Awards – Investment Treaty News

Climate accountability in the fossil fuel industry: ICSID tribunal orders Niko to compensate BAPEX for the 2005 Chattak blowouts, including carbon sequestration costs

Niko Resources (Bangladesh) Ltd. v. Bangladesh Petroleum Exploration & Production Company Limited (“Bapex”) and Bangladesh Oil Gas and Mineral Corporation (“Petrobangla”).

A tall glass building with the word "Samsung."

English court sets aside in part an investment treaty award in favour of a Samsung C&T shareholder

Republic of Korea v. Elliott Associates LP (2026) EWHC 368 (Comm), 23 February 2026

The setting sun glows upon buildings in a city.

The Hague Court of Appeal Annuls Intra-EU BIT Awards Ex Officio and Enjoins the Investors From Bringing New Arbitration Claims under the Treaty

WCV Capital Ventures Cyprus Limited and Channel Crossings Limited v. The Czech Republic (PCA Case No 2016-12; Court of Appeal of The Hague, Judgment of 24 March 2026)

ICSID tribunal rejects Honduras’ attempt to condition CAFTA-DR consent on the exhaustion of local remedies

Honduras Próspera Inc., St. John’s Bay Development Company LLC, and Próspera Arbitration Center LLC v. Republic of Honduras, ICSID Case No. ARB/23/2, Decision on Preliminary Objections Under Article 10.20.5 of CAFTA-DR (February 26, 2026)

An oil spill is cleaned up in a forest in Ecuador.

Chevron to collect over USD 200 million in decade-old arbitration

Chevron Corporation and Texaco Petroleum Corporation v. Ecuador (II), PCA Case No. 2009-23

Spentech Engineering Limited v. United Arab Emirates: The standard for manifest lack of legal merit under Rule 41

Spentech Engineering Limited v. United Arab Emirates

Yellow, blue, and red flag of Venezuela.

Consent after denunciation—jurisdiction and damages

Smurfit Holdings B.V. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/18/49, Final Award dated 28 August 2024.

Acts of the rural communities are attributable to the state

Lupaka Gold Corporation v Republic of Peru [ICSID Case No ARB/20/46, award dated June 30, 2025]

A flag flies next to a statue in front of a building.

Argentina suffers damaging consequences of arbitrary electricity sector reforms

The AES Corporation v. Argentine Republic, ICSID Arbitration under the United States–Argentina BIT, Final Award, 30 May 2025)

ICSID tribunal recognizes a commercial arbitral award as a protected investment and finds Kazakhstan liable for breach of treaty obligations

The dispute between AS Windoor and the Republic of Kazakhstan marks a significant development in investment treaty jurisprudence.

Does investment treaty protection extend to gold trading?

Kaloti Metals & Logistics, LLC v. Republic of Peru, ICSID Case No. ARB/21/29

Palm trees surround high-rise buildings in Qatar.

Qatar Pharma and Al Sulaiti vs. Kingdom of Saudi Arabia, ICC Case No. 25830/AYZ/ELU

Skyscrapers and other city buildings next to a sea.

Qatar National Bank (Q.P.S.C.) v. Republic of South Sudan and Bank of South Sudan

Qatar National Bank (Q.P.S.C.) v. Republic of South Sudan and Bank of South Sudan, ICSID Case No. ARB/20/40

Unravelling title, legitimacy, and due process in post-restitution arbitration

Asael Halevi v. Czech Republic

Cars travel along a massive bridge with city buildings in the background.

ICSID tribunal rules that Slovakia prevails in an oil and gas dispute, discussing legitimate expectations and investors’ due diligence

Discovery Global LLC v. Slovak Republic

A sign with the radioactivity symbol is seen next to trees.

Procedural Fidelity or Fatal Flaw? English court annuls investor–state award for failure to address causation

Republic of Kazakhstan v. World Wide Minerals Ltd. and others

A red-white-green flag flies in front of city buildings.

Mexico loses a seabed-mining dispute to a third-party funded claimant

Odyssey Marine Exploration, Inc. v. United Mexican States

A statue of a horse is seen in front of a clock tower (Big Ben) in London.

UK Court of Appeal reinforces the international consensus on Article 54 of the ICSID Convention and State Immunity

Infrastructure Services Limited and another v. Spain, and Border Timbers and another v. Zimbabwe

Colourful buildings next to a body of water.

