Investment Dispute Settlement Navigator

Concluded original arbitration proceedings:

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ISDS data set in excel format (as of 31 December 2023)

ISDS Navigator

The UNCTAD Investment Dispute Settlement Navigator – the ISDS Navigator – is maintained by UNCTAD’s IIA Section. The ISDS Navigator contains information about known international arbitration cases initiated by investors against States pursuant to international investment agreements (IIAs). Such arbitrations are also referred to as treaty-based investor-State dispute settlement (ISDS) cases.

Please cite as: UNCTAD, Investment Dispute Settlement Navigator, available at https://investmentpolicy.unctad.org/investment-dispute-settlement

UNCTAD's Work Programme on International Investment Agreements (IIAs) actively assists policymakers, government officials and other IIA stakeholders to reform IIAs with a view to making them more conducive to sustainable development and inclusive growth.

International investment rulemaking is taking place at the bilateral, regional, interregional and multilateral levels. It requires policymakers, negotiators, civil society and other stakeholders to be well informed about foreign direct investment, international investment agreements (IIAs) and their impact on sustainable development.

Main goals of UNCTAD’s Work Programme on IIAs

• Reform the international investment agreements (IIAs) regime to enhance its sustainable development dimension,

• Provide comprehensive analysis on key issues arising from the complexity of the international investment regime,

• Develop a wide range of tools to support the formulation of more balanced international investment policies.

The three pillars of activities

• Research and policy analysis: monitoring trends, identifying key emerging issues and providing cutting-edge knowledge on IIAs from a sustainable development perspective,

• Technical assistance: delivering trainings, seminars and workshops; conducting IIA and model BIT reviews; offering ad-hoc advice to strengthen the capacity of beneficiaries in handling the complexities of the IIA regime,

• Intergovernmental consensus-building: exchanging and sharing best practices and experience with the view to fostering global investment governance.

For further information, please contact us via the online contact form.
Methodology

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Disclaimer

The ISDS Navigator includes information about publicly known IIA-based international investor-State arbitration proceedings. As some proceedings (or certain aspects of proceedings) remain confidential, the information contained in the Navigator cannot be deemed exhaustive.

While every effort is made to keep the information up to date and complete, the material is provided without any guarantees or warranties as to its accuracy or completeness. UNCTAD assumes no responsibility for eventual errors or omissions in these data.

We welcome any additional information or clarifications on specific cases as well as suggestions to improve the Navigator. Please contact us using the online contact form.

Cases included in the Navigator

• an international arbitration between an investor and a State;

• fully or partially based on an IIA, such as a bilateral investment treaty or the investment chapter of a free trade agreement (not included are investor-State disputes that are solely based on contracts or on domestic investment legislation);

• submitted to arbitration through a notice of arbitration or a request for arbitration, and upon registration of such request if applicable (not included are cases where a disputing party has only notified the other party of the existence of a dispute or signalled its intention to submit a claim, but has not yet commenced the arbitration).

Sources of information and frequency of updating

The information included in the Navigator is collected from publicly available sources. Primary sources (i.e. official documents relating to the case and information provided by the administering institutions) are the main and preferred source of information. Secondary sources, such as specialized reporting services and other sources deemed reliable, are used to supplement primary sources and/or obtain case information otherwise unavailable.
The Navigator is updated on a regular, typically biannual, basis. The date of the last update is displayed on the Navigator’s home page.

Methodological notes for the recording of data

Full case name
The full case name is recorded as it appears in the official case documents and as it is registered at the administering institution if applicable (listing the claimants in alphabetical order). If there are more than five claimants in the case, the names of all claimants can be replaced by the name of the first three claimants followed by the words “and others”.

Short case name
The short case name is ascribed by UNCTAD. Typically it is the first word of a corporate claimant’s name, an abbreviation of the corporate claimant’s name, or the last name of a natural-person claimant “v.” the short version of the respondent State’s name.

If the Navigator includes more than one case with the exact same name, then “(I)” is added to the case name of the earlier case, and a “(II)”, “(III)”, etc. is added to the name of each subsequent case.

Year of initiation
This is the year in which the notice of arbitration / request for arbitration was submitted by the claimant. For arbitrations brought under the ICSID Convention Arbitration Rules or ICSID Additional Facilities (AF) Rules, the year in which the claim was registered by ICSID is used.

Applicable IIA
This is the IIA(s) pursuant to which the claimant initiated the arbitral proceedings.

