Summary

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G. OVERALL CONCLUSION

233. On the basis of the foregoing analysis, the Tribunal concludes that is has jurisdiction over the present dispute. In particular, it is satisfied that the dispute falls within the territorial and temporal scope of application of the Treaty and that the Claimants qualify as "investors" under the Treaty, having made an "investment" in the territory of Russia in accordance with its legislation.

VII. COSTS

234. In PO5, which dealt with various post-hearing matters, the Tribunal decided that "[t]here shall be no cost submissions at the present stage, it being understood that the Parties shall provide cost submissions if the Tribunal subsequently so requests." The decision on the costs and fees of the jurisdictional phase is thus reserved for a later stage of the proceedings.

VIII. OPERATIVE PART

235. For the reasons set forth above, the Tribunal decides as follows:

(i) The Tribunal has jurisdiction over the dispute submitted to it in this arbitration;
(ii) The Tribunal will take the necessary steps for the continuation of the proceedings toward the liability phase;
(iii) The Tribunal reserves the decision on the costs of the jurisdictional phase for a later stage of the proceedings.

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