To hold the Russian Federation liable for its cynical plundering of OAO Yukos Oil Co., as a tribunal in The Hague did on July 28, was a triumph for the oft-criticized system of investment arbitration. It’s easy to see the justice in taking $50 billion from Russia. The hard part is to justify giving it to five wealthy friends of Mikhail Khodorkovsky.
Let’s review some not-so-ancient history. In 1995, Khodorkovsky’s Bank Menatep lent the Russian government money in return for the right to organize the auction that would privatize Yukos. Russia alleged that Bank Menatep rigged the auction and bought the crown jewel of the Russian economy at an absurdly low price, partly using Yukos’ own money.
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