Proskauer - Minding Your Business (JD Supra Sweden)
Kazakhstan Ordered to Pay $506 Million for Crude Expropriation of Oil and Gas Investments
In a case that highlights both that governments are not above the rule of law and that it is difficult to swiftly enforce arbitral awards, a Swedish appeals court, on December 12, 2016, upheld a $506 million award against Kazakhstan. The award stems from Kazakhstan’s 2008 seizure of the oil and gas investments of two Moldovan businessmen. The Swedish appeals court refused to allow Kazakhstan to...