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	Kiram Fornan and others v. Spain	Nurhima Kiram Fornan and others v. Kingdom of Spain (ICSID Case No. ARB/24/45)	Philippines - Spain BIT (1993)	ICSID	ICSID	Investment: Summary: Claims arising out of Spanish authorities’ alleged interference with the claimants’ pursuit of arbitration proceedings against Malaysia relating to a dispute known as the Sultan of Sulu case.		Decided in favour of State	Spain	Philippines	Data not available	Data not available	Kaufmann-Kohler, G. - President Schill, S. - Claimant Mourre, A. - Respondent	18000.00 mln USD	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar	None - jurisdiction declined	Award dated 6 November 2025 (English) Award dated 6 November 2025 (Spanish)	None	Data not available	Data not available	Data not available	Data not available	Data not available
2	2024	Spentech Engineering v. United Arab Emirates	Spentech Engineering Limited v. United Arab Emirates (ICSID Case No. ARB/24/16)	Kenya - United Arab Emirates BIT (2014)	ICSID	ICSID	Investment: Contracts for several construction projects signed with the Embassy of the United Arab Emirates in Mogadishu, including army barracks and a hospital. Summary: Claims arising out of alleged misconduct by government officials related to construction contracts between the claimant and the Embassy of the United Arab Emirates in Mogadishu.	Contracts for several construction projects signed with the Embassy of the United Arab Emirates in Mogadishu, including army barracks and a hospital.	Decided in favour of State	United Arab Emirates	Kenya	Tertiary: F - Construction	41 - Construction of buildings	Malintoppi, L. - President Ojo, C. A. - Claimant Greenwood, C. - Respondent	Data not available	Data not available	Direct expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar National treatment Most-favoured nation treatment Arbitrary, unreasonable and/or discriminatory measures	None - jurisdiction declined	Award dated 28 July 2025	None	ICSID annulment proceedings	Pending (ICSID annulment proceedings)	None	None	None
3	2023	Access v. Mexico	Access Business Group LLC v. United Mexican States (ICSID Case No. ARB/23/15)	NAFTA (1992) USMCA (2018)	ICSID	ICSID	Investment: Ownership of agricultural land operated by local subsidiary, Nutrilite S.R.L. de C.V., in San Isidoro in the state of Jalisco. Summary: Claims arising out of the government’s decision to seize 280 hectares of agricultural land owned by the claimant and to transfer the land rights to El Ejido San Isidro, a group of local farmers.	Ownership of agricultural land operated by local subsidiary, Nutrilite S.R.L. de C.V., in San Isidoro in the state of Jalisco.	Decided in favour of State	Mexico	United States of America	Primary: A - Agriculture, forestry and fishing	1 - Crop and animal production, hunting and related service activities	Kaufmann-Kohler, G. - President Ferrari, F. - Claimant Malintoppi, L. - Respondent	2700.40 mln USD	Data not available	Direct expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims National treatment	None - jurisdiction declined	Award dated 21 November 2025 (English) Award dated 21 November 2025 (Spanish)	Dissenting Opinion of Franco Ferrari Dissenting Opinion of Franco Ferrari	None	None	None	None	None
4	2023	Zeph v. Australia (I)	Zeph Investments Pte. Ltd. v. The Commonwealth of Australia (I) (PCA Case No. 2023-40)	AANZFTA (2009)	UNCITRAL	PCA	Investment: Investment in two subsidiaries, Mineralogy Pty Ltd and International Minerals Pty Limited, holding mining licences and leases for magnetite iron ore deposits in Western Australia. Summary: Claims arising out of Western Australian Government’s enactment of the Iron Ore Processing (Mineralogy Pty Ltd) Agreement Amendment Act in 2020.	Investment in two subsidiaries, Mineralogy Pty Ltd and International Minerals Pty Limited, holding mining licences and leases for magnetite iron ore deposits in Western Australia.	Decided in favour of State	Australia	Singapore	Primary: B - Mining and quarrying	7 - Mining of metal ores	Kaufmann-Kohler, G. - President Kirtley, W. - Claimant McRae, D. M. - Respondent	198202.40 mln USD	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims	None - jurisdiction declined	Award dated 26 September 2025	None	None	None	None	None	None
