation (PCA)

Why it matters

This case is significant as it addresses the expropriation of investments in Crimea following Russia's annexation, testing the application of the Ukraine-Russia BIT in a politically charged context. The award sets a precedent for investor protection in disputed territories and clarifies the scope of BIT obligations in situations of territorial change.

Summary

The arbitration was initiated by Everest Estate LLC and other claimants against the Russian Federation under the Ukraine-Russia Bilateral Investment Treaty (BIT) and the UNCITRAL Arbitration Rules 1976. The claimants alleged that, starting in August 2014, Russia interfered with and ultimately expropriated their real estate investments in Crimea. The Tribunal, composed of Dr. Andrés Rigo Sureda (Presiding), Professor W. Michael Reisman (claimant-appointed), and Professor Dr. Rolf Knieper (respondent-appointed), was constituted on 27 October 2015. After a hearing on the merits in October 2017 and post-hearing submissions, the Tribunal issued a unanimous Award on the Merits on 2 May 2018, addressing both liability and damages. The press release does not disclose the specific outcome or quantum awarded. The case is administered by the Permanent Court of Arbitration (PCA) and is publicly available on the PCA Case Repository.

The detail

Parties: Everest Estate LLC et al. v. Russian Federation

Case number: PCA Case No. 2015-36

Outcome: The Tribunal issued a unanimous Award on the Merits addressing liability and damages. The specific outcome is not detailed in the press release.

Applicable law: Ukraine-Russia BIT, UNCITRAL Arbitration Rules 1976

Issues in play: The case involved the Ukraine-Russia BIT and principles of expropriation and fair and equitable treatment, with the key collision being between Russia's actions in Crimea and the BIT's protections for foreign investors.

Read the full decision at italaw ↗

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