United States Declines to Renew USMCA at First Joint Review, Triggering Annual Reviews
On July 1, 2026, the USMCA Free Trade Commission met to conduct the agreement’s first six-year joint review under Article 34.7.
News
UNCITRAL Finalizes Advisory Centre Statute and Adopts New ISDS Procedural Provisions
At its 59th session in New York, UNCITRAL finalized the draft Statute of the Advisory Centre on International Investment Dispute Resolution on July 3, 2026, for submission to the UN General Assembly for adoption.
Singapore Bids to Host the Multilateral Investment Tribunal Under Negotiation at UNCITRAL
On August 25, 2026, Singapore announced that it will put forward a bid to host the Multilateral Investment Tribunal being negotiated in UNCITRAL Working Group III, a permanent standing body, modelled on courts such as the ICJ and ITLOS, that would hear investor-state disputes through a bench of independent, elected members serving fixed terms.
US Supreme Court Refuses to Hear Spain and Russia, Cementing Award Enforcement in US Courts
On June 29, 2026, the US Supreme Court denied certiorari in Kingdom of Spain v. Blasket Renewable Investments LLC and Russian Federation v. Stabil LLC, leaving intact DC Circuit rulings that rejected both states’ sovereign immunity defences under the arbitration exception of the Foreign Sovereign Immunities Act.
UK Supreme Court Rules States Cannot Invoke Immunity Against Registration of ICSID Awards
On March 4, 2026, the UK Supreme Court handed down judgment in Kingdom of Spain v Infrastructure Services Luxembourg S.a.r.l. and Republic of Zimbabwe v Border Timbers Ltd [2026] UKSC 9.
World Investment Report 2026: FDI Recovers to USD 1.6 Trillion but Concentration Deepens
UNCTAD‘s World Investment Report 2026, released on July 7, 2026, reports that global foreign direct investment rose 6% to USD 1.6 trillion in 2025, ending two consecutive years of decline.
ExxonMobil Serves ECT Notice of Dispute on the European Union Over Carbon Capture Obligations
In July 2026 it emerged that ExxonMobil affiliates incorporated in Belgium, Luxembourg, and the United Kingdom have filed a notice of dispute under the Energy Charter Treaty against the European Union itself, challenging obligations under the EU‘s 2024 Net-Zero Industry Act, which requires oil and gas producers to contribute to a target of 50 million tonnes of annual CO2 injection capacity by 2030.
European Commission Sends EU-Indonesia Trade and Investment Protection Agreements for Signature
On June 29, 2026, the European Commission presented the Comprehensive Economic Partnership Agreement and a separate Investment Protection Agreement with Indonesia to the Council for signature and conclusion, following the conclusion of negotiations in September 2025 after nearly a decade of talks.
Singapore High Court Enforces Intra-EU ICSID Award Against Spain
On February 24, 2026, the Singapore High Court in NextEra Energy Global Holdings BV v Kingdom of Spain [2026] SGHC 43 dismissed Spain’s application to set aside the registration of an ICSID award rendered in favour of Dutch investors under the Energy Charter Treaty.
Netherlands Faces New Treaty Claim as Petrogas Challenges Windfall Levy and Royalty Increases
An arbitration brought by Omani investor Petrogas E&P against the Netherlands, first revealed in November 2025, took clearer shape in 2026.
Barrick and Mali Implement Settlement Ending ICSID Dispute Over Loulo-Gounkoto
Implementation of the settlement announced by Barrick Mining Corporation and the Government of Mali on November 24, 2025 continued through early 2026, drawing a close to one of Africa’s most consequential resource governance confrontations.
Court-Ordered Sale of Citgo’s Parent Contested as Venezuela Appeals and OFAC Withholds Clearance
The largest award enforcement operation in ISDS history entered a contested endgame in 2026.
UNIDROIT and ICC Open Public Consultation on Draft Instrument for International Investment Contracts
On June 24, 2026, UNIDROIT and the ICC Institute of World Business Law launched a 12-week public consultation, open until September 15, 2026, on the draft Principles and Model Clauses for International Investment Contracts, prepared by their joint Working Group over eight sessions between October 2023 and January 2026.
ICSID Publishes First Background Paper on Contract-Based Arbitration and Revised Model Clauses
On June 30, 2026, ICSID published a Background Paper on Contract-Based ICSID Arbitration, with data to December 31, 2025.
Mauritius Convention on Transparency Enters Into Force for the European Union
The United Nations Convention on Transparency in Treaty-based Investor-State Arbitration entered into force for the European Union on March 25, 2026, six months after the Union approved the Convention on September 25, 2025 and became its tenth party
India’s Revised Model BIT Reaches Final Stages Ahead of Cabinet Approval
On August 7, 2026, Department of Economic Affairs Secretary Anuradha Thakur said that the overhaul of India’s 2016 Model Bilateral Investment Treaty is in its final stages and will soon be placed before the Union Cabinet.