Arbitral rules
These are the arbitral rules in accordance with which the proceedings are conducted. Proceedings that are not subject to any existing set of arbitral rules, i.e. where the arbitral tribunal determines procedural rules, are marked “None (ad hoc)”.

Administering institution
This is the institution that provides administrative support for the arbitral proceedings. When the proceedings are subject to arbitral rules of a certain arbitral institution (e.g. SCC or ICC), the relevant institution administers that case. In ad hoc arbitrations or those that are subject to non-institutional arbitral rules (e.g. UNCITRAL Arbitration Rules), the parties may request any arbitral institution to administer their case (e.g. PCA). Proceedings may also be conducted without being administered by any institution.

Common abbreviations for administering institutions:

• CRCICA: Cairo Regional Centre for International Commercial Arbitration
• ICC: International Chamber of Commerce (International Court of Arbitration)
• ICSID: International Centre for Settlement of Investment Disputes
• LCIA: London Court of International Arbitration
• MCCI: Moscow Chamber of Commerce and Industry
• PCA: Permanent Court of Arbitration
• SCC: Stockholm Chamber of Commerce (Arbitration Institute)

Details of investment and summary of the dispute
The details of investment are presented as argued by the claimant, unless otherwise expressly identified by an arbitral tribunal in its decisions or awards.

The summary of the dispute describes in very general terms the conduct allegedly in breach of IIA obligations as argued by the claimant (non-exhaustive).

Economic sector and subsector
This refers to the economic sector to which the investment at issue allegedly belongs. The structure of economic activities follows the International Standard Industrial Classification of All Economic Activities, Rev.4 (UN ISIC Rev.4).

Status/Outcome of original proceedings
This refers to the current status of the original arbitration proceedings.

• Decided in favour of State: the tribunal dismissed the case for lack of jurisdiction or found that the respondent State has not committed any breach of the applicable IIA.

• Decided in favour of investor: the tribunal found that the respondent State committed one or more breaches of the applicable IIA and awarded monetary compensation or non-pecuniary relief to the claimant investor.

• Decided in favour of neither party (liability found but no damages awarded): the arbitral tribunal found that the respondent State committed one or more breaches of the applicable IIA but did not award monetary compensation or non-pecuniary relief to the claimant investor.

• Settled: the disputing parties settled the case and the arbitral proceedings were discontinued for that reason.

• Discontinued: the arbitration was discontinued for any reason other than due to a (known) settlement. This includes discontinuance as a result of non-payment of arbitration fees, in order to pursue litigation in another forum, or for any other reason (including for unknown reasons).

• Pending: the arbitration proceedings are pending. A case remains pending if any of the following elements remain to be decided: jurisdiction, liability (merits), compensation. The case remains pending, for instance, if a State is found to have breached one or more IIA obligations (liability) but no award on damages has been issued yet.

Additional notes:

• The Navigator only records treaty-based disputes or treaty-based aspects of "mixed" disputes. In treaty-based cases that are simultaneously contract-based or based on national investment law ("mixed" disputes), a case is deemed concluded (for purposes of the Navigator) if the tribunal dismissed the case on jurisdiction or finds no breach of the IIA, even if it proceeds to adjudicate the contract- or statutory-based claims.

• Cases in which a final award has been rendered but which are later subject to follow-on (post-award) proceedings (e.g. ICSID annulment proceedings or domestic judicial review), are marked according to the outcome of the original arbitral proceeding (i.e. not as “Pending”).

Arbitral decisions rendered
These are decisions rendered by an arbitral tribunal. Included are those decisions that concern the substance of the case and affect the final outcome. In particular, these include decisions (awards) on jurisdictional issues, liability (merits) and damages, including arbitrators’ individual opinions where these were issued. Discontinuance orders and settlement agreements are also recorded if such information is available.

Not included are any other (supplementary) arbitral decisions, e.g. concerning provisional measures or decisions regarding requests for disqualification of arbitrators. Similarly, procedural orders issued by arbitral tribunals are not included. To access a full list of documentation available with respect to a case, users are invited to use (i) the link to the case page on http://italaw.com, and/or (ii) links to the websites of governments and/or arbitral institutions provided in the “Additional information” section.

Amounts claimed and awarded
Amount claimed refers to the amount of monetary compensation claimed by the investor, not including interest, legal costs or costs of arbitration.

Amount awarded refers to the amount of monetary compensation awarded by the arbitral tribunal to the claimant, not including interest, legal costs or costs of arbitration.

For proceedings that end in a settlement, the amount of compensation that the State agreed to pay to the claimant under the terms of settlement (if known) is recorded in this section.

