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Arbitrators nod to Yukos’ contribution to its losses, but ignore this otherwise
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Claimant’s behind-the-scenes hedging of risk/reward was scrutinized
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Rewarding speculative investments not consistent with treaty goals
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Tribunal affirms that RosInvestCo is an “investor” with an “investment”
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Reasonableness of profit expectation does not dictate presence of investment
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Arbitrators loath to interpret Most Favoured Nation clause in “shallow” fashion
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Temporal jurisdictional objection also rejected
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Discrimination, but not that kind of discrimination
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