Video archive of the US Congress

Senate Proceeding on May 5th, 2011 :: 4:18:30 to 4:23:20
Total video length: 7 hours 14 minutes Stream Tools: Stream Overview | Edit Time

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Roger F. Wicker

4:18:27 to 4:18:48( Edit History Discussion )

Roger F. Wicker: we are continuing in morning business? the presiding officer: the senator's correct. mr. wicker: mr. president, on several occasions i've risen to address my colleagues on the topic of russia and the continuing sad state of the rule

Roger F. Wicker

4:18:30 to 4:23:20( Edit History Discussion )
Speech By: Roger F. Wicker

Roger F. Wicker

4:18:49 to 4:19:11( Edit History Discussion )

Roger F. Wicker: of law in the russia federation. i rise today to address the latest information regarding the absence of rule of law framework with respect to businesses an investors. specifically this situation negatively impacts the united states and the entire international community. there have been a number of court decisions around the world

Roger F. Wicker

4:19:12 to 4:19:32( Edit History Discussion )

Roger F. Wicker: related to the ucoast oil issue that highlight russia's hostility toward investment and business. as my colleagues may be aware, g.m.l., the majority shareholder of the ucoast oil headed by businessman and former

Roger F. Wicker

4:19:33 to 4:19:56( Edit History Discussion )

Roger F. Wicker: businessman has a $1 billion arbitration claim to obtain compensation for the ucoast assets which were taken between 2003 and 2005. several recent developments demonstrate yet again that international courts do not recognize russiaa 2003 ex

Roger F. Wicker

4:19:57 to 4:20:18( Edit History Discussion )

Roger F. Wicker: appropriation ofyoucoast -- ucoast an former stakeholders of the company may pursue compensation for their assets seized improperly and in essence nationalized by the russian state. court victories handed to shareholders involved in the dispute indicate that the international legal system will

Roger F. Wicker

4:20:19 to 4:20:39( Edit History Discussion )

Roger F. Wicker: not recognize the validity of russia's bankruptcy of ucoast. in december 2009, "the new york times" detailed one of these victories in which an independent arbitration panel made a jurisdictional ruling that shareholders of the former ucoast oil company g.m.l. had a

Roger F. Wicker

4:20:40 to 4:21:00( Edit History Discussion )

Roger F. Wicker: right to p estimated $100,000 in damages, the tribunal indicated that russia was bound by the energy charter treaty and must adhere to its provisions. this claim now moves to the next stage with a decision expected in october 2013.

Roger F. Wicker

4:21:01 to 4:21:21( Edit History Discussion )

Roger F. Wicker: regrettably slow, but moving surely. the most recent victory occurred in december of last year and involved a second international arbitration tribunal in stockholm which had a minority sharehold ucoast $3.5 million for the

Roger F. Wicker

4:21:22 to 4:21:42( Edit History Discussion )

Roger F. Wicker: damages resulting from the ruin government's actions. mr. president, this was the first case in which anyone seriously examined the claims of an individual ucoast shareholder. the panel independently and unanimously concluded the ruin federation was -- russian

Roger F. Wicker

4:21:43 to 4:22:04( Edit History Discussion )

Roger F. Wicker: federation was liable for exappropriateing assets. i would stress that this was a unanimous decision even though the tribunal included a russian arbitrater. i bring these developments to the attention of my senate colleagues because i believe they demonstrate a growing movement in the international community that holds russia

Roger F. Wicker

4:22:05 to 4:22:26( Edit History Discussion )

Roger F. Wicker: accountable for its actions towards investors and it is a movement the united states should support. minority shareholders such as rals and vesco are the tip of the -- as a result of the seizure of ucoast assets.

Roger F. Wicker

4:22:27 to 4:22:49( Edit History Discussion )

Roger F. Wicker: in the united states alone shareholders were stripped of $6 billion to $12 billion. russia's actions toward ucoast remind us that investment in russia is extremely risky. the international community is taking note of this. americans are taking note of this.

Roger F. Wicker

4:22:50 to 4:23:11( Edit History Discussion )

Roger F. Wicker: american legislators should take note of this, mr. president. and recent court decisions indicate the legitimacy of the russian government's claims over ucoast assets are suspect at best. with these thoughts in mind, i urge my colleagues to continue working to ensure protection and adequate mechanisms for u.s.

Roger F. Wicker

4:23:12 to 4:23:23( Edit History Discussion )

Roger F. Wicker: shareholders and businesses doing business in russia.

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