On 18 February 2026, an ad hoc committee constituted under the ICSID Convention (the “Committee”) unanimously dismissed Romania’s application for annulment of the Award rendered in an arbitration brought by LSG Building Solutions GmbH and nine other claimants (the “Claimants”). Annulment is a limited form of review for specific fundamental defects. It is not an […]
When an Arbitral Award Becomes State Aid
An arbitral award is usually expected to bring a dispute to an end. Within the European Union, however, an award against a Member State or a public entity may open an entirely new front: whether its payment or enforcement would amount to unlawful State aid under Articles 107 and 108 of the Treaty on the […]
Moral Damages in Investor-State Arbitration after Emergofin
In Emergofin B.V. and Velbay Holdings Ltd. v. Ukraine, the Tribunal rejected the claim for moral damages from the outset. It did not treat moral damages as only a question of evidence or valuation; the Tribunal went further and held that the claim fell outside its jurisdiction or, alternatively, was inadmissible.[1] The Award incorporates the […]
Transnational Issue Estoppel in International Arbitration: Can It Prevent Re-Litigation at the Enforcement Stage?
International arbitration is valued for delivering final, binding, and enforceable awards, but that finality is threatened when losing parties seek to re-litigate the same objections across multiple jurisdictions. A party may challenge an award at the seat and fail. It may then attempt to resist enforcement elsewhere by recasting the same arguments. This is where […]
What the ICC’s 2025 Statistics Tell Us About the Direction of International Arbitration
The ICC Dispute Resolution 2025 Statistics are more than an annual scorecard. They show a global, institutionally active arbitration system that is also becoming increasingly regional and efficiency-focused. Questions of diversity, procedure and award quality are also greatly influencing the arbitration system. Nowadays, the International Chamber of Commerce (“ICC”) represents the interests “of more than […]