Issues concerning economic sanctions in international arbitration frequently arise. Economic sanctions are a commonly-used tool of foreign policy which can have a significant impact on the performance of parties’ contractual rights and obligations. While there are many ways in which economic sanctions may interfere with international arbitration, we will focus on the issue of the […]
Advance on Costs in ICC Arbitration
In ICC arbitration, usually upon receipt of the Answer on the Request for Arbitration or the expiry of the time limit for it[1], the Parties are required to pay an advance on costs. This payment is paramount “for the purpose of securing in advance the financial resources necessary for carrying out the arbitration procedure.”[2] The advance […]
United Arab Emirates to Approve New Arbitration Law
The UAE parliament[1] has approved a new arbitration law based on the UNCITRAL Model Law. The Cabinet of Ministers will make a final review of the new UAE arbitration law and, afterwards, it will enter into force once the Supreme Council and Sheikh Khalifa Bin Zayed Al Nahyan sign it. Experts do not expect any more in-depth […]
Investor-State Dispute Settlement in Intra-EU BITs Is Incompatible with EU Law – Case C-284/16
On 6 March 2018, the Court of Justice of the European Union (“CJEU”) found that investor-State dispute settlement (“ISDS”) in intra-EU BIT’s is incompatible with EU law. The CJUE rendered the important Achmea judgment against the Opinion of the Advocate General Wathelet and found that: “Articles 267 and 344 TFEU must be interpreted as precluding a provision in an international agreement […]
State Counterclaim in Investment Arbitration
An ICSID arbitral tribunal awarded approximately USD 40 million in damages to Ecuador for the foreign investor’s liability for the costs of restoring the environment in an area concerned by the investment. This award of a counterclaim in investment arbitration was made by an arbitral tribunal composed of Gabrielle Kaufmann-Kohler, Brigitte Stern and Stephen Drymer in […]