ICSID Tribunal Rejects Jurisdiction in Campos de Pesé v. Panama—Scrutiny of ownership structure proves decisive

Campos de Pesé, S.A. v. Republic of Panama

A large architectural structure covers a street surrounded by plants.

Change of claimant due to corporate restructuring resulting in a separate entity requires consent of respondent state

Vercara (formerly Neustar) v. Colombia

Machines operate in a copper and gold open pit mine in Romania.

Romania defeats high-profile gold mine ISDS claim

Gabriel Resources v Romania

The Colombian flag flies above a government building in Colombia.

A tale of coal, costs, and compensation: ICSID tribunal rules in favour of Swiss investors in Colombia

Glencore International A.G., C.I. Prodeco S.A., and Sociedad Portuaria Puerto Nuevo S.A. vs. Republic of Colombia

A brown gavel rests in front of a globe.

Tribunal in oil platform dispute applies dominant and effective nationality test to conclude that claimants lacked standing for reflective losses claims under NAFTA

Alicia Grace and others v. United Mexican States

City buildings are seen against a mountainous backdrop.

Colombia successfully invokes essential security interest exception

Angel Samuel Seda and Others v. Republic of Colombia

Two yellow dumb trucks are seen operating at a mining site.

South32 v. Colombia

SOUTH32 SA INVESTMENTS LIMITED V. REPUBLIC OF COLOMBIA, ICSID CASE NO. ARB/20/9 Summary Earlier this summer, in South32 SA Investments Limited v. Republic of Colombia (South32 v. Colombia), an ICSID […]

A Colombia flag is seen from below (yellow, blue, and red), mounted to a building near a tree.

Páramos protection-related case decided in favour of Colombia, this time

Red Eagle Exploration Limited v. Republic of Colombia, Award, ICSID Case No. ARB/18/12 Red Eagle v. Colombia is the third arbitration related to Colombia’s efforts to protect the páramos ecosystems, […]

ICSID tribunal rules that emission trading allowances do not constitute “protected” investments under NAFTA

Koch Industries, Inc. and Koch Supply and Trading, LP v. Canada, ICSID Case No. ARB/20/52, Award, March 13, 2024 Summary In an award rendered on March 13, 2024, an ICSID […]

ICSID tribunal concludes Bulgaria breached the ECT through frustration of legitimate expectations and awards damages. Will this award push Bulgaria toward withdrawing from the ECT?

ACF Renewable Energy Limited v. Republic of Bulgaria (ICSID Case No. ARB/18/1) The investors ACF, a company incorporated under Maltese law, was founded shortly before acquiring an investment in Bulgaria. […]

Clarification of the legitimate expectations of investors in relation to the stability of regulatory frameworks

Scholz holding Gmbh c. Royaume du Maroc, award, ICSID n° ARB/19/2 In recent years, investors have frequently invoked the notion of legitimate expectations in alleging a breach of a state’s […]

English High Court allows challenge to arbitral award for having been obtained by fraud and in violation of public policy

The Federal Republic of Nigeria v Process & Industrial Developments Limited, [2023] EWHC 2638 (Comm) In a remarkable and highly consequential ruling, the English High Court delivered a judgment, dated […]

ICSID tribunal rejects Spanish power company claims – no legitimate expectations of market framework improvement

Orazul International España Holdings S.L. v Argentine Republic, ICSID Case No. ARB/19/25, Award, 14 December 2023 The ICSID tribunal issued its award in the Orazul case. The tribunal rejected all […]

The ICSID Tribunal’s decision in BSG Resources v. Guinea concludes that the mining licences were obtained through corruption

BSG Resources Limited (in administration), BSG Resources (Guinea) Limited and BSG Resources (Guinea) SÀRL v. Republic of Guinea (I), ICSID Case No. ARB/14/22 Summary BSG Resources Limited (in administration), BSG […]

ICSID tribunal upholds Guatemala’s preliminary objection against the import of 10 umbrella clauses through an MFN clause while rejecting and joining to the merits the remaining preliminary objections raised by the state

Grupo Energía Bogotá S.A. E.S.P. and Transportadora de Energía de Centroamérica S.A. v. Republic of Guatemala, ICSID Case No. ARB/20/48, Decision on Preliminary Objections, November 24, 2023 Summary The companies […]

ICSID tribunal finds Hungary in violation of its BIT obligations and awards damages to Sodexo Pass International

