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BITs

  • Argentina - United States BIT (1991) (22)
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  • Colombia - Switzerland BIT (2006) (5)
  • Cyprus - Greece BIT (1992) (5)
  • Argentina - United Kingdom BIT (1990) (5)
  • Armenia - United States BIT (1992) (5)
  • Bolivia, Plurinational State of - United Kingdom BIT (1988) (5)
  • Kazakhstan - Kyrgyzstan BIT (1997) (5)
  • Germany - Poland BIT (1989) (5)
  • United Republic of Tanzania - United Kingdom BIT (1994) (5)
  • Netherlands - Poland BIT (1992) (5)
  • Panama - Spain BIT (1997) (5)
  • Netherlands - Slovakia BIT (1991) (5)
  • Netherlands - Turkey BIT (1986) (5)
  • Netherlands - Ukraine BIT (1994) (5)
  • Pakistan - Turkey BIT (1995) (4)
  • Romania - United States BIT (1992) (4)
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  • Hungary - United Kingdom BIT (1987) (4)
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  • BLEU (Belgium-Luxembourg Economic Union) - Burundi BIT (1989) (4)
  • Canada - Costa Rica BIT (1998) (4)
  • BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998) (4)
  • Belize - United Kingdom BIT (1982) (4)
  • Bolivia, Plurinational State of - Spain BIT (2001) (4)
  • Canada - Ecuador BIT (1996) (4)
  • Argentina - Germany BIT (1991) (4)
  • Argentina - Chile BIT (1991) (4)
  • Albania - Greece BIT (1991) (4)
  • Cyprus - Poland BIT (1992) (4)
  • Cyprus - Czech Republic BIT (2001) (4)
  • Czech Republic - Switzerland BIT (1990) (4)
  • Colombia - United Kingdom BIT (2010) (4)
  • Congo, Democratic Republic of the - United States BIT (1984) (4)
  • Egypt - Italy BIT (1989) (4)
  • Ecuador - Spain BIT (1996) (4)
  • Georgia - Netherlands BIT (1998) (4)
  • France - Peru BIT (1993) (4)
  • France - Poland BIT (1989) (3)
  • France - Hungary BIT (1986) (3)
  • France - India BIT (1997) (3)
  • Estonia - United States BIT (1994) (3)
  • Egypt - Jordan BIT (1996) (3)
  • Egypt - France BIT (1974) (3)
  • Egypt - Germany BIT (2005) (3)
  • Egypt - United Arab Emirates BIT (1997) (3)
  • Costa Rica - Germany BIT (1994) (3)
  • Chile - Spain BIT (1991) (3)
  • Croatia - Netherlands BIT (1998) (3)
  • Costa Rica - Venezuela, Bolivarian Republic of BIT (1997) (3)
  • Cyprus - Serbia BIT (2005) (3)
  • Albania - Italy BIT (1991) (3)
  • Algeria - Egypt BIT (1997) (3)
  • Algeria - Italy BIT (1991) (3)
  • Argentina - BLEU (Belgium-Luxembourg Economic Union) BIT (1990) (3)
  • Canada - Egypt BIT (1996) (3)
  • Bolivia, Plurinational State of - Netherlands BIT (1992) (3)
  • BLEU (Belgium-Luxembourg Economic Union) - Ukraine BIT (1996) (3)
  • Canada - Russian Federation BIT (1989) (3)
  • Bolivia, Plurinational State of - United States BIT (1998) (3)
  • Kyrgyzstan - United States BIT (1993) (3)
  • Latvia - Norway BIT (1992) (3)
  • Mexico - United Kingdom BIT (2006) (3)
  • Lithuania - Russian Federation BIT (1999) (3)
  • Macedonia, The former Yugoslav Republic of - Netherlands BIT (1998) (3)
  • Greece - Serbia BIT (1997) (3)
  • Germany - Russian Federation BIT (1989) (3)
  • Germany - Ukraine BIT (1993) (3)
  • Italy - Morocco BIT (1990) (3)
  • Italy - Panama BIT (2009) (3)
  • India - Netherlands BIT (1995) (3)
  • Switzerland - Venezuela, Bolivarian Republic of BIT (1993) (3)
  • France - Senegal BIT (2007) (3)
  • Turkey - United States BIT (1985) (3)
  • Netherlands - Romania BIT (1994) (3)
  • Netherlands - Russian Federation BIT (1989) (3)
  • Netherlands - Senegal BIT (1979) (3)
  • Netherlands - Nigeria BIT (1992) (3)
  • Moldova, Republic of - United States BIT (1993) (3)
  • Netherlands - Panama BIT (2000) (2)
  • Netherlands - Peru BIT (1994) (2)
  • Italy - Pakistan BIT (1997) (2)
  • Netherlands - Viet Nam BIT (1994) (2)
  • Romania - United Kingdom BIT (1995) (2)
  • Russian Federation - Turkmenistan BIT (2009) (2)
  • Russian Federation - United Kingdom BIT (1989) (2)
  • Slovakia - United States BIT (1991) (2)
  • Saudi Arabia - Turkey BIT (2006) (2)
  • Peru - United Kingdom BIT (1993) (2)
  • Portugal - Venezuela, Bolivarian Republic of BIT (1994) (2)
  • Romania - Sweden BIT (2002) (2)
  • Philippines - Switzerland BIT (1997) (2)
  • Ukraine - United Kingdom BIT (1993) (2)
  • Canada - Serbia BIT (2014) (2)
  • Switzerland - Zimbabwe BIT (1996) (2)
  • Trinidad and Tobago - United States BIT (1994) (2)
  • Sri Lanka - United Kingdom BIT (1980) (2)
  • Germany - Turkmenistan BIT (1997) (2)
  • Hungary - Switzerland BIT (1988) (2)
  • India - North Macedonia (2008) (2)
  • Indonesia - United Kingdom BIT (1976) (2)
  • Iran, Islamic Republic of - Korea, Republic of BIT (1998) (2)
  • Italy - United Arab Emirates BIT (1995) (2)
  • Jordan - Kuwait BIT (2001) (2)
  • Germany - Venezuela, Bolivarian Republic of BIT (1996) (2)
  • France - Mauritius BIT (1973) (2)
  • Germany - Philippines BIT (1997) (2)
  • Greece - Lebanon BIT (1997) (2)
  • Germany - Saudi Arabia BIT (1996) (2)
  • Germany - India BIT (1995) (2)
  • Grenada - United States BIT (1986) (2)
  • Guatemala - Spain BIT (2002) (2)
  • Lithuania - Norway BIT (1992) (2)
  • Latvia - Switzerland BIT (1992) (2)
  • Mauritius - United Republic of Tanzania BIT (2009) (2)
  • Mexico - Netherlands BIT (1998) (2)
  • Madagascar - Mauritius BIT (2004) (2)
  • Lao People's Democratic Republic - Netherlands BIT (2003) (2)
  • Latvia - Lithuania BIT (1996) (2)
  • Kuwait - Spain BIT (2005) (2)
  • Kazakhstan - Netherlands BIT (2002) (2)
  • Italy - United Republic of Tanzania BIT (2001) (2)
  • Italy - Romania BIT (1990) (2)
  • Italy - Russian Federation BIT (1996) (2)
  • Bosnia and Herzegovina - India BIT (2006) (2)
  • Bosnia and Herzegovina - Slovenia BIT (2001) (2)
  • BLEU (Belgium-Luxembourg Economic Union) - Egypt BIT (1999) (2)
  • BLEU (Belgium-Luxembourg Economic Union) - Libya BIT (2004) (2)
  • BLEU (Belgium-Luxembourg Economic Union) - Madagascar BIT (2005) (2)