Amounts are recorded in the currency used by the claimant/tribunal. The list of currencies in the Navigator follows the International Organization for Standardization (ISO) 4217 code list.

To enable comparisons between cases, all amounts are also converted to US dollars. For the purposes of such conversion, the OANDA Historical Currency Converter is being used; the date of conversion is the date of the document or other source from which the information was obtained (e.g. the date in which the request for arbitration containing this amount was submitted or the date of the final award).

Whenever possible, information about amounts claimed and awarded is obtained from primary sources such as the arbitration documents. Otherwise, it is derived from other publicly available sources that are deemed reliable. In some cases, the approximate amount may be recorded to give a broad indication of the dispute’s magnitude. As a general rule, a rounded figure (to the nearest hundred thousand) of the amount claimed or awarded is provided.

If the claimant provides more than one valuation of damages claimed, the highest of these amounts is recorded.

IIA breaches alleged and found
Information about breaches alleged is primarily derived from the claimant’s request of arbitration, claimant’s memorials and/or arbitral decisions. When the relevant case documentation is not publicly available, information about breaches alleged may be obtained from other public sources that are deemed reliable.

Information about breaches found is primarily derived from the arbitral decisions. When the relevant decision is not publicly available, information about breaches found may be obtained from other public sources that are deemed reliable.

Claims concerning expropriation are classified as “direct” or “indirect” according to the characterisation made by the claimant and/or the tribunal. Whenever a claimant or the tribunal refer to “expropriation”, without distinguishing between “direct” or “indirect”, such distinction is made on the basis of the factual background of the case and the context of the claimant’s claims and tribunal’s findings.

Composition of tribunal
These are individuals who serve as members of the arbitral tribunal adjudicating the dispute (arbitrators).

The disputing party (i.e. claimant or respondent) that appointed a particular arbitrator is also recorded insofar as information is available. Instances where the respondent failed to appoint an arbitrator, and the latter was appointed by an “appointing authority”, are not recorded separately (i.e. both types of appointment are recorded under “Appointed by / designated to Respondent” without further distinction).

In case an arbitrator has been replaced by another individual (e.g. as a result of resignation, disqualification or passing away), the names of both the previous and subsequent arbitrator are recorded.

Follow-on (post-award) proceedings
Follow-on (post-award) proceedings include three types of legal proceedings:

• ICSID annulment proceedings;

• Judicial review by national courts (set-aside proceedings); and

• ICSID resubmission proceedings.

Initiation of a follow-on proceeding by either disputing party does not affect the field “Case Status/Outcome” of the original proceeding, until the follow-on proceeding is completed. For example, in a case where a final award has been rendered but it is later subject to a follow-on proceeding (e.g. ICSID annulment proceeding), the status of the case is marked according to the outcome of the original arbitral proceeding (i.e. not as “Pending”).

Decisions, judgments and/or awards rendered in the course of follow-on (post-award) proceedings, as well as any individual opinions appended to them, are recorded.

The composition of the ICSID ad hoc committees that adjudicate requests for annulment under the ICSID Convention is recorded.

Link to Italaw’s case page
The Italaw.com portal offers a wide collection of case documentation for many investor-State disputes. It makes available not only the main arbitral decisions, but also procedural orders, parties’ submissions, expert opinions and other types of documents.

A link to the relevant case page at http://italaw.com is provided where such page is available, so that users could browse all documents relating to the case at hand.

Additional information
This section provides links to sources of information used for gathering data for the case at hand or otherwise relevant to that case. These may include links to websites of arbitral/administering institutions, governments, international organisations, specialised reporting services (including subscription-based), media and other resources.