Sodexo Pass International SAS v. Hungary, Award, ICSID Case No. ARB/14/20 Summary In 2014, Sodexo Pass International filed an ICSID claim against Hungary, alleging breaches of the latter’s obligations under […]

An ICSID tribunal further restricts the scope of security for costs applications

Vercara LLC (formerly Security Services LLC, formerly Neustar, Inc) v. Republic of Colombia, ICSID Case No. ARB/20/7, Decision on security for costs, September 27, 2023 Summary The decision concerns security […]

Another tribunal to reject the Achmea-based jurisdictional objection

Adria Group B.V. and Adria Group Holding B.V. v. The Republic of Croatia, Decision on Intra-EU Jurisdictional Objection, ICSID Case No. ARB/20/6

UNCITRAL tribunal finds Russia liable to pay USD 207.8 million for the unlawful expropriation of the assets of a Ukrainian electricity company

JSC DTEK Krymenergo v Russia, PCA Case No. 2018-41, Award, November 1, 2023

The English High Court Greenlights Enforcement of an ICSID Arbitration Award Issued in Intra-EU Investment Treaty Proceedings

A major development in the intra-EU investment treaty arbitration saga recently played out before the English courts. In Infrastructure Services Luxembourg and Energia Termosolar v Spain (Antin v Spain) the High Court took a stance in favour of the recognition and enforcement of intra-EU awards issued under the ICSID Convention. Antin v Spain follows the precedent set by the British Supreme Court in Micula v Romania, which held that the EU treaties did not supersede the United Kingdom’s obligations under the ICSID Convention.

UNCITRAL Tribunal Upholds Ghana’s Jurisdictional Objections Against Chinese Investor

Beijing Everyway Traffic & Lighting Tech. Co., Ltd v. The Republic of Ghana (I), PCA Case No. 2021-15

ICSID tribunal upholds China’s jurisdictional objection

AsiaPhos Limited and Norwest Chemicals Pte Limited v. the People’s Republic of China, ICSID Case No. ADM/21/1, Award, 16 February 2023

AFC Investment Solutions S.L. v República de Colombia ICSID Case No. ARB/20/16:

The relevance of the distinction between “dispute” and “claim” in light of ICSID Arbitration Rule 41(5) The tribunal accepted the preliminary objection of the Republic of Colombia (the “respondent”) after […]

Korea found guilty of violating FET obligations but redeemed by contributory negligence of investor’s financial crime conviction

I. The dispute and factual background The dispute involves a claim brought against the Republic of Korea (“respondent”) by Loan Star Funds (LSF)–Korean Exchange Bank (KEB) Holdings SCA (“LSF–KEB”) and […]

PCA Tribunal finds that Russia committed an illegal expropriation against Ukrainian bank

Public Joint Stock Company “State Savings Bank of Ukraine” v. Russian Federation, PCA Case 2016-14

ICSID tribunal finds that Italy committed an unlawful expropriation under ECT’s Art. 13(1)

Rockhopper Italia S.p.A., Rockhopper Mediterranean Ltd, and Rockhopper Exploration Plc v. Italian Republic, ICSID Case No. ARB/17/14

ICSID Tribunal upholds jurisdiction over an intra-EU Dispute

Cavalum SGPS, S.A. v. Kingdom of Spain, ICSID Case No. ARB/15/34

Bolivia found liable for violating the FET standard and the prohibition to adopt arbitrary measures when implementing nationalization on the pension system

Banco Bilbao Vizcaya Argentaria S.A. v. Bolivia, ICSID Case No. ARB(AF)/18/5

Tribunal finds Spain’s changes to its regulatory regime to have violated investors’ legitimate expectations under ECT’s Art. 10(1)

Mathias Kruck and others v. Kingdom of Spain, ICSID Case No. ARB/15/23

Tribunal decides on who may properly represent Venezuela in arbitration

Venezuela Holdings, B.V., et al (case formerly known as Mobil Corporation, Venezuela Holdings, B.V., et al.) v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/07/27

Tribunal upheld Colombia’s objection to jurisdiction ratione personae considering double-nationality claimants to be predominantly Colombian

Alberto Carrizosa Gelzis and others v. Colombia, PCA Case No. 2018-56

ICJ dismisses the preliminary objections over The Gambia’s claims regarding Myanmar’s violation of the Genocide Convention

Application of the Convention on the Prevention and Punishment of the Crime of Genocide (The Gambia v. Myanmar), ICJ Case