  • BLEU (Belgium-Luxembourg Economic Union) - Malaysia BIT (1979) (2)
  • BLEU (Belgium-Luxembourg Economic Union) - Czech Republic BIT (1989) (2)
  • BLEU (Belgium-Luxembourg Economic Union) - Poland BIT (1987) (2)
  • Canada - United Republic of Tanzania BIT (2013) (2)
  • Canada - Croatia BIT (1997) (2)
  • Algeria - Germany BIT (1996) (2)
  • Canada - Romania BIT (2009) (2)
  • BLEU (Belgium-Luxembourg Economic Union) - Serbia BIT (2004) (2)
  • Bolivia, Plurinational State of - Peru BIT (1993) (2)
  • Algeria - Switzerland BIT (2004) (2)
  • Algeria - BLEU (Belgium-Luxembourg Economic Union) BIT (1991) (2)
  • Argentina - Mexico BIT (1996) (2)
  • Argentina - Netherlands BIT (1992) (2)
  • Argentina - Peru BIT (1994) (2)
  • Austria - Serbia BIT (2001) (2)
  • Austria - Slovakia BIT (1990) (2)
  • Australia - India BIT (1999) (2)
  • Austria - Montenegro BIT (2001) (2)
  • Belarus - Lithuania BIT (1999) (2)
  • Azerbaijan - Georgia BIT (1996) (2)
  • Azerbaijan - Iran, Islamic Republic of BIT (1996) (2)
  • Bahrain - Iran, Islamic Republic of BIT (2002) (2)
  • Cyprus - Hungary BIT (1989) (2)
  • Congo - United Kingdom BIT (1989) (2)
  • Dominican Republic - France BIT (1999) (2)
  • Czech Republic - Israel BIT (1997) (2)
  • China - Korea, Republic of BIT (2007) (2)
  • China - Lao People's Democratic Republic BIT (1993) (2)
  • Costa Rica - Spain BIT (1997) (2)
  • China - Singapore BIT (1985) (2)
  • Estonia - Netherlands BIT (1992) (2)
  • Egypt - Qatar BIT (1999) (2)
  • Egypt - Spain BIT (1992) (2)
  • Egypt - Netherlands BIT (1996) (2)
  • Cyprus - Montenegro BIT (2005) (2)
  • Egypt - Finland BIT (2004) (2)
  • Dominican Republic - Panama BIT (2003) (2)
  • Dominican Republic - Spain BIT (1995) (2)
  • Ethiopia - Netherlands BIT (2003) (2)
  • France - Libya BIT (2004) (2)
  • France - Morocco BIT (1996) (2)
  • France - Russian Federation BIT (1989) (2)
  • France - Viet Nam BIT (1992) (2)
  • Gambia - Netherlands BIT (2002) (1)
  • Gambia - Switzerland BIT (1993) (1)
  • Georgia - Greece BIT (1994) (1)
  • Georgia - Israel BIT (1995) (1)
  • Georgia - Italy BIT (1997) (1)
  • Georgia - Kazakhstan BIT (1996) (1)
  • Georgia - Turkey BIT (1992) (1)
  • Georgia - United Kingdom BIT (1995) (1)
  • Germany - Ghana BIT (1995) (1)
  • France - Saudi Arabia BIT (2002) (1)
  • France - Turkey BIT (2006) (1)
  • France - Uruguay BIT (1993) (1)
  • France - Venezuela, Bolivarian Republic of BIT (2001) (1)
  • France - Panama BIT (1982) (1)
  • France - Qatar BIT (1996) (1)
  • France - Lithuania BIT (1992) (1)
  • France - Moldova, Republic of BIT (1997) (1)
  • France - Iraq BIT (2010) (1)
  • France - Jordan BIT (1978) (1)
  • France - Kuwait BIT (1989) (1)
  • France - Lebanon BIT (1996) (1)
  • Ethiopia - Turkey BIT (2000) (1)
  • Finland - Montenegro BIT (2008) (1)
  • France - Georgia BIT (1997) (1)
  • Ethiopia - France BIT (2003) (1)
  • Ethiopia - Germany BIT (2004) (1)
  • Ethiopia - Israel BIT (2003) (1)
  • Ecuador - France BIT (1994) (1)
  • Ecuador - Italy BIT (2001) (1)
  • Egypt - Poland BIT (1995) (1)
  • Egypt - Lebanon BIT (1996) (1)
  • Egypt - Greece BIT (1993) (1)
  • Egypt - Turkey BIT (1996) (1)
  • Egypt - Russian Federation BIT (1997) (1)
  • Estonia - Ukraine BIT (1995) (1)
  • El Salvador - Spain BIT (1995) (1)
  • El Salvador - United Kingdom BIT (1999) (1)
  • Equatorial Guinea - France BIT (1982) (1)
  • Equatorial Guinea - Spain BIT (2003) (1)
  • Estonia - Finland BIT (1992) (1)
  • Estonia - Germany BIT (1992) (1)
  • Estonia - Latvia BIT (1996) (1)
  • China - Sweden BIT (1982) (1)
  • China - Switzerland BIT (2009) (1)
  • China - Trinidad and Tobago BIT (2002) (1)
  • China - Ukraine BIT (1992) (1)
  • China - United Kingdom BIT (1986) (1)
  • China - Viet Nam BIT (1992) (1)
  • China - Yemen BIT (1998) (1)
  • Costa Rica - Switzerland BIT (2000) (1)
  • Congo - Mauritius BIT (2010) (1)
  • China - Malaysia BIT (1988) (1)
  • China - Malta BIT (2009) (1)
  • China - Mexico BIT (2008) (1)
  • China - Mongolia BIT (1991) (1)
  • China - Nigeria BIT (2001) (1)
  • China - Peru BIT (1994) (1)
  • China - Saudi Arabia BIT (1996) (1)
  • Chile - Uruguay BIT (2010) (1)
  • Chile - Venezuela, Bolivarian Republic of BIT (1993) (1)
  • China - Ecuador BIT (1994) (1)
  • China - Finland BIT (2004) (1)
  • China - Germany BIT (2003) (1)
  • China - Ghana BIT (1989) (1)
  • China - Greece BIT (1992) (1)
  • China - Israel BIT (1995) (1)
  • China - Japan BIT (1988) (1)
  • Czech Republic - Mexico BIT (2002) (1)
  • Czech Republic - Greece BIT (1991) (1)
  • Czech Republic - Norway BIT (1991) (1)
  • Czech Republic - Poland BIT (1993) (1)
  • Czech Republic - Slovakia BIT (1992) (1)
  • Dominican Republic - Italy BIT (2006) (1)
  • Czech Republic - United Arab Emirates BIT (1994) (1)
  • Czech Republic - United States BIT (1991) (1)
  • Denmark - Egypt BIT (1999) (1)
  • Denmark - Lithuania BIT (1992) (1)
  • Denmark - United Republic of Tanzania BIT (1999) (1)
  • Croatia - Serbia BIT (1998) (1)
  • Cuba - Spain BIT (1994) (1)
  • Croatia - Czech Republic BIT (1996) (1)
  • Croatia - France BIT (1996) (1)
  • Croatia - Germany BIT (1997) (1)
  • Croatia - Hungary BIT (1996) (1)
  • Croatia - Israel BIT (2000) (1)
  • Cyprus - India BIT (2002) (1)
  • Cyprus - Lebanon BIT (2001) (1)
  • Cyprus - Moldova, Republic of BIT (2007) (1)
  • Czech Republic - France BIT (1990) (1)
  • Cyprus - Romania BIT (1991) (1)
  • Bahrain - Malaysia BIT (1999) (1)
  • Bangladesh - Italy BIT (1990) (1)
  • Barbados - Canada BIT (1996) (1)
  • Azerbaijan - Turkey BIT (1994) (1)
  • Azerbaijan - United Kingdom BIT (1996) (1)
  • Bahrain - Egypt BIT (1997) (1)
  • Belarus - Netherlands BIT (1995) (1)
  • Belarus - United Kingdom BIT (1994) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Benin BIT (2001) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Bolivia, Plurinational State of BIT (1990) (1)
