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NAFTA tribunal in Westmoreland v. Canada declines jurisdiction, finding that the claimant did not own or control the investment at the time of the alleged breach

Westmoreland Coal Company v. Government of Canada, ICSID Case No. UNCT/20/3

Bahrain found liable for indirect expropriation for putting Iranian-controlled Future Bank under administration

Bank Melli Iran and Bank Saderat Iran v. Bahrain, PCA Case No. 2017-25

Tribunal awards damages to Yukos Capital, finding that Russia expropriated its investment, while two arbitrators partially dissent on quantum

Yukos Capital SARL v. The Russian Federation, PCA Case No. 2013-31

Arbitral tribunal finds Poland not in breach of alleged FET violations in rendering its administrative services to Festorino Invest Limited & Others

Festorino Invest Limited and Others v. Republic of Poland with the participation of the European Union (non-disputing treaty party), SCC Case No. V2018/098

Arbitral tribunal finds Guatemala’s decision not to treat “binding tax opinions” as binding in accordance with FET and MFN provisions, and not an impairment by unreasonable measures

IC Power Asia Development Ltd. v. The Republic of Guatemala, PCA Case No. 2019-43

Arbitrators in Casinos Austria v. Argentina take varying approaches to the respondent’s exercise of police powers

Casinos Austria International GmbH and Casinos Austria Aktiengesellschaft v. Argentine Republic, ICSID Case No. ARB/14/32

Awards  |  December 20, 2021

Majority in Eco Oro v. Colombia finds violation of minimum standard of treatment, holds that a general environmental exception does not preclude obligation to pay compensation

Eco Oro Minerals Corp. v. Republic of Colombia, ICSID Case No. ARB/16/41

Awards  |  December 20, 2021

Spain held liable in another renewable energy case and ordered to pay EUR 22 million in compensation for damages

BayWa r.e. Renewable Energy GmbH and BayWa r.e. Asset Holding GmbH v. Spain, ICSID Case No. ARB/15/16

Awards  |  October 7, 2021

ECT tribunal finds Italy’s modifications to its renewable energy incentive scheme reasonable, foreseeable, and proportionate

Silver Ridge Power BV v. Italian Republic, ICSID Case No. ARB/15/37 

Awards  |  October 7, 2021

Ad hoc tribunal rules in favour of German energy investor

(Français) Frazer Solar GMBH c. le Royaume du Lesotho

Awards  |  October 7, 2021

The ICSID tribunal in Infinito Gold v Costa Rica upholds several claims but declines to award damages. The majority of the tribunal found breaches of the FET standard but damages too speculative

Infinito Gold Ltd. v. Costa Rica, ICSID Case No. ARB/14/5

Tribunal rules in favour of claimants in another Spanish solar dispute; Dissenting arbitrator argues that tribunal nonetheless over-emphasized Spain’s “right to regulate”

In another renewables case against Spain, an ICSID tribunal awarded over EUR 28 million to two subsidiaries of the German company RWE (jointly, RWE).

Kenya prevails in a geothermal arbitration brought by WalAm Energy— ICSID tribunal rejects all claimant allegations

WalAm Energy LLC v. The Republic of Kenya (ICSID Case No. ARB/15/7)

UNCITRAL tribunal finds India in breach of India–UK BIT in proceedings brought by Cairn entities

Cairn v. India Cairn Energy PLC and Cairn UK Holdings Limited v. The Republic of India, PCA Case No. 2016-7

Awards  |  December 19, 2020

ICSID tribunal rejects denial of justice claim against the Republic of Panama

Bridgestone Licensing Services, Inc. and Bridgestone Americas, Inc. v. Republic of Panama, ICSID Case No. ARB/16/34

Awards  |  December 19, 2020

In another energy case against Italy, an ICSID tribunal rejects all claims on the merits on the basis that Italy acted reasonably and in the public interest

