On 11 February 2026, in Buried Hill v. Turkmenistan, the two remaining arbitrators, Mr Siqueiros and Mr Goldberg (the “Unchallenged Arbitrators”), accepted Buried Hill Serdar Limited’s (the “Claimant”) proposal to disqualify Professor Philippe Sands, KC, from the tribunal. Their decision was based on Articles 14(1), 57 and 58 of the Convention on the Settlement of […]
ICSID Arbitration
Behind the Curtain: ICSID Arbitration Explained from Notice of Dispute to Enforcement
For an investor, a State, or an in-house legal team facing its first investment dispute, ICSID arbitration can appear unusually technical. It is not simply commercial arbitration administered by a familiar institution. What makes ICSID arbitration different is its treaty foundation, its particular jurisdictional requirements, its relative independence from national courts, and its self-contained system […]
LSG Building Solutions v. Romania: Annulment Is Not an Appeal
On 18 February 2026, an ad hoc committee constituted under the ICSID Convention (the “Committee”) unanimously dismissed Romania’s application for annulment of the Award rendered in an arbitration brought by LSG Building Solutions GmbH and nine other claimants (the “Claimants”). Annulment is a limited form of review for specific fundamental defects. It is not an […]
Moral Damages in Investor-State Arbitration after Emergofin
In Emergofin B.V. and Velbay Holdings Ltd. v. Ukraine, the Tribunal rejected the claim for moral damages from the outset. It did not treat moral damages as only a question of evidence or valuation; the Tribunal went further and held that the claim fell outside its jurisdiction or, alternatively, was inadmissible.[1] The Award incorporates the […]
State Immunity and ICSID Awards: The UK Supreme Court Joins International Consensus on Enforcement
On 4 March 2026, the Supreme Court of the United Kingdom (the “Supreme Court”) held in Kingdom of Spain v Infrastructure Services Luxembourg S.À.R.L. and Republic of Zimbabwe v Border Timbers Ltd that Spain and Zimbabwe (the “States”) could not invoke state immunity to resist the registration in England of ICSID awards rendered against them. The […]
London Commercial Court: ICSID Awards Are Not Assignable (Operafund v Spain)
In Operafund Eco-Invest SICAV Plc and Schwab Holding AG v Kingdom of Spain [2025] EWHC 2874 (Comm), the English Commercial Court held that awards rendered under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (“ICSID Convention”) or the Energy Charter Treaty 1994 (“ECT”) are not assignable to third […]
ICSID Tribunal Confirms Denial of Justice and Due Process Violations in Bachar Kiwan v. Kuwait
On 10 March 2025, the International Centre for Settlement of Investment Disputes (“ICSID”) issued its Final Award in the arbitration between French-Syrian media entrepreneur Bachar Kiwan and the State of Kuwait (ICSID Case No. ARB/20/53). In an affirmation of the rule of law, the Tribunal has recognized serious due process violations and a denial of […]
Shareholder Claims for Reflective Loss in Investor-State Arbitration: An Overview
Reflective losses are indirect losses, such as a decrease in the value of the shares, suffered by shareholders as a result of harm to the company in which their shares are held.[1] Reflective losses differ from direct losses suffered by shareholders, which may occur through the seizure of shares or barriers to shareholder attendance of […]
Frivolous Claims in Arbitration: ICSID Rule 41(5) and Rule 41
If a Claimant submits a request for arbitration to the International Centre for Settlement of Investment Disputes (ICSID), according to Article 36(3) of the ICSID Convention, its request will be registered, and the case will proceed unless the Secretary-General finds, on the basis of the information contained in the request, that the dispute is manifestly […]