  • Austria - Poland BIT (1988) (1)
  • Belarus - Cyprus BIT (1998) (1)
  • Australia - Indonesia BIT (1992) (1)
  • Australia - Pakistan BIT (1998) (1)
  • Australia - Papua New Guinea BIT (1990) (1)
  • Australia - Philippines BIT (1995) (1)
  • Australia - Poland BIT (1991) (1)
  • Austria - Bosnia and Herzegovina BIT (2000) (1)
  • Austria - Bulgaria BIT (1997) (1)
  • Austria - Slovenia BIT (2001) (1)
  • Austria - Tajikistan BIT (2010) (1)
  • Austria - Turkey BIT (1988) (1)
  • Austria - Ukraine BIT (1996) (1)
  • Austria - India BIT (1999) (1)
  • Austria - Jordan BIT (2001) (1)
  • Austria - Libya BIT (2002) (1)
  • Austria - Macedonia, The former Yugoslav Republic of BIT (2001) (1)
  • Austria - Malta BIT (2002) (1)
  • Argentina - Malaysia BIT (1994) (1)
  • Argentina - Ecuador BIT (1994) (1)
  • Australia - Egypt BIT (2001) (1)
  • Australia - Hong Kong, China SAR BIT (1993) (1)
  • Armenia - Canada BIT (1997) (1)
  • Armenia - Cyprus BIT (1995) (1)
  • Armenia - France BIT (1995) (1)
  • Armenia - Lebanon BIT (1995) (1)
  • Algeria - Denmark BIT (1999) (1)
  • Albania - Bulgaria BIT (1994) (1)
  • Albania - Germany BIT (1991) (1)
  • Albania - Macedonia, The former Yugoslav Republic of BIT (1997) (1)
  • Albania - Netherlands BIT (1994) (1)
  • Albania - United Kingdom BIT (1994) (1)
  • Albania - United States BIT (1995) (1)
  • Angola - Portugal BIT (2008) (1)
  • Argentina - Austria BIT (1992) (1)
  • Argentina - Canada BIT (1991) (1)
  • Algeria - Spain BIT (1994) (1)
  • Algeria - France BIT (1993) (1)
  • Bolivia, Plurinational State of - Switzerland BIT (1987) (1)
  • Canada - Panama BIT (1996) (1)
  • Canada - Poland BIT (1990) (1)
  • Canada - Romania BIT (1996) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - South Africa BIT (1998) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Turkey BIT (1986) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - United Arab Emirates BIT (2004) (1)
  • Bolivia, Plurinational State of - Chile BIT (1994) (1)
  • Bolivia, Plurinational State of - Ecuador BIT (1995) (1)
  • Bolivia, Plurinational State of - Germany BIT (1987) (1)
  • Canada - Czech Republic BIT (1990) (1)
  • Canada - Uruguay BIT (1997) (1)
  • Canada - Slovakia BIT (2010) (1)
  • Cape Verde - Portugal BIT (1990) (1)
  • Chile - Costa Rica BIT (1996) (1)
  • Chile - Ecuador BIT (1993) (1)
  • Chile - France BIT (1992) (1)
  • Chile - Malaysia BIT (1992) (1)
  • Chile - Norway BIT (1993) (1)
  • Chile - Peru BIT (2000) (1)
  • Belgium/Luxembourg - Russian Federation BIT (1989) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Rwanda BIT (1983) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Egypt BIT (1977) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Peru BIT (2005) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Philippines BIT (1998) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Gabon BIT (1998) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Korea, Republic of BIT (1974) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Korea, Republic of BIT (2006) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Cameroon BIT (1980) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - China BIT (1984) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - China BIT (2005) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Croatia BIT (2001) (1)
  • BLEU (Belgium-Luxembourg Economic Union) - Cyprus BIT (1991) (1)
  • Bulgaria - Cyprus BIT (1987) (1)
  • Bulgaria - Czech Republic BIT (1999) (1)
  • Bulgaria - Germany BIT (1986) (1)
  • Bulgaria - Israel BIT (1993) (1)
  • Bulgaria - Netherlands BIT (1999) (1)
  • Bulgaria - Oman BIT (2007) (1)
  • Bulgaria - Romania BIT (1994) (1)
  • Bulgaria - Serbia BIT (1996) (1)
  • Bulgaria - Sweden BIT (1994) (1)
  • Bulgaria - Switzerland BIT (1991) (1)
  • Cameroon - Italy BIT (1999) (1)
  • Cameroon - United States BIT (1986) (1)
  • Italy - Slovenia BIT (2000) (1)
  • Italy - South Africa BIT (1997) (1)
  • Italy - Tunisia BIT (1985) (1)
  • Italy - Turkey BIT (1995) (1)
  • Kazakhstan - Switzerland BIT (1994) (1)
  • Kazakhstan - Uzbekistan BIT (1997) (1)
  • Kenya - United Kingdom BIT (1999) (1)
  • Korea, Republic of - Libya BIT (2006) (1)
  • Korea, Republic of - Netherlands BIT (2003) (1)
  • Korea, Republic of - Nigeria BIT (1998) (1)
  • Korea, Republic of - Oman BIT (2003) (1)
  • Korea, Republic of - Saudi Arabia BIT (2002) (1)
  • Korea, Republic of - Viet Nam BIT (1993) (1)
  • Kuwait - Pakistan BIT (1983) (1)
  • Kuwait - Russian Federation BIT (1994) (1)
  • Kuwait - Switzerland BIT (1998) (1)
  • Kuwait - Turkey BIT (2010) (1)
  • Kyrgyzstan - Latvia BIT (2008) (1)
  • Kyrgyzstan - Lithuania BIT (2008) (1)
  • Kyrgyzstan - Switzerland BIT (1999) (1)
  • Kyrgyzstan - Turkey BIT (1992) (1)
  • Kyrgyzstan - United Kingdom BIT (1994) (1)
  • Latvia - Sweden BIT (1992) (1)
  • Kyrgyzstan - Uzbekistan BIT (1996) (1)
  • Kazakhstan - United Kingdom BIT (1995) (1)
  • Malaysia - Poland BIT (1993) (1)
  • Malaysia - Sri Lanka BIT (1982) (1)
  • Malaysia - Sudan BIT (1998) (1)
  • Malaysia - United Kingdom BIT (1981) (1)
  • Malta - Turkey BIT (2003) (1)
  • Mauritius - Mozambique BIT (1997) (1)
  • Mauritius - Pakistan BIT (1997) (1)
  • Mauritius - Portugal BIT (1997) (1)
  • Mauritius - Senegal BIT (2002) (1)
  • Mexico - Panama BIT (2005) (1)
  • Mexico - Portugal BIT (1999) (1)
  • Mexico - Singapore BIT (2009) (1)
  • Mexico - Spain BIT (1995) (1)
  • Mauritius - United Kingdom BIT (1986) (1)
  • Latvia - Ukraine BIT (1997) (1)
  • Latvia - United Kingdom BIT (1994) (1)
  • Lebanon - Netherlands BIT (2002) (1)
  • Lebanon - Sudan BIT (2004) (1)
  • Libya - Portugal BIT (2003) (1)
  • Libya - Switzerland BIT (2003) (1)
  • Libya - Tunisia BIT (2005) (1)
  • Lithuania - Serbia BIT (2005) (1)
  • Lithuania - Ukraine BIT (1994) (1)
  • Macedonia, The former Yugoslav Republic of - Slovenia BIT (1996) (1)
