Summary

Parties in this long-running action to confirm arbitral awards of over $50,000,000,000 against respondent, the Russian Federation, have been litigating the threshold issue of subject matter jurisdiction for over ten years. For much of that time, however, the case had been stayed pending resolution of set-aside proceedings in the Dutch courts, see Hulley Enters. Ltd. v. Russian Fed'n ("Hulley III"), No. 14-cv-1996 (BAH), 2022 WL 1102200, at *3 (D.D.C. Apr. 13, 2022) (recounting the history of the prior stay requests), and the longest portion of that stay, from September 2016 to May 2020, was entered at the request of petitioners Hulley Enterprises, Ltd., Yukos Universal Ltd., and Veteran Petroleum Ltd. (collectively, the "Shareholders"), id. The parties have now briefed the propriety of entering a far shorter stay pending a decision from the D.C. Circuit in Yukos Capital Ltd. v. Russian Federation ("Yukos"), No. 25-7097, a case raising the same legal questions that must be resolved in respondent's jurisdictional challenge. Upon consideration of the parties' responses to the Court's order to show cause why a stay should not be imposed and balancing the alleged hardship to Shareholders against the benefits of judicial economy, this case is stayed until May 6, 2027, or until the D.C. Circuit issues its decision in Yukos, whichever date occurs earlier. Also pending are related motions to expedite the proceedings for Posting of Security, which are denied for the reasons explained below.