This note deals with the current legal framework of investor-State arbitration under the Energy Charter Treaty (the “ECT”). The landscape of the application of the ECT has become blurry after several major developments in recent years: withdrawals, modernisation of the ECT, not to mention the impact of the Komstroy decision,[1] which has by no means […]
Investment Arbitration
UNCITRAL Code of Conduct for Arbitrators
The UNCITRAL Code of Conduct for Arbitrators in International Investment Dispute Resolution (the “UNCITRAL Code of Conduct”) recalibrates ethical expectations in investor-state dispute settlement. Adopted in 2023 under UN General Assembly Resolution 78/105 after six years of work in UNCITRAL Working Group III, it is a voluntary soft law instrument.[1] Accordingly, it sets recommended standards […]
Interpreting Treaties in Investment Arbitration
Interpreting treaties in investment arbitration is central to resolving disputes where the applicable international instruments are often complex and open to competing readings. Practical interpretation determines jurisdiction, scope of protection and ultimately the outcome of disputes. In a previous note, we outlined how investment tribunals approach treaty interpretation. In this note, we take a closer […]
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 […]
Which Foreign Investors Could Sue Trump’s United States in Arbitration?
Since taking office for the second time, President Trump has unleashed a torrent of executive orders aimed at reshaping America’s legal and political landscape — from immigration and climate change to trade, civil rights, energy policy, and tariffs.[1] His unpredictable approach to governance has sparked domestic and international concerns, particularly among foreign investors who may […]
Investment Arbitration and the Never-Ending MOL v. Croatia Saga
The intersection of international investment law and domestic politics often leads to high-profile arbitration cases, with the annulment of awards frequently making headlines. One such case is the long-standing dispute between the Hungarian energy company MOL Group and the Republic of Croatia. The saga encapsulates the complex dynamics of investment arbitration, allegations of corruption, and […]
Assignment in Investment Arbitration
The assignment of arbitration agreements has been the subject of multiple rulings by domestic courts of various countries. This body of case law, with its own principles, is not directly applicable to assignment in investment arbitration. Assignment is the transfer of rights, property or other benefits from an assignor to an assignee. In investment arbitration, […]
Judicial Expropriation in Investor-State Arbitration
Investor-State arbitrations involving unlawful expropriation are often concentrated on acts from a State’s legislative or executive branch. In this configuration, acts such as executive orders or laws are how a State may expropriate foreign investors. In turn, a lesser-known type of expropriation is judicial expropriation, which can be defined as “[t]he taking of contractual and […]
Environmental Concerns in Investment Arbitration
Traditionally, investment arbitration and environmental protection existed in separate spheres, with the former primarily focused on protecting the rights of investors and the latter concerned with safeguarding the environment. However, this separation has blurred as environmental issues have gained prominence on the international stage. In recent years, the intersection of environmental concerns and investment arbitration […]