  • Macedonia, The former Yugoslav Republic of - Switzerland BIT (1996) (1)
  • Macedonia, The former Yugoslav Republic of - Turkey BIT (1995) (1)
  • North Macedonia - Ukraine BIT (1998) (1)
  • Guyana - United Kingdom BIT (1989) (1)
  • Honduras - Spain BIT (1994) (1)
  • Honduras - United States BIT (1995) (1)
  • Hong Kong, China SAR - Japan BIT (1997) (1)
  • Hungary - Jordan BIT (2007) (1)
  • Hungary - Netherlands BIT (1987) (1)
  • Hungary - Norway BIT (1991) (1)
  • Hungary - Portugal BIT (1992) (1)
  • Hungary - Serbia BIT (2001) (1)
  • Guatemala - Israel BIT (2006) (1)
  • Greece - Ukraine BIT (1994) (1)
  • India - Indonesia BIT (1999) (1)
  • India - Korea, Republic of BIT (1996) (1)
  • India - Libya BIT (2007) (1)
  • Germany - Lebanon BIT (1997) (1)
  • Germany - Libya BIT (2004) (1)
  • Germany - Mexico BIT (1998) (1)
  • Germany - Morocco BIT (2001) (1)
  • Germany - Slovakia BIT (1990) (1)
  • Germany - Sri Lanka BIT (2000) (1)
  • Germany - Thailand BIT (2002) (1)
  • Greece - Romania BIT (1997) (1)
  • Greece - Russian Federation BIT (1993) (1)
  • Germany - Viet Nam BIT (1993) (1)
  • Germany - Zimbabwe BIT (1995) (1)
  • Ghana - Malaysia BIT (1996) (1)
  • Ghana - United Kingdom BIT (1989) (1)
  • Jordan - Poland BIT (1997) (1)
  • Jordan - Qatar BIT (2009) (1)
  • Jordan - Sudan BIT (2000) (1)
  • Jordan - Switzerland BIT (2001) (1)
  • Jordan - Turkey BIT (1993) (1)
  • Jordan - United Kingdom BIT (1979) (1)
  • Jordan - United States BIT (1997) (1)
  • Italy - Peru BIT (1994) (1)
  • Italy - Mozambique BIT (1998) (1)
  • Indonesia - Netherlands BIT (1994) (1)
  • Indonesia - Singapore BIT (2005) (1)
  • India - Mozambique BIT (2009) (1)
  • Iran, Islamic Republic of - Turkey BIT (1996) (1)
  • Israel - Uzbekistan BIT (1994) (1)
  • Italy - Jordan BIT (1996) (1)
  • Italy - Kuwait BIT (1987) (1)
  • Italy - Lebanon BIT (1997) (1)
  • Italy - Lithuania BIT (1994) (1)
  • Italy - Macedonia, The former Yugoslav Republic of BIT (1997) (1)
  • Italy - Mongolia BIT (1993) (1)
  • India - Malaysia BIT (1995) (1)
  • India - Poland BIT (1996) (1)
  • India - Russian Federation BIT (1994) (1)
  • India - Saudi Arabia BIT (2006) (1)
  • India - Switzerland BIT (1997) (1)
  • India - United Arab Emirates BIT (2013) (1)
  • Sri Lanka - United States BIT (1991) (1)
  • Sweden - United Republic of Tanzania BIT (1999) (1)
  • Sweden - Ukraine BIT (1995) (1)
  • Sweden - United Arab Emirates BIT (1999) (1)
  • Switzerland - United Republic of Tanzania BIT (2004) (1)
  • Switzerland - Ukraine BIT (1995) (1)
  • Switzerland - Uruguay BIT (1988) (1)
  • Switzerland - Uzbekistan BIT (1993) (1)
  • Tunisia - United Kingdom BIT (1989) (1)
  • Syrian Arab Republic - Turkey BIT (2004) (1)
  • Turkmenistan - United Kingdom BIT (1995) (1)
  • Turkey - United Arab Emirates BIT (2005) (1)
  • Turkey - United Kingdom BIT (1991) (1)
  • Belgium/Luxembourg - Russian Federation BIT (1989) (1)
  • Jordan - Iraq BIT (2013) (1)
  • Iraq - Kuwait BIT (2013) (1)
  • Kenya - United Arab Emirates BIT (2014) (1)
  • Russian Federation - Yugoslavia (former) BIT (1995) (1)
  • Rwanda - United Arab Emirates BIT (2017) (1)
  • Angola - United Arab Emirates BIT (2017) (1)
  • Comoros - United Arab Emirates BIT (2015) (1)
  • Myanmar - Singapore BIT (2019) (1)
  • United Kingdom - Viet Nam BIT (2002) (1)
  • United States - Uruguay BIT (2005) (1)
  • Uruguay - Venezuela, Bolivarian Republic of BIT (1997) (1)
  • Lithuania - Montenegro BIT (2005) (1)
  • Georgia - Switzerland BIT (2014) (1)
  • Estonia - Kazakhstan BIT (2011) (1)
  • United Arab Emirates - United Kingdom BIT (1992) (1)
  • United Arab Emirates - Yemen BIT (2001) (1)
  • United Kingdom - Uruguay BIT (1991) (1)
  • United Kingdom - Uzbekistan BIT (1993) (1)
  • Cyprus - Libya BIT (2004) (1)
  • Burkina Faso - Canada BIT (2015) (1)
  • Poland - Romania BIT (1994) (1)
  • Poland - Slovakia BIT (1994) (1)
  • Poland - Spain BIT (1992) (1)
  • Poland - Turkey BIT (1991) (1)
  • Poland - United Kingdom BIT (1987) (1)
  • Romania - Switzerland BIT (1993) (1)
  • Romania - Turkey BIT (1991) (1)
  • Peru - Venezuela, Bolivarian Republic of BIT (1996) (1)
  • Philippines - Spain BIT (1993) (1)
  • Peru - Switzerland BIT (1991) (1)
  • Panama - Uruguay BIT (1998) (1)
  • Paraguay - Peru BIT (1994) (1)
  • Paraguay - Portugal BIT (1999) (1)
  • Paraguay - Switzerland BIT (1992) (1)
  • Senegal - United Kingdom BIT (1980) (1)
  • Serbia - Switzerland BIT (2005) (1)
  • Serbia - Turkey BIT (2001) (1)
  • Serbia - United Kingdom BIT (2002) (1)
  • Sierra Leone - United Kingdom BIT (2000) (1)
  • Singapore - Turkey BIT (2008) (1)
  • Singapore - Uzbekistan BIT (2003) (1)
  • Slovakia - Switzerland BIT (1990) (1)
  • Spain - Syrian Arab Republic BIT (2003) (1)
  • Spain - Uruguay BIT (1992) (1)
  • Rwanda - United States BIT (2008) (1)
  • Russian Federation - Spain BIT (1990) (1)
  • Netherlands - Zimbabwe BIT (1996) (1)
  • Norway - Poland BIT (1990) (1)
  • Oman - Turkey BIT (2007) (1)
  • Oman - Yemen BIT (1998) (1)
  • Pakistan - Switzerland BIT (1995) (1)
  • Pakistan - United Kingdom BIT (1994) (1)
  • Netherlands - Uzbekistan BIT (1996) (1)
  • Netherlands - Uganda BIT (2000) (1)
  • Netherlands - Slovenia BIT (1996) (1)
  • Netherlands - United Republic of Tanzania BIT (2001) (1)
  • Netherlands - Tunisia BIT (1963) (1)
  • Netherlands - Tunisia BIT (1998) (1)
  • Netherlands - Philippines BIT (1985) (1)
  • Netherlands - Paraguay BIT (1992) (1)
  • Netherlands - Serbia BIT (2002) (1)
  • Mongolia - Russian Federation BIT (1995) (1)
  • Mongolia - United States BIT (1994) (1)
  • Morocco - Spain BIT (1997) (1)
  • Morocco - Sweden BIT (1990) (1)
  • Morocco - United Kingdom BIT (1990) (1)
  • Mozambique - South Africa BIT (1997) (1)
  • Mozambique - United Kingdom BIT (2004) (1)
  • Nepal - United Kingdom BIT (1993) (1)
  • Netherlands - Nicaragua BIT (2000) (1)

