Sayenko Kharenko, working with Latham & Watkins and Westerberg & Partners, has successfully represented Ukraine before the Svea Court of Appeal in setting aside the challenge of a USD 6 billion Energy Charter Treaty award.
According to Sayenko Kharenko, the proceedings stemmed from SCC Arbitration No. V 2015/092 which "was the largest investment dispute involving Ukraine. It centered on claims brought by the minority shareholders of Ukrnafta regarding natural gas produced by Ukrnafta, Ukraine’s largest oil and gas producer. The case involved allegations of governmental interference with gas pricing, increased extraction taxes, and legislative amendments affecting the rights of shareholders in joint-stock companies."
According to the firm, "on January 31, 2025, the Swedish court upheld the ECT tribunal’s finding that it lacked jurisdiction to hear the claims brought by three Cypriot claimants, Littop Enterprises, Bridgemont Ventures, and Bordo Management. The Swedish court confirmed that the claimants had failed to establish a protected investment under the ECT. Although the Svea Court of Appeal determined that the tribunal should have examined allegations of bribery and corruption, as well as denial of benefits, as part of the merits of the case rather than jurisdictional issues, this did not change the final outcome, which resulted in a jurisdictional victory for Ukraine. In addition, the Svea Court of Appeal amended the original cost decision of the tribunal, awarding Ukraine USD 18.9 million plus costs of the setting-aside proceedings."
The Sayenko Kharenko team included Partner Olexander Droug, Special Advisor Tatyana Slipachuk, Senior Associate Alina Danyleiko, and Associates Katalina Shkuro, Maksym Melnyk, and Henrietta Yaitska.