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NO.	Year of initiation	Short case name	Full case name	Applicable IIA	Arbitral rules	Administering institution	Summary	Details of investment	Outcome of original proceedings	Respondent State	Home State of investor	Economic sector	Economic subsector	Arbitrators	Amount claimed	Amount awarded (or settled for)	Breaches alleged	Breaches found	Decisions	Individual opinions	Follow-on proceeding type	Follow-on proceeding status	Follow-on decisions	Follow-on individual opinions	ICSID annulment committee members
1	2024	ABH v. Ukraine	ABH Holdings S.A. v. Ukraine (ICSID Case No. ARB/24/1)	BLEU (Belgium-Luxembourg Economic Union) - Ukraine BIT (1996)	ICSID	ICSID	Investment: Ownership (100%) of JSC “Alfa-Bank” (renamed JSC “Sense Bank”) in Ukraine as a direct shareholding (57.6%) and an indirect shareholding (42.4%) through a wholly-owned Cypriot subsidiary. Summary: Claims arising out of the Government’s alleged unlawful expropriation of the claimant’s bank.	Ownership (100%) of JSC “Alfa-Bank” (renamed JSC “Sense Bank”) in Ukraine as a direct shareholding (57.6%) and an indirect shareholding (42.4%) through a wholly-owned Cypriot subsidiary.	Pending	Ukraine	Luxembourg	Tertiary: K - Financial and insurance activities	64 - Financial service activities, except insurance and pension funding	Hanotiau, B. - President Xavier, F. - Claimant Murphy, S. D. - Respondent	1000.00 mln USD	Data not available	Direct expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
2	2024	Almaden and Almadex v. Mexico	Almaden Minerals Ltd. and Almadex Minerals Ltd. v. United Mexican States (ICSID Case No. ARB/24/23)	Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) (2018)	ICSID	ICSID	Investment: Mineral concessions for the Ixtaca gold and silver mining project. Summary: Claims arising out of the Government’s alleged actions blocking the development of the Ixtaca mining project and the retroactive termination of the claimants’ mineral concessions.	Mineral concessions for the Ixtaca gold and silver mining project.	Pending	Mexico	Canada	Primary: B - Mining and quarrying	7 - Mining of metal ores	Radicati di Brozolo, L. - President Garibaldi, O. M. - Claimant Viñuales, J. E. - Respondent	200.00 mln USD	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
3	2024	ATCO v. Uruguay	ATCO Ltd. v. Oriental Republic of Uruguay (ICSID Case No. ARB/24/11)	Canada - Uruguay BIT (1997)	ICSID	ICSID	Investment: Indirect shareholding in Montecon S.A., an operator of public docks in the Port of Montevideo, via Neltume Ports S.A. (40% interest). Summary:	Indirect shareholding in Montecon S.A., an operator of public docks in the Port of Montevideo, via Neltume Ports S.A. (40% interest).	Pending	Uruguay	Canada	Tertiary: H - Transportation and storage	52 - Warehousing and support activities for transportation	Data not available	240.00 mln USD	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
4	2024	Bacanora Lithium and others v. Mexico	Bacanora Lithium Limited, Sonora Lithium Ltd., and Ganfeng International Trading (Shanghai) Co. Ltd. v. United Mexican States (ICSID Case No. ARB/24/21)	China - Mexico BIT (2008) Mexico - United Kingdom BIT (2006)	ICSID	ICSID	Investment: Interests in the Sonora lithium project and related mining concessions. Summary:	Interests in the Sonora lithium project and related mining concessions.	Pending	Mexico	China United Kingdom	Primary: B - Mining and quarrying	7 - Mining of metal ores	Donovan, D. - Claimant Mayer, P. - Respondent Name not available - President	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
5	2024	Ben Ferha v. Belgium	Djamel Ben Ferha v. Kingdom of Belgium (ICSID Case No. ARB/24/15)	Algeria - BLEU (Belgium-Luxembourg Economic Union) BIT (1991)	ICSID	ICSID	Investment: Investment in a local football club. Summary:	Investment in a local football club.	Pending	Belgium	Algeria	Tertiary: R - Arts, entertainment and recreation	93 - Sports activities and amusement and recreation activities	Malintoppi, L. - President Gharavi, H. G. - Claimant Ruiz Fabri, H. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
6	2024	Berkeley Exploration v. Spain	Berkeley Exploration Ltd. v. Kingdom of Spain (ICSID Case No. ARB/24/22)	The Energy Charter Treaty (1994)	ICSID	ICSID	Investment: Exploitation concession held by Berkeley Minera España SA for the Retortillo uranium deposits in the Salamanca province. Summary: Claims arising out of the Government’s alleged refusal to authorize the construction of a uranium concentrate plant requested by the claimant’s local subsidiary, Berkeley Minera España SA, for the uranium mining site in Retortillo as part of the claimant’s “Salamanca project”.	Exploitation concession held by Berkeley Minera España SA for the Retortillo uranium deposits in the Salamanca province.	Pending	Spain	United Kingdom	Primary: B - Mining and quarrying	7 - Mining of metal ores	Name not available - President Reichert, K. - Claimant Douglas, Z. - Respondent	1000.00 mln USD	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