Treaties with Investment Provisions

  • The Energy Charter Treaty (1994) (174)
  • NAFTA (1992) (92)
  • OIC Investment Agreement (1981) (22)
  • USMCA (2018) (21)
  • CAFTA - DR (2004) (21)
  • Peru - United States FTA (2006) (10)
  • Colombia - United States TPA (2006) (8)
  • Arab Investment Agreement (1980) (7)
  • Central America - Panama FTA (2002) (5)
  • Canada - Colombia FTA (2008) (5)
  • AANZFTA (2009) (5)
  • CIS Investor Rights Convention (1997) (4)
  • Panama - United States FTA (2007) (4)
  • Korea, Republic of - United States FTA (2007) (4)
  • United States - Viet Nam Trade Relations Agreement (2000) (4)
  • Canada - Peru FTA (2008) (4)
  • Canada - Panama FTA (2010) (3)
  • Treaty on the Eurasian Economic Union (2014) (3)
  • Colombia, El Salvador, Guatemala and Honduras FTA (2007) (3)
  • Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) (2018) (3)
  • Chile - Colombia FTA (2006) (2)
  • ASEAN Investment Agreement (1987) (2)
  • Eurasian Investment Agreement (2008) (2)
  • SADC Investment Protocol (2006) (2)
  • ASEAN - China Investment Agreement (2009) (2)
  • ASEAN Comprehensive Investment Agreement (2009) (2)
  • India - Korea, Republic of CEPA (2009) (1)
  • Singapore - Taiwan Province of China EPA (2013) (1)
  • Mexico - Peru FTA (2011) (1)
  • Central America - Mexico FTA (2011) (1)
  • India - Japan EPA (2011) (1)
  • EU - Iraq Cooperation Agreement (2012) (1)
  • Australia - United States FTA (2004) (1)
  • Morocco - United States FTA (2004) (1)
  • Australia - Thailand FTA (2004) (1)
  • EFTA - Korea Investment Agreement (2005) (1)
  • Oman - United States FTA (2006) (1)
  • Colombia - Mexico-Venezuela FTA (1994) (1)
  • CARICOM - Dominican Republic FTA (1998) (1)
  • Peru - Singapore FTA (2008) (1)
  • CACM Agreement on Investment and Trade Services (2002) (1)
  • Central America - Korea, Republic of FTA (2018) (1)
  • Italy - Venezuela Framework Agreement (2001) (1)

Year of signature

  • 1950-1989 (170)
  • 1990-1999 (981)
  • 2000-2009 (289)
  • 2010 or later (61)

Applicable arbitration rules

  • CRCICA (Cairo Regional Center for International Commercial Arbitration) (1)
  • ICC (International Chamber of Commerce) (26)
  • ICSID (International Centre for Settlement of Investment Disputes) (790)
  • ICSID AF (ICSID Additional Facility) (83)
  • LCIA (London Court of International Arbitration) (1)
  • MCCI (Moscow Chamber of Commerce and Industry) (3)
  • PCA (Permanent Court of Arbitration) (0)
  • SCC (Stockholm Chamber of Commerce) (55)
  • UNCITRAL (437)
  • IACAC (Inter-American Commercial Arbitration Commission) (0)

Administering institution

  • CRCICA (Cairo Regional Center for International Commercial Arbitration) (2)
  • ICC (International Chamber of Commerce) (27)
  • ICSID (International Centre for Settlement of Investment Disputes) (915)
  • LCIA (London Court of International Arbitration) (5)
  • MCCI (Moscow Chamber of Commerce and Industry) (3)
  • PCA (Permanent Court of Arbitration) (276)
  • SCC (Stockholm Chamber of Commerce) (56)
  • Hong Kong International Arbitration Centre (HKIAC) (0)
  • CESCON (Centro de Solución de Conflictos) (1)
  • AIC (Arab Investment Court) (1)
  • HKIAC (Hong Kong International Arbitration Centre) (1)

