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On costs, tribunal saw no authority to order Russia to pay advances, and ultimately departed from the “costs follow the event” approach
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Fraud allegations were rejected
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Majority saw no common intention by BIT parties to extend MFN clause to dispute settlement
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Majority held that MFN clause relating to “all matters” could not be understood literally
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Tribunal majority adopted restrictive approach to extending MFN clause to dispute settlement
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Claim was not within scope of BIT’s arbitration clause
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Majority found that the BIT did not cover indirect investments
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Majority distinguished previous decisions on indirect investment
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Claimants’ shares in BI were not investments in Russian territory
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The claimants were “investors” under the treaty
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No failure to comply with the pre-arbitration procedure
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Jurisdiction was primarily governed by the BIT; case law has persuasive authority
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