Eskosol S.p.A. in liquidazione v. Italian Republic, ICSID Case No. ARB/15/50

Awards  |  December 19, 2020

ICSID tribunal partially upholds jurisdiction claims under Austria–Poland Encouragement and Protection of Investments Agreement and rejects Achmea’s applicability

Strabag SE, Raiffeisen Centrobank AG and Syrena Immobilien Holding AG v. Poland, ICSID Case No. ADHOC/15/1

Awards  |  December 19, 2020

ICSID tribunal dismisses claims of Interocean Oil Development Company and Interocean Oil Exploration Company against Nigeria while upholding its jurisdiction to hear the claims solely based on Nigeria’s domestic investment statute

Interocean Oil Development Company and Interocean Oil Exploration Company v. Federal Republic of Nigeria, ICSID Case No. ARB/13/20

Awards  |  October 5, 2020

PCA Tribunal upholds jurisdiction over disputes under India–Japan Comprehensive Economic Partnership Agreement

Nissan Motor Co. Ltd. (Japan) v. India, PCA Case No. 2017-37

Awards  |  October 5, 2020

All claims dismissed in telecommunications case against Canada: Changes in the regulatory environment did not breach F.E.T.

Global Telecom Holding S.A.E. v. Canada, ICSID Case No. ARB/16/16

Awards  |  October 5, 2020

UNCITRAL tribunal dismisses claims of German aircraft leasing company against the Czech Republic while upholding its jurisdiction over the intra-EU claim

A.M.F. Aircraftleasing Meier & Fischer GmbH & Co. KG v. Czech Republic, PCA Case No. 2017-15

Awards  |  October 5, 2020

ICSID annulment committee annuls Eiser v. Spain Award for improper constitution of the tribunal and severe departure from a fundamental rule of procedure

Eiser Infrastructure Limited and Energía Solar Luxembourg S.à r.l. v. Kingdom of Spain, ICSID Case No. ARB/13/36

ICSID tribunal declines jurisdiction ratione voluntatis over claims brought against Iraq under the OIC Investment Agreement

Itisaluna Iraq LLC and others v. Republic of Iraq, ICSID Case No. ARB/17/10

ICSID tribunal rejects intra-EU jurisdictional objection and upholds jurisdiction over mass claim

Theodoros Adamakopoulos and others v. Republic of Cyprus, ICSID Case No. ARB/15/49 

An HKIAC Tribunal Dismissed the Claims by U.S. Citizen Jin Hae Seo Against South Korea for Lack of Jurisdiction

Jin Hae Seo v. Republic of Korea, HKIAC Case No. HKIAC /18117

All claims rejected on merits in Lidercón’s case against Peru: Changing regulatory framework and judicial decisions did not breach the FET standard

Lidercón, S. L. v. Republic of Peru, ICSID Case No. ARB/17/9

ICSID tribunal decides Ukraine did not violate due process in reclaiming three land plots from British investors

Krederi Ltd. v. Ukraine ICSID Case No. ARB/14/17

In a new ICSID award, Spain’s reforms of the renewable energy sector are found not to violate the ECT

Stadtwerke München GmbH, RWE Innogy GmbH, and others v. Kingdom of Spain, ICSID Case No. ARB/15/1

Hungary held liable for expropriating the investment of a British investor and ordered to pay EUR 7 million in compensation for damages

Magyar Farming Company Ltd, Kintyre Kft, and Inicia Zrt v. Hungary, ICSID Case No. ARB/17/27

The BIT is not in force: Mozambique prevails on jurisdiction in case against South African investor

Oded Besserglik v. Mozambique, ICSID Case No. ARB(AF)/14/2

CMC’s claims dismissed on the merits: While a settlement agreement may be considered an investment under the BIT and the ICSID Convention, Mozambique did not agree to one

CMC Muratori & Cementisti and others v. Republic of Mozambique, ICSID Case No. ARB/17/23

Awards  |  December 17, 2019

Substantial damages awarded to Perenco for FET breach and expropriation; Ecuador also awarded compensation under environmental counterclaim

