Background
Russia's investment-arbitration history is dominated by the Yukos saga: the 2014 awards by an UNCITRAL tribunal in The Hague found Russia liable for approximately $50 billion before partial Dutch court annulment and reinstatement on appeal. The Yukos litigation has shaped doctrine on indirect expropriation, denial of justice, and provisional measures.
Crimea claims
Following Russia's 2014 annexation of Crimea, Ukrainian investors filed a series of claims under the Russia-Ukraine BIT. Tribunals — including in Naftogaz, Ukrenergo, and others — found jurisdiction on the basis that Russia exercised de facto control over the affected territory, and awarded compensation.
Sanctions-era claims
The 2022 invasion of Ukraine and subsequent sanctions regimes have triggered a new wave of arbitration filings against Russia, particularly from European energy and manufacturing investors. Enforcement in the current geopolitical climate is the central practical question.
ECT status
Russia signed but never ratified the Energy Charter Treaty, and provisional application terminated in 2009. The Yukos tribunals found ECT applied based on provisional application; some later tribunals have reached different conclusions.
Outlook
The Russia caseload will continue growing throughout the sanctions period. Awards will be obtained; enforcement against frozen state assets is the recurring question.