5	2022	Fábrica de Vidrio v. Venezuela (II)	Fábrica de Vidrio Los Andes, C.A. and Owens-Illinois de Venezuela, C.A. v. Bolivarian Republic of Venezuela (II) (ICSID Case No. ARB(AF)/22/3)	Netherlands - Venezuela, Bolivarian Republic of BIT (1991)	ICSID AF	ICSID	Investment: Interests in two glass manufacturing companies in Venezuela. Summary: Claims arising out of the alleged expropriation of two glass manufacturing companies in which the claimants had invested.	Interests in two glass manufacturing companies in Venezuela.	Decided in favour of State	Venezuela, Bolivarian Republic of	Netherlands	Secondary: C - Manufacturing	23 - Manufacture of other non-metallic mineral products	Heiskanen, V. - President Schill, S. - Claimant Kohen, M. G. - Respondent	Data not available	Data not available	Data not available	None - jurisdiction declined	Award dated 21 November 2025	Separate Opinion of Marcelo Kohen Dissenting Opinion of Stephan Schill	None	None	None	None	None
6	2022	Halevi v. Czechia	Asael Halevi v. Czech Republic (PCA Case No. 2022-33)	Czech Republic - Israel BIT (1997)	UNCITRAL	PCA	Investment: Shareholding in a land development project in Prague-Ďáblice. Summary: Claims arising out of a court ruling which allegedly resulted in the expropriation of land plots intended for a development project in which the claimant had invested.	Shareholding in a land development project in Prague-Ďáblice.	Decided in favour of State	Czechia	Israel	Tertiary: L - Real estate activities	68 - Real estate activities	Reed, L. - President Reichert, K. - Claimant Wordsworth, S. - Respondent	165.00 mln CZK (6.90 mln USD)	Data not available	Direct expropriation Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar	None - all claims dismissed at the merits stage	Final Award dated 12 December 2024	None	None	None	None	None	None
7	2022	Lynton v. Ecuador	Lynton Trading LTD. v. The Republic of Ecuador (PCA Case No. 2023-20)	Ecuador - United States BIT (1993)	UNCITRAL	PCA	Investment: Direct and indirect shareholding in local companies operating 18 casinos, gaming salons and other gaming businesses. Summary: Claims arising out of the Government’s 2011 Executive Decree ordering casinos and gambling halls to cease operations, allegedly followed by the nationwide seizure of gambling equipment and closure of all gambling operations. According to the claimant, this included the shutdown of its gaming businesses and destruction of equipment.	Direct and indirect shareholding in local companies operating 18 casinos, gaming salons and other gaming businesses.	Decided in favour of State	Ecuador	United States of America	Tertiary: R - Arts, entertainment and recreation	92 - Gambling and betting activities	Siqueiros, E. - President Jiménez, A. E. - Claimant Viñuales, J. E. - Respondent	100.00 mln USD	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar Arbitrary, unreasonable and/or discriminatory measures Other	None - jurisdiction declined	Final Award dated 26 September 2025 (English) Final Award dated 26 September 2025 (Spanish)	Dissenting Opinion of Adolfo E. Jiménez (English) Dissenting Opinion of Adolfo E. Jiménez (Spanish)	None	None	None	None	None
8	2022	Romero Barst and Rodríguez v. Ecuador	Santiago Romero Barst and María Auxiliadora Rodríguez v. The Republic of Ecuador (PCA Case No. 2023-23)	Ecuador - Italy BIT (2001)	UNCITRAL	PCA	Investment: Investments in the gaming industry. Summary: Claims arising out of the Government’s 2011 Executive Decree ordering casinos and gambling halls to cease operations, and ensuing measures adopted by the Government, which allegedly eliminated the claimants’ investments in the gaming industry.	Investments in the gaming industry.	Decided in favour of State	Ecuador	Italy	Tertiary: R - Arts, entertainment and recreation	92 - Gambling and betting activities	Fernández-Armesto, J. - President O'Naghten, L. - Claimant Boisson de Chazournes, L. - Respondent	Data not available	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims	None - jurisdiction declined	Award on Jurisdiction dated 3 December 2025	Dissenting Opinion of Luis O’Naghten	Data not available	Data not available	Data not available	Data not available	Data not available