7	2024	Continental Gold v. Colombia	Continental Gold Inc. v. Republic of Colombia (ICSID Case No. ARB/24/25)	Canada - Colombia FTA (2008)	ICSID	ICSID	Investment: Ownership (100%) of the Buriticá gold mining project in Antioquia. Summary:	Ownership (100%) of the Buriticá gold mining project in Antioquia.	Pending	Colombia	Canada	Primary: B - Mining and quarrying	7 - Mining of metal ores	Sachs, K. - President Eljuri, E. - Claimant Malintoppi, L. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
8	2024	EDEMSA v. Honduras	Eléctricas de Medellín Ingeniería y Servicios S.A.S. v. Republic of Honduras (ICSID Case No. ARB/24/24)	Colombia, El Salvador, Guatemala and Honduras FTA (2007)	ICSID	ICSID	Investment: Investment in electric power distribution services. Summary:	Investment in electric power distribution services.	Pending	Honduras	Colombia	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Fernández Arroyo, D. P. - President Tawil, G. S. - Claimant González García, L. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
9	2024	Eurohold and Euroins v. Romania	Eurohold Bulgaria AD and Euroins Insurance Group AD v. Romania (ICSID Case No. ARB/24/18)	Bulgaria - Romania BIT (1994)	ICSID	ICSID	Investment: Investment in an insurance company, Euroins Romania Asiguarare-Reasigurare S.A. (“Euroins Romania”). Summary: Claims arising out of alleged illegal actions of Government authorities to revoke the licence of the claimants’ local subsidiary, Euroins Romania, and to initiate insolvency proceedings against this insurance company.	Investment in an insurance company, Euroins Romania Asiguarare-Reasigurare S.A. (“Euroins Romania”).	Pending	Romania	Bulgaria	Tertiary: K - Financial and insurance activities	65 - Insurance, reinsurance and pension funding, except compulsory social security	Bethlehem, D. - President Greenwood, C. - Unknown Stern, B. - Unknown	500.00 mln EUR (542.90 mln USD)	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
10	2024	Fortum v. Russia (I)	Fortum Oyj v. Russian Federation (I)	Netherlands - Russian Federation BIT (1989)	Ad hoc	Data not available	Investment: Indirect shareholding in local subsidiary PAO Fortum (later renamed to “Forward Energo”), including ownership of several power plants and shares in joint ventures. Summary: Claims arising out of the Government’s alleged unlawful expropriation of the claimant’s assets following Presidential decree No. 302 of 2023.	Indirect shareholding in local subsidiary PAO Fortum (later renamed to “Forward Energo”), including ownership of several power plants and shares in joint ventures.	Pending	Russian Federation	Netherlands Sweden	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Data not available	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
11	2024	Fortum v. Russia (II)	Fortum Oyj v. Russian Federation (II)	Netherlands - Russian Federation BIT (1989)	Ad hoc	Data not available	Investment: Summary:		Pending	Russian Federation	Netherlands Sweden	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Data not available	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
12	2024	Franco-Nevada v. Panama	Franco-Nevada Corporation v. Republic of Panama (ICSID Case No. ARB/24/26)	Canada - Panama FTA (2010)	ICSID	ICSID	Investment: Investment in the development of the Cobre Panamá mine, including contributions to the capital costs of the project. Summary: Claims arising out of a November 2023 ruling of the Supreme Court of Justice of Panama declaring unconstitutional Law 406, which had approved a revised concession contract for the Cobre Panamá mine. According to the claimant, the Supreme Court ruling led to the continued suspension of commercial operations at the Cobre Panamá mine and the halt of precious metal stream deliveries to the claimant, which were due under a stream agreement for gold and silver production from the mine concluded by the claimant with the concession holders.	Investment in the development of the Cobre Panamá mine, including contributions to the capital costs of the project.	Pending	Panama	Canada	Primary: B - Mining and quarrying	7 - Mining of metal ores	Radicati di Brozolo, L. - President Sachs, K. - Claimant Rivas, J. A. - Respondent	5000.00 mln USD	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
