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Judgment confirms Yukos shareholders can enforce arbitration awards in England against Russian Federation

Dispute Resolution | 02/03/2026

The High Court has granted our clients, the former majority shareholders of Yukos, recognition and permission to enforce in England their arbitration awards against the Russian Federation, granting judgment in the sum of US$66+ billion. This is the largest judgment ever issued by the English Courts.

Russia had asked the English Court to re-try issues which it had already lost in the arbitrations and/or the seat of the arbitrations. To avoid wasting years on a re-trial, the shareholders asked the Court to determine, on the basis of preliminary issues and without a full factual trial, that Russia’s arguments could not result in a refusal to enforce the awards. The Court held in favour of the shareholders.

This judgment makes clear that in England, award debtors cannot delay enforcement by raising hopeless arguments under the guise of public policy defences, regardless of who the debtor is or how big the award is. We are grateful to our clients for entrusting us with such an important case.

The Stephenson Harwood team was led by Partner Ros Prince, supported by Managing Associate Tom Spackman and Associates Philipp Mueller, Harry Cook and Anna Jones.

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Dispute Resolution Fraud & Asset Recovery

Contributors

Ros Prince

Partner - Head of Fraud & Asset Recovery, London

London

Tom Spackman

Managing Associate

London

Philipp Mueller

Associate

London

Harry Cook

Associate

London

Anna Jones

Associate

London

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