9	2022	Westmoreland v. Canada (III)	Westmoreland Coal Company v. Canada (III) (ICSID Case No. UNCT/23/2)	NAFTA (1992) USMCA (2018)	UNCITRAL	ICSID	Investment: Ownership of several coal mines servicing adjacent power plants through mine-mouth operations in the Province of Alberta, Canada. Summary: Claims arising out of the decision of Alberta’s provincial government in 2015 to phase out coal-fired power plants in the province by 2030. The government allegedly failed to compensate the claimant for the early closure of its coal mining operations, excluding it from a compensation scheme made available to three local coal mining operators.	Ownership of several coal mines servicing adjacent power plants through mine-mouth operations in the Province of Alberta, Canada.	Decided in favour of State	Canada	United States of America	Primary: B - Mining and quarrying	5 - Mining of coal and lignite	Kaufmann-Kohler, G. - President Shore, L. - Claimant Levine, J. - Respondent	Data not available	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims National treatment	None - jurisdiction declined	Award dated 17 December 2024	None	None	None	None	None	None
10	2021	Discovery Global v. Slovakia	Discovery Global LLC v. Slovak Republic (ICSID Case No. ARB/21/51)	Slovakia - United States BIT (1991)	ICSID	ICSID	Investment: Ownership of local subsidiary Alpine Oil & Gas s.r.o., holding oil and gas exploration rights for activities at the Smilno, Ruská Poruba and Krivá Oľka wells in north-eastern Slovakia. Summary: Claims arising out of the Government’s alleged actions preventing drilling activities of the claimant’s subsidiary, Alpine Oil & Gas, at three oil and gas wells despite granted exploration licences. According to the claimant, its planned drilling operations were rendered impossible by local activists’ protests blocking the well sites as well as local authorities’ decisions ordering full-scope environmental impact assessments.	Ownership of local subsidiary Alpine Oil & Gas s.r.o., holding oil and gas exploration rights for activities at the Smilno, Ruská Poruba and Krivá Oľka wells in north-eastern Slovakia.	Decided in favour of State	Slovakia	United States of America	Primary: B - Mining and quarrying	6 - Extraction of crude petroleum and natural gas	Kaufmann-Kohler, G. - President Drymer, S. L. - Claimant Sands, P. - Respondent	2110.00 mln USD	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Arbitrary, unreasonable and/or discriminatory measures Other	None - all claims dismissed at the merits stage	Award dated 17 January 2025	None	None	None	None	None	None
11	2021	Enel v. Türkiye	Enel, S.p.A. v. Republic of Türkiye (ICSID Case No. ARB/21/61)	Italy - Turkey BIT (1995)	ICSID	ICSID	Investment: Investments in a renewable energy generation enterprise. Summary: Claims arising out of the energy market regulatory authority’s allegedly unlawful cancellation of the claimant’s pre-licence for a solar power plant.	Investments in a renewable energy generation enterprise.	Decided in favour of State	Türkiye	Italy	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Reinisch, A. - President Rowley, J. W. - Claimant Stern, B. - Respondent	30.00 mln USD	Data not available	Data not available	None - all claims dismissed at the merits stage	Award dated 22 July 2025	None	None	None	None	None	None
