Published 9 October 2014
The concept of contributory fault in international law has been developed to address the consequences of blameable conduct of a party injured by an internationally wrongful act. It has been applied most recently in the three awards rendered in the arbitration between the majority shareholders of Yukos and the Russian Federation (referred to hereinafter as Hulley awards). In these awards, the tribunal reduced the damages awarded to the claimants by 25%, which was the figure corresponding to the tribunal’s assessment of the claimants’ contribution to the injury. In nominal terms, this led to the reduction of damages by USD 16.7 billion, from USD 66.7 billion to USD 50 billion. The present paper provides an analysis of that particular aspect of the Hulley awards.
First in a series of Yukos papers following the recent developments.
Articles in this series of Yukos papers so far:
Winning the Battle Does Not Mean Winning the War: Challenges Facing the Yukos Shareholders in Enforcing Their Arbitration Awards Against the Russian Federation in England and Wales
by M. Davies
on OGEL and on TDM