European Commission Opens State Aid Investigation Into Spain’s Payment of an Extra-EU ECT Award
On August 4, 2026, the European Commission opened an in-depth State aid investigation (Case SA.102404) into an Energy Charter Treaty award ordering Spain to compensate JGC Holdings Corporation, a Japanese investor, for the adverse impacts of the 2013 modification of its renewable electricity support scheme.
Updated OECD Guidelines Mandate Climate-Risk Due Diligence for Multinational Investors
In January 2026, the OECD released updated Guidelines for Multinational Enterprises on Responsible Business Conduct, introducing new expectations on climate-risk disclosure, human rights impact assessments, and expanded environmental supply-chain due diligence.
New Tribunal Constituted for Rockhopper v. Italy Resubmission, with Meg Kinnear as Chair
A new tribunal has been constituted for the resubmission of the long-running Rockhopper v. Italy ECT dispute over Italy’s ban on offshore hydrocarbon extraction, with former ICSID Secretary-General Meg Kinnear appointed as chair.
Canada–UAE BIT Introduces Modernised Dispute Rules, Including Third-Party Funding Disclosure
The recently signed the Canada–UAE BIT includes notable innovations: an expedited arbitration procedure for small claims, mandatory third-party funding disclosure requirements, and a code of conduct for arbitrators.
African States Launch Regulatory Audits to Implement AfCFTA Investment Protocol
In early 2026, AfCFTA member states began systematic Regulatory Audits to align their domestic investment frameworks with the AfCFTA Protocol on Investment (adopted in 2023).
Ecuador’s Constitutional Court Blocks Executive Fast-Track of UAE BIT, Requiring Parliamentary Approval
On March 9, 2026, Ecuador’s Constitutional Court ruled that the UAE-Ecuador BIT—concluded by executive decree—cannot be fast-tracked and requires National Assembly approval because it contains ISDS clauses.
CETA Joint Committee Adopts Binding Interpretation to Protect Climate and Environmental Measures
On March 5, 2026, the CETA Joint Committee adopted a binding Joint Interpretation clarifying that non-discriminatory measures taken to protect the environment or combat climate change do not constitute a breach of Article 8.10 (Fair and Equitable Treatment) or Annex 8-A (Indirect Expropriation) of CETA.
Canada and India Relaunch Investment Treaty Talks with Climate and Green Energy Focus
In March 2026, Prime Ministers Mark Carney and Narendra Modi formally relaunched negotiations in New Delhi for a modernised investment chapter to replace the terminated Canada-India Comprehensive Economic Partnership Agreement.
UNCITRAL Working Group III Advances ISDS Reform but Progress Remains Slow
In early 2026, UNCITRAL Working Group III held its 53rd and 54th sessions.
Panama Faces USD 2 Billion Claim After Supreme Court Annuls Strategic Port Concessions
CK Hutchison’s subsidiary, Panama Ports Company (PPC), has initiated an ICC arbitration seeking USD 2 billion after Panama’s Supreme Court declared its port concessions at the Balboa and Cristóbal terminals unconstitutional.
Honduras Rejoins ICSID, Deepening Exposure to Multi-Billion Dollar Claims
On March 6, 2026, President Nasry Asfura signed the ICSID Convention on behalf of Honduras, reversing the country’s 2024 withdrawal by the previous administration.
European Commission Pressures Remaining EU Member States to Finalise ECT Withdrawal
On January 30, 2026, the European Commission launched infringement proceedings against 16 EU Member States that remain parties to the ECT.
Sanctioned Investor Targets Canada via Moldova BIT Over Ukraine-Related Asset Freeze
Igor Makarov, a billionaire holding Moldovan and Cypriot nationality, has filed a USD 350 million ICSID claim against Canada under the Canada–Moldova BIT.
Fossil Fuel Giants Challenge the Netherlands Over Groningen Gas Field Closure
Despite an ongoing pending contract-based arbitration, Shell and ExxonMobil have initiated ICSID arbitration (Cases ARB/26/2 and ARB/24/44) against the Netherlands under the ECT.
Climate Commitments Drive Iceland’s Exit from the Energy Charter Treaty
On March 16, 2026, Iceland formally notified its withdrawal from the Energy Charter Treaty (ECT), citing the need to align its international obligations with its 2030 climate-neutrality goals.
The United Kingdom faces its First ISDS Arbitration
The United Kingdom is facing its first-ever ISDS claim.
Rockhopper Launches New ICSID Arbitration After Award Annulment
Rockhopper Exploration plc, a UK-based oil and gas company with interests in the North Falkland Basin, has triggered its annulment insurance policy and launched a new ICSID arbitration against the Italian Republic under the Energy Charter Treaty, following the annulment of a controversial 2022 ICSID award regarding offshore drilling restrictions.