12	2021	Everyway v. Ghana	Beijing Everyway Traffic & Lighting Tech. Co., Ltd v. Republic of Ghana (PCA Case No. 2021-15)	China - Ghana BIT (1989)	UNCITRAL	PCA	Investment: Contract with the Ministry of Roads and Highways for the engineering and installation of a traffic management system in Accra. Summary: Claims arising out of the Government’s cancellation of a contract with the claimant to install an intelligent traffic management system, including alleged non-payment for works conducted by the claimant.	Contract with the Ministry of Roads and Highways for the engineering and installation of a traffic management system in Accra.	Decided in favour of State	Ghana	China	Tertiary: F - Construction	43 - Specialized construction activities	Brekoulakis, S. - President Rajah, V. K. - Claimant Oppong, R. - Respondent	55.00 mln USD	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Umbrella clause Direct expropriation Most-favoured nation treatment	None - jurisdiction declined	Final Award on Jurisdiction (Save as to Costs) dated 30 January 2023	None	None	None	None	None	None
13	2021	Finetis v. Morocco	Finetis SARL and Finetis Maroc SA v. Kingdom of Morocco (ICSID Case No. ARB/21/44)	France - Morocco BIT (1996)	ICSID	ICSID	Investment: Investments in the construction and operation of a high-speed telecommunications infrastructure. Summary:	Investments in the construction and operation of a high-speed telecommunications infrastructure.	Decided in favour of State	Morocco	France	Tertiary: J - Information and communication	61 - Telecommunications	Hanotiau, B. - President Mantilla-Serrano, F. - Claimant Boisson de Chazournes, L. - Respondent	Data not available	Data not available	Data not available	Data not available	Award dated 4 October 2024	None	None	None	None	None	None
14	2021	GAMA v. North Macedonia	GAMA Güç Sistemleri Mühendislik ve Taahhüt A.Ş. v. Republic of North Macedonia (ICC Case No. 26696/HBH)	Macedonia, The former Yugoslav Republic of - Turkey BIT (1995)	ICC	ICC	Investment: Summary:		Decided in favour of State	North Macedonia	Türkiye	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Low, L. A. - President Reichert, K. - Claimant Legum, B. - Respondent	5.00 mln EUR (5.20 mln USD)	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar National treatment Most-favoured nation treatment Arbitrary, unreasonable and/or discriminatory measures Other	Data not available	Award dated July 2024	None	None	None	None	None	None
15	2021	Ivicom v. Albania	Ivicom Holding GmbH v. Republic of Albania (SCC Case No. 2021/155)	The Energy Charter Treaty (1994)	SCC	SCC	Investment: Summary:		Decided in favour of State	Albania	Austria	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Paulsson, J. - President Busse, D. - Claimant Kalicki, J. E. - Respondent	Data not available	Data not available	Data not available	Data not available	Award dated 26 June 2024	None	None	None	None	None	None
16	2021	Kaloti v. Peru	Kaloti Metals & Logistics, LLC v. Republic of Peru (ICSID Case No. ARB/21/29)	Peru - United States FTA (2006)	ICSID	ICSID	Investment: Investments in gold trading and export activities. Summary: Claims arising out of the Government’s alleged seizure of the claimant’s properties and assets, including gold purchased by the claimant from local suppliers.	Investments in gold trading and export activities.	Decided in favour of State	Peru	United States of America	Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles	46 - Wholesale trade, except of motor vehicles and motorcycles	McRae, D. M. - President Fernández Rozas, J. C. - Claimant Knieper, R. - Respondent	75.00 mln USD	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar National treatment	None - jurisdiction declined	Award dated 14 May 2024 (English) Award dated 14 May 2024 (Spanish)	None	None	None	None	None	None
17	2021	Modus Energy v. Ukraine	Green Genius International B.V. (formerly Modus Energy International B.V.) v. Ukraine (SCC Case No. V2021/039)	The Energy Charter Treaty (1994)	SCC	SCC	Investment: Ownership of three solar parks (Bolokhivsky Solar Park 1 LLC, Bolokhivsky Solar Park 2, Solar Zalukva LLC). Summary: Claims arising out of the Government’s reduction of feed-in tariffs for solar power.	Ownership of three solar parks (Bolokhivsky Solar Park 1 LLC, Bolokhivsky Solar Park 2, Solar Zalukva LLC).	Decided in favour of State	Ukraine	Netherlands	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Kaufmann-Kohler, G. - President van Leeuwen, M. - Claimant Salacuse, J. W. - Respondent (replaced) Kinnear, M. - Respondent	22.70 mln EUR (26.70 mln USD)	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims	None - all claims dismissed at the merits stage	Final Award dated 16 December 2025	None	None	None	None	None	None