13	2024	FRV v. Mexico	Fotowatio Renewable Ventures S.L.U., FRV Solar Holdings III, S.L.U. and FRV Solar Holdings VI, S.L.U. v. United Mexican States (ICSID Case No. ARB/24/5)	Mexico - Spain BIT (2006)	ICSID	ICSID	Investment: Investment in a renewable energy generation enterprise. Summary:	Investment in a renewable energy generation enterprise.	Pending	Mexico	Spain	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Greenwood, C. - President Álvarez, H. C. - Claimant Pinto, M. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
14	2024	Indo Gold v. India	Indo Gold Pty Ltd v. India	Australia - India BIT (1999)	Data not available	Data not available	Investment: Investment in the Bhukia gold mining project in Rajasthan through wholly-owned local subsidiary Metal Mining Pvt Ltd. Summary: Claims arising out of local authorities’ rejection of the prospecting licence application made by Metal Mining Pvt Ltd for the Bhukia mining project.	Investment in the Bhukia gold mining project in Rajasthan through wholly-owned local subsidiary Metal Mining Pvt Ltd.	Pending	India	Australia	Primary: B - Mining and quarrying	7 - Mining of metal ores	Data not available	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
15	2024	InfraRed v. Colombia	InfraRed Infrastructure RAM GP Limited, InfraRed Infrastructure RAM LP and InfraRed Infrastructure RAM, S.L. v. Republic of Colombia (ICSID Case No. ARB/24/3)	Colombia - Spain BIT (2005) Colombia - United Kingdom BIT (2010)	ICSID	ICSID	Investment: Investment in a highway construction project. Summary:	Investment in a highway construction project.	Pending	Colombia	Spain United Kingdom	Tertiary: F - Construction	42 - Civil engineering	Name not available - President Galíndez, V. - Claimant Mourre, A. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
16	2024	Kent Kart v. Serbia	Kent Kart Anadolu Elektronik Sanayi ve Ticaret Anonim Şirketi, Kent Kart Ege Elektronik Sanayi ve Ticaret Anonim Şirketi and Kentkart Global Elektronik Anonim Şirketi v. Republic of Serbia (ICSID Case No. ARB/24/10)	Serbia - Turkey BIT (2001)	ICSID	ICSID	Investment: Contract with a municipal authority for transportation fare collection services in Belgrade. Summary: Claims arising out of a municipal authority’s alleged wrongful termination of a contract with the claimants for the operation and maintenance of public transport ticket services under a public-private partnership agreement.	Contract with a municipal authority for transportation fare collection services in Belgrade.	Pending	Serbia	Türkiye	Tertiary: H - Transportation and storage	52 - Warehousing and support activities for transportation	Name not available - President Babić, D. - Claimant Thomas, J. C. - Respondent	17.00 mln USD	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Umbrella clause	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
17	2024	Lotus v. Turkmenistan (II)	Lotus Proje Akaryakıt Enerji Madencilik Telekominikasyon İnşaat Sanayi Taah. Ve Tic. A.Ş. v. Turkmenistan (II) (ICSID Case No. ARB/24/13)	The Energy Charter Treaty (1994)	ICSID	ICSID	Investment: Summary:		Pending	Turkmenistan	Türkiye	Tertiary: F - Construction	42 - Civil engineering	Name not available - President Greenwood, L. - Claimant Townsend, J. M. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
18	2024	Machado v. Angola	Ricardo Filomeno Duarte Ventura Leitão Machado v. Republic of Angola (ICSID Case No. ARB/24/8)	Angola - Portugal BIT (2008)	ICSID	ICSID	Investment: Ownership of local company Aenergy S.A., holding 13 contracts with public entities for the supply and installation of equipment for power plants. Summary: Claims arising out of the Government’s unilateral termination of contracts signed with the claimant’s company Aenergy and the alleged seizure of four turbines owned by Aenergy.	Ownership of local company Aenergy S.A., holding 13 contracts with public entities for the supply and installation of equipment for power plants.	Pending	Angola	Portugal	Tertiary: F - Construction	42 - Civil engineering	Galíndez, V. - President Iglesia, A. - Claimant Fernández Arroyo, D. P. - Respondent	112.80 mln USD	Data not available	Direct expropriation Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
19	2024	Mashad v. Belarus	Kiabod Tutunian Mashad v. Republic of Belarus (ICSID Case No. ARB/24/7)	Belarus - United Kingdom BIT (1994)	ICSID	ICSID	Investment: Investment in a solar power plant project via an indirect shareholding in locally incorporated company “Solar Land”. Summary: Claims arising out of the Government’s alleged interference with a solar power plant project operated by locally incorporated company “Solar Land”, which allegedly resulted in the shutdown of the project and the bankruptcy of "Solar Land" in which the claimant holds indirect stakes. According to the claimant, the solar power plant was constructed and operated based on an investment agreement concluded by the claimant’s companies with public authorities.	Investment in a solar power plant project via an indirect shareholding in locally incorporated company “Solar Land”.	Pending	Belarus	United Kingdom	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Bull, C. - President Pryles, M. C. - Claimant Siqueiros, E. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
