Organisation: European Commission
Cyprus reports victory in mass intra-EU claim over bank bailout
Cyprus says it has beaten the bulk of a US$570 million ICSID claim brought by nearly 1,000 Greek and Luxembourgish investors over bonds and bank deposits they said were confiscated as part of the state’s financial bailout by European institutions.
23 May 2024
US appeals court upholds recognition of ICSID award against Romania
A US appeals court has for the second time upheld the confirmation of an ICSID award in favour of Sweden’s Micula brothers against Romania, which the state argued had been voided as a result of decisions by the Court of Justice of the European Union (CJEU).
15 May 2024
Spain exits ECT
Spain has become the latest state to make good on its threat to denounce the Energy Charter Treaty ahead of a proposed EU-wide withdrawal from the treaty.
15 May 2024
EFILA explores “new frontiers” in investment arbitration
The 9th annual conference of the European Federation for Investment Law and Arbitration (EFILA) highlighted how investment arbitration is needed more than ever as society deals with geopolitical tension, climate change and the energy transition. Leah Thomas of Clifford Chance reports.
14 May 2024
Award surfaces in multibillion Romanian mining dispute
A newly published ICSID award sheds more light on Romania’s surprise victory in a multibillion-dollar case brought by a Canadian mining company that was denied a permit for a controversial gold and silver project.
10 May 2024
Swiss court upholds intra-EU award and rejects Komstroy ruling
The Swiss Federal Supreme Court has upheld an Energy Charter Treaty award that ordered Spain to pay €29.6 million to France’s EDF, finding that the prohibition on intra-EU ECT arbitrations established in Komstroy was based on an erroneous reading of the treaty.
03 May 2024
German court denies Spain anti-enforcement relief
UPDATED WITH JUDGMENT: A German court has refused to order energy group RWE to halt its efforts to enforce a €28 million ICSID award against Spain, weeks after the award was upheld by an annulment committee.
25 April 2024
European Parliament approves exit from ECT
The European Parliament has voted in favour of a “coordinated withdrawal” of EU member states from the Energy Charter Treaty.
24 April 2024
Spain gets intra-EU award set aside in Sweden
The Svea Court of Appeal has set aside a European renewables investor’s Energy Charter Treaty award against Spain for being incompatible with EU law – a week after the state failed to have another such award annulled at ICSID.
11 April 2024
EU Commission proposes invoking ECT’s denial of benefits clause
The European Commission has proposed that the EU should invoke the Energy Charter Treaty’s denial of benefits clause to withdraw protections for Russian and Belarusian investors.
10 April 2024