18	2021	Pavilniu and Modus v. Belarus	UAB Pavilniu saules slenis 14 and UAB Modus grupe v. Republic of Belarus (ICSID Case No. ARB/21/2)	Belarus - Lithuania BIT (1999)	ICSID	ICSID	Investment: Investment in a hotel construction project near the Minsk national airport. Summary:	Investment in a hotel construction project near the Minsk national airport.	Decided in favour of State	Belarus	Lithuania	Tertiary: F - Construction Tertiary: I - Accommodation and food service activities	41 - Construction of buildings 55 - Accommodation	Bull, C. - President Tonova, S. - Claimant Malintoppi, L. - Respondent	9.00 mln USD	Data not available	Data not available	None - all claims dismissed at the merits stage	Award dated 5 December 2023	Separate Opinion by Sylvia Tonova	None	None	None	None	None
19	2021	Riverside Coffee v. Nicaragua	Riverside Coffee, LLC v. Republic of Nicaragua (ICSID Case No. ARB/21/16)	CAFTA - DR (2004)	ICSID	ICSID	Investment: Shareholding in the local company Empresa Inagrosa S.A. (“Inagrosa”), the owner of the Hacienda Santa Fé property and operator of an avocado and forestry agricultural business. Summary: Claims arising out of the Government’s alleged actions and omissions related to a 2018 invasion and occupation of the Hacienda Santa Fé property by armed individuals led by paramilitaries, causing the destruction of the avocado and forestry business on the property in which the claimant had invested.	Shareholding in the local company Empresa Inagrosa S.A. (“Inagrosa”), the owner of the Hacienda Santa Fé property and operator of an avocado and forestry agricultural business.	Decided in favour of State	Nicaragua	United States of America	Primary: A - Agriculture, forestry and fishing	1 - Crop and animal production, hunting and related service activities	Greenwood, C. - Claimant Couvreur, P. - Respondent Heiskanen, V. - President	286.00 mln USD	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar National treatment Most-favoured nation treatment	None - all claims dismissed at the merits stage	Award dated 17 October 2025 (English) Award dated 17 October 2025 (Spanish)	None	None	None	None	None	None
20	2021	RSE v. Latvia (II)	R.S.E. Holdings AG v. Republic of Latvia (II) (PCA Case No. 2022-41)	The Energy Charter Treaty (1994)	UNCITRAL	PCA	Investment: Investments in renewable energy projects. Summary: Claims arising out of the Government’s alleged modification of its energy regulatory framework, including its renewable energy incentives programmes.	Investments in renewable energy projects.	Decided in favour of State	Latvia	Switzerland	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Stein, E. - President Happ, R. - Claimant Sacco, S. - Respondent	11.00 mln EUR (10.90 mln USD)	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Arbitrary, unreasonable and/or discriminatory measures	None - jurisdiction declined	Award dated 28 May 2025	None	None	None	None	None	None
21	2021	TC Energy and TransCanada v. USA (II)	TC Energy Corporation and TransCanada Pipelines Limited v. United States of America (II) (ICSID Case No. ARB/21/63)	NAFTA (1992) USMCA (2018)	ICSID	ICSID	Investment: Interests in the Keystone XL Pipeline project; ownership and/or control of thirteen U.S. enterprises, including TransCanada Keystone Pipeline, L.P. (“Keystone”), and other assets. Summary: Claims arising out of the incoming president’s executive order in 2021 revoking a 2019 presidential permit to construct the Keystone XL Pipeline, a proposed crude oil pipeline from Alberta (Canada) to Nebraska (United States).	Interests in the Keystone XL Pipeline project; ownership and/or control of thirteen U.S. enterprises, including TransCanada Keystone Pipeline, L.P. (“Keystone”), and other assets.	Decided in favour of State	United States of America	Canada	Tertiary: H - Transportation and storage Tertiary: F - Construction	49 - Land transport and transport via pipelines 42 - Civil engineering	Mourre, A. - President Álvarez, H. C. - Claimant Crook, J. R. - Respondent	15000.00 mln USD	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar National treatment Most-favoured nation treatment	None - jurisdiction declined	Award dated 12 July 2024	Dissenting Opinion of Henri C. Alvarez	None	None	None	None	None
