International arbitration News, analytics and practice

14May/110

Energy Charter Treaty: Remington Worldwide Limited vs Ukraine

On 28 April 2011 the Arbitral Tribunal of the Arbitration Institute of the Stockholm Chamber of Commerce rejected most of the claims filed by Remington Worldwide Limited against Ukraine. The company accused Ukraine in violating the Energy Charter Treaty ratified by the Ukrainian Parliament, Verkhovna Rada in 1998.

Consequently, the Tribunal awarded the following:

Ukraine violated only one provision of the Energy Charter Treaty (Provision 1, Paragraph 1, Article 10) related to creating favourable conditions for other contracting parties’ investors;

Ukraine has to compensate USD 4,5 million to Remington Worldwide Limited instead of almost USD 36 million claimed;

Parties expenses during the arbitration proceedings to be met by each party on their own and arbitration costs to be shared equally by Ukraine and Remington Worldwide Limited.

Source: Investment and Trade Foundation

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