On 21 September 2026, an arbitral tribunal (the “Tribunal”) rejected the investment claims brought by Mohammad Reza Khalilpour Bahari (“Mr. Bahari”), an Iranian investor, against the Republic of Azerbaijan (“Azerbaijan”). The Tribunal accepted jurisdiction over part of the dispute but held that those claims were inadmissible because Mr. Bahari had fabricated documents central to his […]
Andraous v. Netherlands: Share Ownership, Employment Rights and the Definition of an Investment
On 20 May 2026, an arbitral tribunal (the “Tribunal”) constituted under the 1976 UNCITRAL Arbitration Rules (the “UNCITRAL Rules”) issued its Final Award (the “Award”) in Abdallah Andraous v. Kingdom of the Netherlands, ICSID Case No. UNCT/23/3. The arbitration was brought by Mr Abdallah Andraous (the “Claimant”) against the Kingdom of the Netherlands (the “Respondent”) […]
Security for Costs in Investment Arbitration
Security for costs has become an increasingly important procedural issue in investment arbitration. A respondent State may spend millions defending a treaty claim and, even after prevailing and obtaining a costs award, remain exposed to non-recovery where the claimant is insolvent or has few assets against which the award can be enforced. Security for costs […]
UNCITRAL Code of Conduct for Arbitrators
The UNCITRAL Code of Conduct for Arbitrators in International Investment Dispute Resolution (the “UNCITRAL Code of Conduct”) recalibrates ethical expectations in investor-state dispute settlement. Adopted in 2023 under UN General Assembly Resolution 78/105 after six years of work in UNCITRAL Working Group III, it is a voluntary soft law instrument.[1] Accordingly, it sets recommended standards […]
UNCITRAL Arbitration Costs
The United Nations Commission on International Trade Law (“UNCITRAL”) is the central body within the United Nations system responsible for modernising and harmonising international trade law.[1] Although widely used in investment and commercial disputes, it is not an arbitral institution.[2] Instead, parties use the UNCITRAL Arbitration Rules in ad hoc arbitration proceedings or in proceedings […]