Appointments in original proceedings

  • Stern, B. (133)
  • Kaufmann-Kohler, G. (86)
  • Alexandrov, S. A. (84)
  • Douglas, Z. (69)
  • Hanotiau, B. (66)
  • Thomas, J. C. (65)
  • van den Berg, A. J. (63)
  • Fortier, L. Y. (56)
  • Brower, C. N. (51)
  • Orrego Vicuña, F. (49)
  • Fernández-Armesto, J. (49)
  • Sands, P. (46)
  • Cremades, B. M. (42)
  • Mourre, A. (42)
  • Grigera Naón, H. A. (40)
  • Beechey, J. (40)
  • Paulsson, J. (37)
  • Kalicki, J. E. (37)
  • Veeder, V. V. (36)
  • Lalonde, M. (34)
  • von Wobeser, C. (34)
  • Vinuesa, R. E. (34)
  • Greenwood, C. (33)
  • Böckstiegel, K.-H. (32)
  • Hobér, K. (32)
  • Landau, T. (32)
  • Zuleta, E. (32)
  • Sachs, K. (32)
  • Tawil, G. S. (32)
  • Tercier, P. (31)
  • Lowe, V. (29)
  • Poncet, C. (29)
  • McRae, D. M. (28)
  • Lévy, L. (28)
  • Derains, Y. (28)
  • Bernardini, P. (27)
  • Oreamuno Blanco, R. (27)
  • Williams, D. A. R. (27)
  • Drymer, S. L. (27)
  • Schill, S. (27)
  • Dupuy, P.-M. (26)
  • Pryles, M. C. (25)
  • Reichert, K. (25)
  • Malintoppi, L. (25)
  • Álvarez, H. C. (24)
  • Park, W. W. (24)
  • Rowley, J. W. (23)
  • Knieper, R. (23)
  • Mayer, P. (23)
  • Rigo Sureda, A. (22)
  • Simma, B. (22)
  • Boisson de Chazournes, L. (22)
  • Crawford, J. R. (21)
  • van Houtte, H. (21)
  • Price, D. M. (21)
  • McLachlan, C. A. (20)
  • Born, G. B. (20)
  • Heiskanen, V. (20)
  • Haigh, D. (20)
  • Reed, L. (20)
  • Bethlehem, D. (19)
  • Townsend, J. M. (19)
  • Garibaldi, O. M. (19)
  • Siqueiros, E. (18)
  • Gaillard, E. (18)
  • Griffith, G. (18)
  • Reisman, W. M. (18)
  • Reinisch, A. (18)
  • Perezcano Diaz, H. (17)
  • Berman, F. (16)
  • Tomka, P. (16)
  • Kohen, M. G. (16)
  • Ziadé, N. (16)
  • Bull, C. (16)
  • Viñuales, J. E. (16)
  • Bottini, G. (15)
  • Binnie, I. (15)
  • Schwebel, S. M. (14)
  • Crook, J. R. (14)
  • Khan, M. A. (14)
  • Bishop, D. (14)
  • Radicati di Brozolo, L. (14)
  • Schreuer, C. H. (13)
  • Bucher, A. (12)
  • Fadlallah, I. (12)
  • Kaplan, N. (12)
  • Gharavi, H. G. (12)
  • Ramírez Hernández, R. (12)
  • Collins, L. (12)
  • Pinto, M. (12)
  • Blanch, J. (12)
  • Villanúa Gómez, D. (12)
  • Torres Bernárdez, S. (11)
  • Caron, D. D. (11)
  • Sacerdoti, G. (11)
  • Schwartz, E. (11)
  • Silva Romero, E. (11)
  • Low, L. A. (11)
  • Lew, J. D. M. (11)
  • Legum, B. (11)
  • Nunes Pinto, J. E. (10)
  • Johnson, O. T. (10)
  • González García, L. (10)
  • El-Kosheri, A. S. (9)
  • Hwang, M. (9)
  • Volterra, R. (9)
  • Abi-Saab, G. (9)
  • Pellet, A. (9)
  • Sepúlveda Amor, B. (9)
  • Banifatemi, Y. (9)
  • Jana Linetzky, A. (9)
  • Murphy, S. D. (9)
  • Fernández Arroyo, D. P. (9)
  • Shore, L. (9)
  • Unterhalter, D. (9)
  • Sacco, S. (9)
  • Ruiz Fabri, H. (8)
  • Bullard, A. (8)
  • Tanzi, A. M. (8)
  • King, B. D. (8)
  • Scherer, M. (**) (8)
  • Buergenthal, T. (7)
  • Briner, R. (7)
  • Hossain, K. (7)
  • Nariman, F. S. (7)
  • Guillaume, G. (7)
  • Söderlund, C. (7)
  • Tschanz, P.-Y. (7)
  • Danelius, H. (7)
  • Gómez-Pinzón, E. (7)
  • Nikken, P. (7)
  • Salacuse, J. W. (7)
  • Patocchi, P. M. (7)
  • Gotanda, J. Y. (7)
  • Moser, M. J. (7)
  • Wordsworth, S. (7)
  • Ferrari, F. (7)
  • Clay, T. (7)
  • Hanefeld, I. (7)
  • Spigelman, J. (7)
  • Rees, P. (7)
  • Miles, W. J. (7)
  • Affaki, G. (7)
  • Rezek, F. (6)
  • Aguilar Álvarez, G. (6)
  • Hertzfeld, J. M. (6)
  • Feliciano, F. P. (6)
  • Kessler, J. L. (6)
  • Dolzer, R. (6)
  • Mantilla-Serrano, F. (6)
  • Kantor, M. (6)
  • Glick, I. (6)
  • Vilkova, N. (6)
  • Cairns, D. J. A. (6)
  • Martínez de Hoz, J. A. (6)
  • Adekoya, O. (6)
  • Galíndez, V. (6)
  • Levine, J. (6)
  • Weil, P. (5)
  • Giardina, A. (5)
  • Klein, B. (5)
  • Cheng, T. (5)
  • Caflisch, L. (5)
  • Clodfelter, M. A. (5)
  • Joubin-Bret, A. (5)
  • Laird, I. A. (5)
  • Malinvaud, C. (5)
  • Hafez, K. (5)
  • Eljuri, E. (5)
  • Gearing, M. (5)
  • Al-Khasawneh, A. S. (5)
  • Hoffmann, A. K. (5)
  • Sucharitkul, S. (4)
  • Zykin, I. S. (4)
  • Fernández Rozas, J. C. (4)
  • Lauterpacht, E. (4)
  • Mustill, M. (4)
  • de Mestral, A. (4)
  • Watts, A. (4)
  • Bello Janeiro, D. (4)
  • Crivellaro, A. (4)
  • Robinson, D. R. (4)
  • Edward, D. A. O. (4)
  • Lowenfeld, A. F. (4)
  • Rubins, N. (4)
  • Donovan, D. (4)
  • Barros Bourie, E. (4)
  • Boo, L. (4)
  • Júdice, J. M. (4)
  • Verhoosel, G. (4)
  • Sekolec, J. (4)
  • Bermann, G. (4)
  • Jones, D. (4)
  • van Leeuwen, M. (4)
  • Van Houtte, V. (4)
  • Gonzalez de Cossio, F. (4)
  • Jiménez Figueres, D. (4)
  • Bulnes Serrano, F. (4)
  • Gill, J. (4)
  • Pierola Castro, N. F. (4)
  • Escobar, A. A. (4)
  • Mance, J. (4)
  • Abdel Wahab, M. S. (4)
  • Baptista, L. O. (3)
  • Civiletti, B. R. (3)
  • Hunter, M. J. (3)
  • Schwartz, B. (3)
  • Brownlie, I. (3)
  • Voss, J. (3)
  • Gros Espiell, H. (3)
  • Philip, A. (3)
  • Moller, G. (3)
  • Cass, R. A. (3)
  • Kühn, W. (3)
  • Lamm, C. B. (3)
  • Magallón Gómez, E. (3)
  • Aynès, L. (3)
  • Morelli Rico, S. (3)
  • Kettani, A. (3)
  • Garro, A. M. (3)
  • Lebedev, S. N. (3)
  • Rovine, A. W. (3)
  • Tomuschat, C. (3)
  • Abraham, C. W. M. (3)
  • Molfessis, N. (3)
  • Konrad, S. (3)
  • Wirth, M. (3)
  • Shin, H.-T. (3)
  • Moollan, S. (3)
  • Donoghue, J. E. (3)
  • Sornarajah, M. (3)
  • Hoffmann, L. (3)
  • Stanivuković, M. (3)
  • Boykin, J. H. (3)
  • Fathallah, R. (3)
  • Pinsolle, P. (3)
  • Peter, W. (3)
  • Petrochilos, G. (3)
  • González Napolitano, S. (3)
  • Jiménez, A. E. (3)
  • Hosking, J. (3)
  • Bjorklund, A. K. (3)
  • Fernández Antuña, A. (3)
  • Stirnimann Fuentes, F. X. (3)
  • Galindo, A. (3)
  • Asante, S. K.B. (2)
  • Karrer, P. A. (2)
  • Bredin, J.-D. (2)
  • Bedjaoui, M. (2)
  • Heth, M. (2)
  • Magnusson, S. (2)
  • Highet, K. (2)
  • Mason, A. (2)
  • Wallace, D. Jr. (2)
  • Greenberg, B. J. (2)
  • Gantz, D. A. (2)
  • Keith, K. (2)
  • Porcasi, V. (2)
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Sought by claimant(s)