20	2024	MOL v. Croatia (II)	MOL Hungarian Oil and Gas Public Limited Company v. Republic of Croatia (II) (ICSID Case No. ARB/24/19)	The Energy Charter Treaty (1994)	ICSID	ICSID	Investment: Shareholding (49 per cent) in INA-Industrija nafte d.d., an oil and gas company. Summary:	Shareholding (49 per cent) in INA-Industrija nafte d.d., an oil and gas company.	Pending	Croatia	Hungary	Primary: B - Mining and quarrying Tertiary: D - Electricity, gas, steam and air conditioning supply	6 - Extraction of crude petroleum and natural gas 35 - Electricity, gas, steam and air conditioning supply	King, B. D. - President Garibaldi, O. M. - Claimant Viñuales, J. E. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
21	2024	Mondi v. Poland	Mondi Investments Limited v. Republic of Poland (ICSID Case No. ARB(AF)/24/1)	The Energy Charter Treaty (1994)	ICSID AF	ICSID	Investment: Investment in a renewable energy generation project. Summary:	Investment in a renewable energy generation project.	Pending	Poland	United Kingdom	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Bull, C. - President Reichert, K. - Claimant Mourre, A. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
22	2024	Neltume Ports v. Uruguay	Neltume Ports S.A. v. Oriental Republic of Uruguay (ICSID Case No. ARB/24/14)	Chile - Uruguay BIT (2010)	ICSID	ICSID	Investment: Ownership of Montecon S.A., an operator of public docks at the Port of Montevideo. Summary:	Ownership of Montecon S.A., an operator of public docks at the Port of Montevideo.	Pending	Uruguay	Chile	Tertiary: H - Transportation and storage	52 - Warehousing and support activities for transportation	Data not available	600.00 mln USD	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
23	2024	Nexo and others v. Bulgaria	Nexo AG, NDS EOOD and Mirastar EOOD v. Republic of Bulgaria (ICSID Case No. ARB/24/2)	Bulgaria - Switzerland BIT (1991)	ICSID	ICSID	Investment: Investment in a services and exchange platform for digital assets, including cryptocurrency. Summary: Claims arising out of pre-trial criminal investigations initiated by the Sofia City Prosecutor's Office related to the claimants’ financial operations, allegedly causing reputational damage and harming the claimants’ business; the investigations have been terminated without the finding of a crime or evidence of money laundering.	Investment in a services and exchange platform for digital assets, including cryptocurrency.	Pending	Bulgaria	Switzerland	Tertiary: K - Financial and insurance activities	64 - Financial service activities, except insurance and pension funding	Name not available - President Pryles, M. C. - Claimant Stern, B. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
24	2024	NiQuan Energy v. Trinidad and Tobago	NiQuan Energy LLC and NiQuan Energy Trinidad Limited v. Republic of Trinidad and Tobago (ICSID Case No. ARB/24/17)	Trinidad and Tobago - United States of America BIT (1994)	ICSID	ICSID	Investment: Summary:		Pending	Trinidad and Tobago	United States of America	Secondary: C - Manufacturing	19 - Manufacture of coke and refined petroleum products	Lévy, L. - President Alexandrov, S. A. - Claimant Douglas, Z. - Respondent	Data not available	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available
25	2024	Orla Mining v. Panama	Orla Mining Ltd. v. Republic of Panama (ICSID Case No. ARB/24/27)	Canada - Panama FTA (2010)	ICSID	ICSID	Investment: Mining concessions held through local subsidiary Minera Cerro Quema S.A. for the Cerro Quema Project, a gold and copper deposit located in the Los Santos Province in southwestern Panama. Summary: Claims arising out of the Government’s cancellation of mining concessions held by the claimant’s subsidiary for the Cerro Quema Project, which includes a pre-feasibility-stage, open-pit, heap leach gold project as well as a copper-gold sulphide resource.	Mining concessions held through local subsidiary Minera Cerro Quema S.A. for the Cerro Quema Project, a gold and copper deposit located in the Los Santos Province in southwestern Panama.	Pending	Panama	Canada	Primary: B - Mining and quarrying	7 - Mining of metal ores	Derains, Y. - President Grigera Naón, H. A. - Claimant Torterola, I. - Respondent	400.00 mln USD	Data not available	Data not available	Pending	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available	Data not available