Switzerland faces ISDS claims over Credit Suisse AT1 bond write-off
Groups of Credit Suisse Additional Tier 1 (AT1) bondholders have initiated two investor-state dispute settlement (ISDS) claims against Switzerland.
Irish Court Refuses Enforcement of US YPF Compensation Judgment
The Commercial Court of Ireland, presided over by Ms. Justice Eileen Roberts, refused to enforce a US court judgment ordering Argentina to pay approximately US$17.5 billion (including interest) for the 2012 expropriation of an Argentinian company, YPF S.A.
Record ICSID Caseload and Trends in FY2025
ICSID’s caseload statistics for the 2025 fiscal year show a record level of investor-state arbitration proceedings, with 347 cases administered, the highest in its history, and 67 new cases registered, drawing on bilateral investment treaties (45%), other international treaties (27%), contracts (21%), and domestic investment laws (7%).
U.S. Refusal to Enforce Intra-EU Arbitral Award Set Aside in Sweden
A U.S. District Court in Washington, DC has ruled that an intra-EU arbitral award set aside in Sweden cannot be enforced in the United States, affirming that annulled awards face significant hurdles.
UNCITRAL Seeks Host for Advisory Centre on ISDS
UNCITRAL has invited governments to submit proposals to host the Advisory Centre on International Investment Dispute Resolution by 20 October 2025.
The US Supreme Court Seeks the U.S. Government’s Input on Spain’s Appeal against the Enforcement of Intra-EU Arbitral Awards
The U.S. Supreme Court has formally requested the US government’s opinion in a case involving Spain and European solar investors.
China and Russia Sign Updated BIT with Strengthened Investor–State Arbitration
China and Russia signed an updated bilateral investment treaty (BIT) on 8 May 2025, replacing the 2006 BIT.
Canada and Indonesia Conclude CEPA with Modernized Investor–State Dispute Provisions
Canada and Indonesia have concluded a new Comprehensive Economic Partnership Agreement (CEPA), establishing an updated framework for trade and investment relations between both countries.
UNIDROIT-ICC Working Group Advances Instrument for International Investment Contracts
UNIDROIT and the ICC Institute of World Business Law convened the 7th session of their Working Group on International Investment Contracts from 27 to 29 October 2025 in Rome, continuing efforts to draft an instrument for investment contracts.
OECD Sustainable Investment Days 2025 Advance Global Investment Policy and ESG Integration
The OECD Sustainable Investment Days 2025, held in November 2025, brought together governments, investment promotion agencies, private investors, and civil society actors to review global investment policies and explore how foreign investment can promote sustainable development.
UNCITRAL Working Group III Advances Reforms in Investor–State Dispute Settlement
The 9th intersessional meeting of UNCITRAL Working Group III on investor–state dispute settlement (ISDS) reform was held in Santiago, Chile, from 5 to 7 November 2025, bringing together government representatives, legal practitioners, and stakeholders to discuss key procedural and substantive reforms to ISDS regime, including IISD experts.
UNCTAD Announces Qatar as Host of the 9th World Investment Forum 2026
The 9th World Investment Forum (WIF 2026) will be hosted by Qatar in 2026, following the announcement at the 16th United Nations Conference on Trade and Development in Geneva.
Multi-Stakeholder Platform Advances Draft Guiding Principles for IIA Reform
UNCTAD’s Multi-Stakeholder Platform on International Investment Agreement (IIA) Reform held its 3rd session on 30 September 2025, bringing together about 60 participants from governments, international organisations, civil society, academia, and the private sector to review the draft Guiding Principles for IIA Reform.
India Moves to Revise Its Model Bilateral Investment Treaty
The Government of India announced earlier this year that it plans to overhaul its Model Bilateral Investment Treaty (BIT), signalling a shift toward a more investor-friendly framework aimed at boosting foreign direct investment and restoring confidence in its treaty regime.
1989 Investment Treaty Complicates EU Plans to Use Russian Assets for Ukraine Loan
At the December 2025 summit of the Council of the EU, concerns over potential investment arbitration claims under the 1989 Belgium-Luxembourg-USSR BIT were among the factors that contributed to the decision not to use immobilized Russian Central Bank assets held at Euroclear as collateral for a loan to Ukraine—EU leaders ultimately opted for a €90 billion loan backed by common EU borrowing secured against the EU budget instead.
Surge in Sanctions-Related Arbitration Claims Targeting Ukraine and Its Allies
A new civil society report emphasizes that the surge in sanctions-related investor-state dispute settlement (ISDS) claims has accelerated dramatically.
China and Russia Sign Revised BIT
On May 8, 2025, China and Russia reportedly signed a revised bilateral investment treaty, replacing their existing 2006 bilateral investment treaty.
