Claimant, in its Reply, isn't going to contest Respondent’s demonstration in Annex B for the Assertion of Defense which the beginning price tag, last price tag and also other parameters of your YNG auction ended up in compliance with Russian regulation and in keeping with Global follow, and which the actions of Yukos and its management - in block

two. Though Claimant definitely has the load of persuading this Tribunal of the elements of its claim, the late-Professor Thomas Walde explained why the Respondent also has the burden of persuading the Tribunal that its defenses are very well Launched: Issue 3.seven 212. Concerning the Participation Agreements, what's the relevance of New York l