TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Friday, September 7, 2012

Stephan: Taxation, Expropriation, and the Destruction of the Yukos Oil Empire

Paul B. Stephan III (Virginia), Taxation and Expropriation -- The Destruction of the Yukos Oil Empire, 34 Hous. J. Int'l L. ___ (2012):

This article explores the background to, and significance of, the Russian renationalization of the Yukos energy conglomerate through a tax assessment followed by an asset auction, then a bankruptcy proceeding. In a nutshell, the rise and fall of Yukos illuminates four narratives about the modern world economy. First, it exposes the challenges – some might say insuperable barriers -- to creation of a liberal society on Russian soil. Second, it shows the deep problems with top-down law reform in societies undergoing rapid and wrenching political, economic and social change. Third, it demonstrates how renationalization works in a particularly high-stakes context. Finally, it reveals the capabilities and limits of international dispute settlement through courts, arbitration, and diplomacy when confronting profound conflicts between private rights and fiercely guarded national interests.

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Is there a prequel called "Privatization -- Fire sales of public assets and the creation of a society ruled by Oligarchs"?

Posted by: Anon | Sep 7, 2012 1:40:28 PM