An arbitral award is usually expected to bring a dispute to an end. Within the European Union, however, an award against a Member State or a public entity may open an entirely new front: whether its payment or enforcement would amount to unlawful State aid under Articles 107 and 108 of the Treaty on the […]
Investment Arbitration
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 […]
Blasket v. Spain: Limits on Sovereign Asset Discovery
On 12 June 2026, Judge Beryl A. Howell of the United States District Court for the District of Columbia issued a post-judgment discovery order in Blasket Renewable Investments, LLC v. Kingdom of Spain, a long-running enforcement proceeding arising from an ICSID award against Spain. The decision matters because it confirms both the breadth and the […]
Indonesia’s New Commodity Export Regime: Resource Nationalism and International Arbitration
On 20 May 2026, Indonesia issued Government Regulation No. 24/2026 (PP No. 24/2026) (unofficial English translation here) on the Governance of Exports of Strategic Natural Resource Commodities (“Regulation”), which entered into force on 1 June 2026.[1] Under the Regulation, Strategic Natural Resource Commodities may only be exported by a State-owned enterprise (“SOE”) appointed by the […]
Third-Party Funding and Confidentiality in Investment Arbitration: Kappes v. Guatemala
Third-party funding is increasingly common in investment arbitration. It can give investors access to treaty claims, but it may also raise issues of conflicts of interest, confidentiality, security for costs and adverse costs exposure.[1] The procedural orders in Daniel W. Kappes and Kappes, Cassiday & Associates v. Republic of Guatemala are useful because they address […]
Investment Arbitration in Mexico: Why an Over USD 2.1 Billion Claim Failed
The arbitration in Espíritu Santo Holdings, LP and L1bre Holding, LLC v. United Mexican States concerned a digital taximeter project in Mexico City and claims exceeding USD 2.1 billion.[1] On 26 March 2026, the tribunal reportedly dismissed all claims in favour of Mexico.[2] The case arose from an investment in Servicios Digitales Lusad, S. de […]
Timing of Jurisdictional Objections in Arbitration
Arbitration rewards procedural vigilance. A party that believes a tribunal lacks jurisdiction usually cannot stay silent, contest the merits, and only later invoke the objection if the case turns unfavourable. Typical jurisdictional objections that may be raised in arbitration include: No valid arbitration agreement; A party is not bound by the arbitration agreement; The tribunal […]
Devas v. Antrix: Dutch Enforcement and the Limits of Seat-Based Annulment
With the Dutch Supreme Court’s 6 March 2026 dismissal of Antrix’s cassation challenge, attention has once again turned to one of the most closely watched India-linked arbitration disputes in recent years. The dismissal leaves in place the Hague Court of Appeal’s 17 December 2024 judgment in Devas Multimedia America Inc. v. Antrix Corporation Ltd., permitting […]
What Options Remain for Investor-State Arbitration Under the ECT?
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 […]