22	2021	WM Mining v. Mongolia	WM Mining Company, LLC v. Mongolia (ICSID Case No. ARB/21/8)	Mongolia - United States BIT (1994)	ICSID	ICSID	Investment: Indirect shareholding in local company Ikh Tokhoirol LLC with mining licences for the Big Bend gold mining project in Mongolia. Summary: Claims arising out of the Government’s measures related to the implementation of a law enacted in 2009 which prohibited mining within 200 meters of rivers (the “River Law”), allegedly resulting in the removal of a substantial area from the pre-existing mining licences held by Ikh Tokhoirol.	Indirect shareholding in local company Ikh Tokhoirol LLC with mining licences for the Big Bend gold mining project in Mongolia.	Decided in favour of State	Mongolia	United States of America	Primary: B - Mining and quarrying	7 - Mining of metal ores	Zuleta, E. - President Drymer, S. L. - Claimant van den Berg, A. J. - Respondent	42.60 mln USD	Data not available	Direct expropriation Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims National treatment	None - jurisdiction declined	Award dated 29 August 2024	None	None	None	None	None	None
23	2020	AFC v. Colombia	AFC Investment Solutions S.L. v. Republic of Colombia (ICSID Case No. ARB/20/16)	Colombia - Spain BIT (2005)	ICSID	ICSID	Investment: Investments in Internacional Compañía de Financiamiento S.A. Summary: Claims arising out of the forced liquidation of Internacional Compañía de Financiamiento S.A. ordered by Colombia’s financial regulatory authority (Superintendencia Financiera de Colombia) in 2015.	Investments in Internacional Compañía de Financiamiento S.A.	Decided in favour of State	Colombia	Spain	Tertiary: K - Financial and insurance activities	64 - Financial service activities, except insurance and pension funding	Sepúlveda Amor, B. - President Sacco, S. - Claimant Jiménez Figueres, D. - Respondent	Data not available	Data not available	Data not available	None - jurisdiction declined	Award dated 24 February 2022 (Spanish)	None	None	None	None	None	None
24	2020	AHG v. Iraq	AHG Industry GmbH & Co. KG v. Republic of Iraq (ICSID Case No. ARB/20/21)	EU - Iraq Cooperation Agreement (2012)	ICSID	ICSID	Investment: Investments in a cement factory in Kirkuk through 51% share in a local company performing a rehabilitation and operation contract. Summary: Claims arising out of the Government’s alleged takeover and a series of other government actions related to a cement factory in Kirkuk in which the claimant had invested based on a rehabilitation and operation contract signed with a state-owned company in 2008.	Investments in a cement factory in Kirkuk through 51% share in a local company performing a rehabilitation and operation contract.	Decided in favour of State	Iraq	Germany	Secondary: C - Manufacturing	23 - Manufacture of other non-metallic mineral products	Banifatemi, Y. - President Reed, L. - Claimant Al-Khasawneh, A. S. - Respondent	1000.00 mln USD	Data not available	Data not available	None - jurisdiction declined	Award on the Respondent's Application Under ICSID Rule 41(5) dated 30 September 2022	None	ICSID annulment proceedings	Discontinued (ICSID annulment proceedings)	Order taking note of the discontinuance of the proceeding dated 13 January 2025 (ICSID annulment proceedings)	None	Wallgren-Lindholm, C. - President Cicchetti, T. M. - Member Cooper-Rousseau, B. - Member
