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Tatneft v. Ukraine, No. 17-582 (D.D.C. Mar. 19, 2018) [click for opinion] On July 4, 1995, Tatarstan and Ukraine entered into an agreement to create CJSC Ukrtatnafta Transnational Financial and Industrial Oil Company (“Ukrtatnafta”), a Ukrainian joint stock company that operates the largest oil refinery in Ukraine. Ukraine, Tatarstan, and PAO Tatneft, a publicly-traded open joint stock company established under the laws of the Russian Federation (“Tatneft” or “Plaintiff”), were the three major shareholders of…

Balkan Energy Ltd. v. Republic of Ghana, No. 17-cv-00584 (D.D.C. Mar. 22, 2018) [click for opinion] In 2007, the Republic of Ghana (“Ghana”) negotiated with Balkan Energy LLC for the refurbishment and commissioning of an unused power barge. As required by Ghanaian law, Balkan Energy LLC formed a local subsidiary to carry out the project: Balkan Energy (Ghana) Limited (“Balkan Ghana”). Balkan Ghana and Ghana subsequently entered into a Power Purchase Agreement (“PPA”), whereby the…

The ambiguous legal position of the grounds to set aside an arbitral award since the Arbitration Act 2005 came into force has finally been settled in the recent Federal Court decision in Far East Holdings Bhd & Anor v. Majlis Ugama Islam dan Adat Resam Melayu Pahang and other appeals[1]. This case arose from a domestic arbitration where the arbitral tribunal made an award in favor of the respondent (ie, the claimant in the arbitration)…

According to the Polish Supreme Court – very far, as it allowed an arbitral award to modify the key provision of a contract on the basis of equity principles. The questions that arose before the Polish Supreme Court in recent setting aside proceedings[1] concerned the issue of modifying the remuneration agreed in a contract between two professional parties on the basis of the principles of equity. The Supreme Court had to answer the question of…