In a case concluded in November 2023, the Permanent Court of Arbitration in The Hague ordered Russia to pay $207.8 million in compensation, along with interest and arbitration costs, to Akhmetov’s company for the expropriation of its assets in Crimea.
Economic sanctions against Russia are now being challenged by Russian oligarchs and companies in private tribunals using a mechanism written into investment treaties.
Arbitral decisions under national investment laws remain far less studied than the extensive jurisprudence on treaty-based investor–State dispute settlement (ISDS) cases.
The 184 investors filed an arbitration request with the International Centre for Settlement of Investment Disputes, or ICSID, claiming Switzerland violated a free trade agreement with Japan when wiping out the bonds in March 2023.
The new Agreement between the Government of the Russian Federation and the Government of the People’s Republic of China on the Promotion and Reciprocal Protection of Investments formally came into effect.
Kingsgate ends 8-year dispute with the Thai government over Akara Gold Mine. Arbitration process now concluding, with future business operations in Thailand in focus.
One of the most notable proposals identifies an investor’s initiation of arbitration as implied consent to a tribunal’s jurisdiction over counterclaims.