  • Less than $1 million (4)
  • $1 - 9.9 million (60)
  • $10 - 99.9 million (311)
  • $100 - 499.9 million (335)
  • $500 - 999.9 million (112)
  • $1 billion or over (150)

Awarded by tribunal

  • Less than $1 million (14)
  • $1 - 9.9 million (61)
  • $10 - 99.9 million (145)
  • $100 - 499.9 million (58)
  • $500 - 999.9 million (6)
  • $1 billion or over (14)

Agreed in settlement

  • Less than $1 million (0)
  • $1 - 9.9 million (2)
  • $10 - 99.9 million (23)
  • $100 - 499.9 million (10)
  • $500 - 999.9 million (5)
  • $1 billion or over (4)

Breaches of IIA provisions alleged

  • Direct expropriation (189)
  • Indirect expropriation (593)
  • Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims (758)
  • Full protection and security, or similar (365)
  • Umbrella clause (209)
  • National treatment (193)
  • Most-favoured nation treatment (163)
  • Performance requirements (15)
  • Losses sustained due to insurrection, war, or similar events (6)
  • Customary rules of international law (11)
  • Transfer of funds (52)
  • Arbitrary, unreasonable and/or discriminatory measures (313)
  • Other (91)

Breaches of IIA provisions found

  • Direct expropriation (52)
  • Indirect expropriation (88)
  • Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims (221)
  • Full protection and security, or similar (27)
  • Umbrella clause (24)
  • National treatment (10)
  • Most-favoured nation treatment (5)
  • Performance requirements (4)
  • Losses sustained due to insurrection, war, or similar events (3)
  • Customary rules of international law (1)
  • Transfer of funds (9)
  • Arbitrary, unreasonable and/or discriminatory measures (48)
  • Other (15)

ICSID annulment proceedings

  • Award/decision upheld (96)
  • Award/decision annulled in its entirety (7)
  • Award/decision partially annulled (13)
  • Discontinued (40)
  • Pending (44)

Judicial review by national courts

  • Award/decision upheld (114)
  • Award/decision set aside in its entirety (29)
  • Award/decision partially set aside (7)
  • Discontinued (5)
  • Pending (24)

ICSID resubmission proceedings

  • Decided in favour of the State (0)
  • Decided in favour of the investor (3)
  • Neither investor nor the State (liability found but no damages awarded) (1)
  • Settled (1)
  • Pending (4)
  • Discontinued for unknown reasons (1)
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 2021 Energía y Renovación v. Guatemala Energía y Renovación Holding, S.A. v. Republic of Guatemala (ICSID Case No. ARB/21/56) Central America - Panama FTA (2002) ICSID ICSID Investment: Investments in two hydroelectric power plant projects (“Central Pojom II" and "Central San Andrés") in the municipality of San Mateo Ixtatán, and a transmission line (“Innovación Nor Occidente”).

Summary: Claims arising out of the Government’s alleged failure to protect the claimant’s hydropower projects from local community protests, violent attacks and social unrest.
Investments in two hydroelectric power plant projects (“Central Pojom II" and "Central San Andrés") in the municipality of San Mateo Ixtatán, and a transmission line (“Innovación Nor Occidente”). Decided in favour of investor Guatemala Panama 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

Vinuesa, R. E. - Respondent
147.80 mln USD 64.50 mln USD 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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Decision on Bifurcation dated 2 December 2022 (Spanish)

Award dated 31 March 2025 (Spanish)

Decision on the Rectification of the Award dated 27 June 2025
Dissenting Opinion of Raúl Emilio Vinuesa

Declarations of Diego Fernández Arroyo and Guido Santiago Tawil

Declarations of Diego Fernández Arroyo and Guido Santiago Tawil

Declaration of Raúl Emilio Vinuesa
None None None None None
2 2021 Interconexión v. Chile Interconexión Eléctrica S.A. E.S.P. v. Republic of Chile (ICSID Case No. ARB/21/27) Chile - Colombia FTA (2006) ICSID ICSID Investment: Shareholding in ISA Inversiones Chile SpA and ISA Interchile S.A., holding a concession for the construction and operation of the “Nueva Línea Cardones-Polpaico” electricity transmission project.

Summary: Claims arising out of the Government’s decision to impose fines on ISA Interchile, the claimant’s local subsidiary, for alleged delays in the construction of the Cardones-Polpaico electricity transmission project.
Shareholding in ISA Inversiones Chile SpA and ISA Interchile S.A., holding a concession for the construction and operation of the “Nueva Línea Cardones-Polpaico” electricity transmission project. Decided in favour of investor Chile Colombia Tertiary: F - Construction

Tertiary: D - Electricity, gas, steam and air conditioning supply
42 - Civil engineering

35 - Electricity, gas, steam and air conditioning supply
González García, L. - Claimant

Pinsolle, P. - Respondent

Núñez-Lagos, C. - President
221.40 mln USD 16.10 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 13 December 2024 (Spanish)

Rectification of the Award dated 11 March 2025 (Spanish)
Partial Dissent by Luis González García (Spanish) None None None None None
3 2020 Garsų Pasaulis v. Kyrgyzstan Garsų Pasaulis UAB v. Kyrgyz Republic (PCA Case No. 2020-59) Kyrgyzstan - Lithuania BIT (2008) UNCITRAL PCA Investment: Investments in a security printing business.

Summary: Claims arising out of State authorities’ decision to halt the signature of a contract to produce  biometric passports for Kyrgyz citizens that the claimant had won through a public tender.
Investments in a security printing business. Decided in favour of investor Kyrgyzstan Lithuania Secondary: C - Manufacturing 18 - Printing and reproduction of recorded media Laird, I. A. - Claimant

Vilkova, N. - Respondent

Hobér, K. - President
16.70 mln EUR (18.10 mln USD) 1.30 mln EUR (1.40 mln USD) Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Award dated 8 April 2024 None Judicial review by national courts Pending (Judicial review by national courts) None None None
4 2020 GreenX Metals (formerly Prairie) v. Poland (I) GreenX Metals Limited (formerly Prairie Mining Limited) v. Republic of Poland (I) (PCA Case No. 2020-52) Australia - Poland BIT (1991) UNCITRAL PCA Investment: Ownership of the Jan Karski and Debiensko coal mines, holding exploration and mining concessions.

