A partially redacted copy of the 2 February 2021 award in Littop v Ukraine has now been published. The case concerned a US$6 billion Energy Charter Treaty claim brought against Ukraine by three companies associated with the Ukrainian oligarchs Ihor Kolomoisky and Gennady Bogoliubov.
The Tribunal (comprising Julian Lew QC, Yves Fortier QC and Rodrigo Oreamuno) ruled in favour of Ukraine and dismissed the entirety of the claim for lack of jurisdiction. In doing so it became the first major ECT tribunal to identify and apply a clean hands doctrine to bar a claim at the jurisdictional stage and to hold that the denial of benefits provision contained in Article 17 of the treaty could operate with retrospective effect. Tim Otty QC was part of the team of Counsel instructed by Latham and Watkins LLP for Ukraine and was lead Counsel on both jurisdictional issues.
Click here to download a redacted version of the award from Investment Arbitration Reporter’s website.
Our initial report on
this case can be found here.