The Yukos Oil Company was forced into bankruptcy by the Moscow Arbitration Court five years ago on Monday. Its assets were seized by the state, and its top managers imprisoned or chased from the country. Its legacy of progressive corporate governance and transparency was decimated in favor of shadowy state control.
Russia’s withdrawal from the Energy Charter Treaty means that new investors in the energy sector must rely on treaties or Russian courts. Adopting and abiding by World Trade Organization standards would help.