The following letter from the law professor Emmanuel Gaillard, representing the former shareholders of Yukos, was published in
the Financial Times.
From Prof Emmanuel Gaillard.
Sir, Almost unnoticed, Vladimir Putin, the prime minister, announced in July that Russia will withdraw from the Energy Charter Treaty.
This is a significant setback for its European partners. Since its
adoption in 1994, the ECT has established a unique balance and a level
playing field in the energy sector for all 50 partners, including
Russia.
This is a signal to the international community that
Russia refuses to live by its international commitments and is not
interested in protecting future energy investments.
It is no
coincidence that this comes at a time when the former majority
shareholders of Yukos oil company are awaiting an international
tribunal decision regarding, precisely, whether and to what extent
Russia is bound
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