Perenco Ecuador Limited v. Republic of Ecuador, ICSID Case No. ARB/08/6

Awards  |  December 17, 2019

Dominant and effective nationality objection prevails in CAFTA-DR arbitration

Michael Ballantine and Lisa Ballantine v. The Dominican Republic, PCA Case No. 2016-17

Awards  |  December 17, 2019

All claims dismissed by ICSID tribunal in energy investor’s ECT case against Italy

Belenergia S.A. v. Italian Republic, ICSID Case No. ARB/15/40

Awards  |  December 17, 2019

Colombia is ordered to pay over USD 19 million for frustrating Glencore’s legitimate expectations

Glencore International A.G. and C.I. Prodeco S.A. v. Republic of Colombia, ICSID Case No. ARB/16/6

Awards  |  December 17, 2019

As claimants lacked a protected investment and could not import consent to arbitration via MFN, UNCITRAL tribunal dismisses case against Mauritius on jurisdictional grounds

Professor Christian Doutremepuich and Antoine Doutremepuich v. Republic of Mauritius, PCA Case No. 2018-37

Awards  |  December 17, 2019

Laos prevails in defending its first known treaty-based ISDS cases

Lao Holdings N.V. v. Lao People’s Democratic Republic, ICSID Case No. ARB(AF)/12/6, and Sanum Investments Limited v. Lao People’s Democratic Republic, UNCITRAL, PCA Case No. 2013-13

Awards  |  December 17, 2019

Tribunal finds Pakistan breached FET, expropriation and non-impairment obligations in the context of a mining joint venture with Australian investor Tethyan Copper Company

Tethyan Copper Company Pty Limited v. Islamic Republic of Pakistan, ICSID Case No. ARB/12/1

Awards  |  December 17, 2019

In yet another renewable energy case, Spain held liable for FET breach for frustrating French and Luxembourger investors’ legitimate expectations under the ECT

Cube Infrastructure Fund SICAV and Others v. The Kingdom of Spain, ICSID Case No. ARB/15/20

Awards  |  December 17, 2019

Despite a win for Estonia, ICSID arbitrators continue to resist CJEU’s Achmea judgment

United Utilities (Tallinn) BV and Aktsiaselts Tallinna Vesi v. Republic of Estonia, ICSID Case No. ARB/14/24

Awards  |  September 19, 2019

Spain held liable for breach of FET under the ECT for frustrating legitimate expectations of 9REN, a Luxembourg-based renewable energy investor

REN Holding S.À.R.L. v. The Kingdom of Spain, ICSID Case No. ARB/15/15

Awards  |  September 19, 2019

Spain is ordered to pay damages of EUR 290.6 million in NextEra renewable energy case

NextEra Energy Global Holdings B.V and NextEra Energy Spain Holdings B.V v. Kingdom of Spain, ICSID Case No. ARB/14/11

Awards  |  September 19, 2019

Clorox’s claims against Venezuela are dismissed on jurisdiction for lack of “action of investing”

Clorox Spain S.L. v. Bolivarian Republic of Venezuela, PCA Case No. 2015-30

Awards  |  September 19, 2019

Jurisdiction declined in case against Uruguay as ICSID tribunal concludes that American company lacked ownership or control over the investment

Italba Corporation v. Oriental Republic of Uruguay, ICSID Case No. ARB/16/9

Awards  |  September 19, 2019

In yet another solar energy incentives case against Italy, ECT tribunal applying proportionality test finds breach of legitimate expectations

CEF Energia B.V. v. The Italian Republic, SCC Arbitration V (2015/158)

Claims against Albania dismissed by ICSID tribunal as the Anglo-Adriatic Group did not have a protected investment


ICSID tribunal finds Spain breached ECT obligations by failing to provide a reasonable rate of return


ICSID tribunal upholds Panama’s plea of illegality in the making of an investment in a tourism project located in an Indigenous area


India found in breach of BIT with Germany by UNCITRAL tribunal in respect of agreement for lease of electromagnetic spectrum


SCC tribunal finds Poland liable for expropriation over divestment order to Luxembourg investor