25	2020	Amorrortu v. Peru (I)	Bacilio Amorrortu v. The Republic of Peru (I) (PCA Case No. 2020-11)	Peru - United States FTA (2006)	UNCITRAL	PCA	Investment: Investments in Baspetrol S.A.C., a company operating in the oil and gas field. Summary: Claims arising out of the decision of PeruPetro, a state-owned petroleum company, to conduct a public bidding process for operating Blocks III and IV of the Talara Basin crude oil reserve, which allegedly deprived the claimant’s company Baspetrol of its right to negotiate directly with PeruPetro. According to the claimant, Baspetrol was allegedly unfairly excluded from the bidding process and PeruPetro awarded the licences to local company Graña y Montero S.A., allegedly as part of a corruption scheme involving the then Government.	Investments in Baspetrol S.A.C., a company operating in the oil and gas field.	Decided in favour of State	Peru	United States of America	Primary: B - Mining and quarrying	9 - Mining support service activities	Binnie, I. - President Hanotiau, B. - Claimant Landau, T. - Respondent	96.90 mln USD	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims	None - jurisdiction declined	Partial Award on Jurisdiction dated 5 August 2022 (English) Partial Award on Jurisdiction dated 5 August 2022 (Spanish) Final Award on Costs dated 25 October 2022 (English) Final Award on Costs dated 25 October 2022 (Spanish)	None	Judicial review by national courts	Pending (Judicial review by national courts)	None	None	None

No results found

No.	Name	Cases as Respondent State	Cases as Home State of claimant
1	Albania	14	1
2	Algeria	15	2
3	Angola	2	0
4	Argentina	65	6
5	Armenia	8	1
6	Australia	6	14
7	Austria	1	33
8	Azerbaijan	7	1
9	Bahamas	0	2
10	Bahrain	4	1
11	Bangladesh	2	0
12	Barbados	1	9
13	Belarus	5	2
14	Belgium	5	22
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	Burkina Faso	1	0
23	Burundi	4	0
24	Cabo Verde	1	0
25	Cambodia	1	0
26	Cameroon	3	0
27	Canada	36	80
28	Chile	9	10
29	China	9	20
30	Colombia	29	5
31	Comoros	1	0
32	Congo	3	0
33	Congo, Democratic Republic of the	4	0
34	Costa Rica	16	2
35	Croatia	20	3
36	Cuba	1	0
37	Cyprus	6	39
38	Czechia	43	8
39	Denmark	2	9
40	Dominican Republic	11	2
41	Ecuador	32	0
42	Egypt	48	7
43	El Salvador	5	1
44	Equatorial Guinea	2	0
45	Estonia	5	3
46	Ethiopia	6	0
47	European Union	2	0
48	Finland	3	3
49	France	4	69
50	Gabon	3	0
51	Gambia	2	0
52	Georgia	18	1
53	Germany	7	90
54	Ghana	4	0
55	Gibraltar	0	2
56	Greece	5	16
57	Grenada	2	0
58	Guatemala	9	2
59	Guinea	1	0
60	Guyana	1	0
61	Honduras	12	0
62	Hong Kong, China SAR	0	2
63	Hungary	18	4
64	India	30	12
65	Indonesia	7	1
66	Iran, Islamic Republic of	1	6
67	Iraq	6	0
68	Ireland	0	2
69	Israel	0	10
70	Italy	15	53
71	Jamaica	0	1
72	Japan	1	6
73	Jordan	10	10
74	Kazakhstan	22	7
75	Kenya	2	1
76	Korea, Republic of	10	9
77	Kuwait	7	9
78	Kyrgyzstan	18	1
79	Lao People's Democratic Republic	4	0
80	Latvia	10	5
81	Lebanon	6	7
82	Lesotho	2	0
83	Libya	23	2
84	Liechtenstein	0	1
85	Lithuania	9	8
86	Luxembourg	1	48
87	Macao, China SAR	0	1
88	Madagascar	4	0
89	Malaysia	4	10
90	Malta	1	5
91	Mauritius	4	18
92	Mexico	61	7
93	Moldova, Republic of	14	1
94	Mongolia	6	0
95	Montenegro	7	0
96	Morocco	10	0
97	Mozambique	5	0
98	Myanmar	3	0
99	Nepal	1	0
100	Netherlands	4	138
101	Nicaragua	3	0
102	Nigeria	5	0
103	North Macedonia	11	0
104	Norway	3	6
105	Oman	4	2
106	Pakistan	13	0
107	Panama	27	12
108	Papua New Guinea	1	0
109	Paraguay	4	0
110	Peru	36	5
111	Philippines	8	1
112	Poland	41	8
113	Portugal	1	10
114	Qatar	3	9
115	Romania	27	1
116	Russian Federation	34	28
117	Rwanda	2	0
118	Saudi Arabia	11	8
119	Senegal	7	0
120	Serbia	16	0
121	Seychelles	0	2
122	Sierra Leone	1	0
123	Singapore	0	17
124	Slovakia	14	1
125	Slovenia	6	3
126	South Africa	1	3
127	Spain	58	82
128	Sri Lanka	5	0
129	Sudan	2	0
130	Sweden	1	15
131	Switzerland	1	56
132	Syrian Arab Republic	2	0
133	Tajikistan	2	0
134	Tanzania, United Republic of	15	0
135	Thailand	2	0
136	Trinidad and Tobago	3	0
137	Tunisia	4	2
138	Türkiye	19	51
139	Turkmenistan	18	0
140	Uganda	1	0
141	Ukraine	38	19
142	United Arab Emirates	7	17
143	United Kingdom	2	129
144	United States of America	25	240
145	Uruguay	9	1
146	Uzbekistan	10	1
147	Venezuela, Bolivarian Republic of	67	4
148	Viet Nam	13	0
149	Yemen	3	0
150	Zimbabwe	3	0

No results found

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