No results found

No.	Name	Cases as Respondent State	Cases as Home State of claimant
1	Albania	14	1
2	Algeria	13	2
3	Angola	1	0
4	Argentina	65	5
5	Armenia	7	0
6	Australia	4	10
7	Austria	1	32
8	Azerbaijan	7	1
9	Bahamas	0	2
10	Bahrain	4	1
11	Bangladesh	1	0
12	Barbados	1	7
13	Belarus	5	2
14	Belgium	4	20
15	Belize	4	0
16	Benin	1	0
17	Bermuda	0	1
18	Bolivia, Plurinational State of	19	1
19	Bosnia and Herzegovina	5	0
20	British Virgin Islands	0	1
21	Bulgaria	13	3
22	Burundi	4	0
23	Cabo Verde	1	0
24	Cambodia	1	0
25	Cameroon	3	0
26	Canada	34	75
27	Chile	7	10
28	China	9	20
29	Colombia	25	5
30	Congo	3	0
31	Congo, Democratic Republic of the	4	0
32	Costa Rica	14	2
33	Croatia	20	3
34	Cuba	1	0
35	Cyprus	5	38
36	Czechia	42	7
37	Denmark	2	9
38	Dominican Republic	11	2
39	Ecuador	30	0
40	Egypt	47	7
41	El Salvador	4	0
42	Equatorial Guinea	2	0
43	Estonia	5	3
44	Ethiopia	5	0
45	European Union	2	0
46	Finland	1	3
47	France	3	67
48	Gabon	3	0
49	Gambia	2	0
50	Georgia	18	1
51	Germany	7	84
52	Ghana	3	0
53	Gibraltar	0	2
54	Greece	5	16
55	Grenada	2	0
56	Guatemala	9	1
57	Guyana	1	0
58	Honduras	8	0
59	Hong Kong, China SAR	0	2
60	Hungary	18	4
61	India	29	12
62	Indonesia	7	0
63	Iran, Islamic Republic of	1	6
64	Iraq	6	0
65	Ireland	0	2
66	Israel	0	8
67	Italy	14	52
68	Jamaica	0	1
69	Japan	1	6
70	Jordan	10	9
71	Kazakhstan	19	7
72	Kenya	1	1
73	Korea, Republic of	10	8
74	Kuwait	7	9
75	Kyrgyzstan	18	0
76	Lao People's Democratic Republic	4	0
77	Latvia	10	5
78	Lebanon	5	6
79	Lesotho	2	0
80	Libya	22	1
81	Liechtenstein	0	1
82	Lithuania	8	8
83	Luxembourg	0	46
84	Macao, China SAR	0	1
85	Madagascar	4	0
86	Malaysia	3	9
87	Malta	1	4
88	Mauritius	4	15
89	Mexico	55	7
90	Moldova, Republic of	13	1
91	Mongolia	6	0
92	Montenegro	6	0
93	Morocco	9	0
94	Mozambique	4	0
95	Myanmar	2	0
96	Nepal	1	0
97	Netherlands	3	134
98	Nicaragua	3	0
99	Nigeria	5	0
100	North Macedonia	11	0
101	Norway	3	5
102	Oman	4	2
103	Pakistan	12	0
104	Panama	23	10
105	Papua New Guinea	1	0
106	Paraguay	3	0
107	Peru	34	5
108	Philippines	7	0
109	Poland	39	8
110	Portugal	1	9
111	Qatar	3	9
112	Romania	27	1
113	Russian Federation	31	26
114	Rwanda	1	0
115	Saudi Arabia	11	6
116	Senegal	6	0
117	Serbia	16	0
118	Seychelles	0	2
119	Sierra Leone	1	0
120	Singapore	0	12
121	Slovakia	14	1
122	Slovenia	6	3
123	South Africa	1	3
124	Spain	57	75
125	Sri Lanka	5	0
126	Sudan	2	0
127	Sweden	1	14
128	Switzerland	1	52
129	Syrian Arab Republic	2	0
130	Tajikistan	2	0
131	Tanzania, United Republic of	13	0
132	Thailand	2	0
133	Trinidad and Tobago	3	0
134	Tunisia	3	1
135	Türkiye	18	51
136	Turkmenistan	17	0
137	Uganda	1	0
138	Ukraine	32	18
139	United Arab Emirates	7	12
140	United Kingdom	1	115
141	United States of America	24	234
142	Uruguay	7	1
143	Uzbekistan	9	1
144	Venezuela, Bolivarian Republic of	64	3
145	Viet Nam	13	0
146	Yemen	3	0
147	Zimbabwe	3	0