Summary: Claims arising out of the Government’s alleged actions to block the claimant’s coking coal projects at the Jan Karski and Debiensko mines.
Ownership of the Jan Karski and Debiensko coal mines, holding exploration and mining concessions. Decided in favour of investor Poland Australia Primary: B - Mining and quarrying 5 - Mining of coal and lignite Sachs, K. - President

Rees, P. - Claimant

Stern, B. - Respondent
806.00 mln GBP (1140.60 mln USD) 252.00 mln GBP (330.70 mln USD) Data not available Data not available Award dated 7 October 2024 None Judicial review by national courts Pending (Judicial review by national courts) None None None
5 2020 GreenX Metals (formerly Prairie) v. Poland (II) GreenX Metals Limited (formerly Prairie Mining Limited) v. Republic of Poland (PCA Case No. 2021-06) The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Ownership of the Jan Karski and Debiensko coal mines, holding exploration and mining concessions.

Summary: Claims arising out of the Government’s alleged actions to block the claimant’s coking coal projects at the Jan Karski and Debiensko mines.
Ownership of the Jan Karski and Debiensko coal mines, holding exploration and mining concessions. Decided in favour of investor Poland Australia

United Kingdom
Primary: B - Mining and quarrying 5 - Mining of coal and lignite Sachs, K. - President

Rees, P. - Claimant

Stern, B. - Respondent
806.00 mln GBP (1140.60 mln USD) 183.00 mln GBP (240.10 mln USD) Data not available Data not available Award dated 7 October 2024 None Judicial review by national courts Pending (Judicial review by national courts) None None None
6 2020 Lupaka v. Peru Lupaka Gold Corp. v. Republic of Peru (ICSID Case No. ARB/20/46) Canada - Peru FTA (2008) ICSID ICSID Investment: Ownership (100% interest) of Invicta Mining Corporation S.A.C., a local subsidiary holding six mining concessions for a gold mining project in the Huaura Province, northeast of the city of Lima.

Summary: Claims arising out of the Government’s actions and omissions, through the local community of Parán, related to an alleged illegal blockade and invasion of the claimant’s “Invicta Gold Development Project“, which ultimately resulted in the loss of the mining project.
Ownership (100% interest) of Invicta Mining Corporation S.A.C., a local subsidiary holding six mining concessions for a gold mining project in the Huaura Province, northeast of the city of Lima. Decided in favour of investor Peru Canada Primary: B - Mining and quarrying 7 - Mining of metal ores Crook, J. R. - President

Schiller, J. D. - Claimant (replaced)

Griffith, G. - Respondent

Garibaldi, O. M. - Claimant
40.40 mln USD 40.40 mln USD Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Most-favoured nation treatment
Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Award dated 30 June 2025 None None None None None None
7 2020 Mitsui v. Spain Mitsui & Co., Ltd. v. Kingdom of Spain (ICSID Case No. ARB/20/47) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in the construction and operation of a solar power plant at Palma del Río in the Córdoba region, via joint venture enterprise Guzmán Energía.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector.
Investments in the construction and operation of a solar power plant at Palma del Río in the Córdoba region, via joint venture enterprise Guzmán Energía. Decided in favour of investor Spain Japan Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Affaki, G. - President

Gotanda, J. Y. - Claimant

Blair, W. - Respondent
199.00 mln EUR (213.00 mln USD) 31.50 mln EUR (33.70 mln USD) Data not available Data not available Decision on Jurisdiction, Liability and Principles of Quantum dated 31 May 2024

Award dated 6 March 2025

Decision on the rectification of the award dated 6 August 2025
Partial Dissenting Opinion by William Blair ICSID annulment proceedings Pending (ICSID annulment proceedings) None None None
8 2020 Nachingwea and others v. Tanzania Nachingwea U.K. Limited, Ntaka Nickel Holdings Limited and Nachingwea Nickel Limited v. United Republic of Tanzania (ICSID Case No. ARB/20/38) United Republic of Tanzania - United Kingdom BIT (1994) ICSID ICSID Investment: Rights under mining licences for the Ntaka Hill Nickel Project located in the Nachingwea region of south-eastern Tanzania.

Summary: Claims arising out of the Government’s cancellation of retention licences held by the claimants for the Ntaka Hill Nickel Project and the subsequent public tender for the joint development of areas covered by these licences without offering compensation to the claimants.
Rights under mining licences for the Ntaka Hill Nickel Project located in the Nachingwea region of south-eastern Tanzania. Decided in favour of investor Tanzania, United Republic of United Kingdom Primary: B - Mining and quarrying 7 - Mining of metal ores Bull, C. - President

Bishop, D. - Claimant

Monageng, S. M. - Respondent
76.70 mln USD 76.70 mln USD Indirect expropriation

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
Indirect expropriation Award dated 14 July 2023 None ICSID annulment proceedings Pending (ICSID annulment proceedings) Decision on Preliminary Objections pursuant to ICSID Arbitration Rule 41(5) dated 2 February 2024 (ICSID annulment proceedings) None Knieper, R. - President

Cooper-Rousseau, B. - Member

Muigai, G. - Member
9 2020 South32 v. Colombia South32 SA Investments Limited v. Republic of Colombia (ICSID Case No. ARB/20/9) Colombia - United Kingdom BIT (2010) ICSID ICSID Investment: Shareholding of 99.9 per cent in Cerro Matoso S.A., a local company operating an integrated nickel laterite mine and smelter complex located in the Cordoba area of northern Colombia.

Summary: Claims arising out of the national comptroller office’s assessment of royalties for the exploitation of nickel that are allegedly owed to the State by the claimant’s local subsidiary Cerro Matoso.
Shareholding of 99.9 per cent in Cerro Matoso S.A., a local company operating an integrated nickel laterite mine and smelter complex located in the Cordoba area of northern Colombia. Decided in favour of investor Colombia United Kingdom Primary: B - Mining and quarrying

Secondary: C - Manufacturing
7 - Mining of metal ores

24 - Manufacture of basic metals
Garibaldi, O. M. - Claimant (replaced)

Tawil, G. S. - Claimant

Jana Linetzky, A. - Respondent

Villanúa Gómez, D. - President
90.00 mln USD 4.50 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 21 June 2024 (English)

Award dated 21 June 2024 (Spanish)

Decision on the Rectification of the Award dated 29 January 2025 (English)

Decision on the Rectification of the Award dated 29 January 2025 (Spanish)
Dissenting Opinion by Andrés Jana (English)

Dissenting Opinion by Andrés Jana (Spanish)
ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Abdel Wahab, M. S. - President

González Arrocha, K. - Member

Giorgetti, C. - Member
10 2020 Telcell v. Georgia Telcell Wireless, LLC and International Telcell Cellular, LLC v. Georgia (ICSID Case No. ARB/20/5) Georgia - United States BIT (1994) ICSID ICSID Investment: Equity ownership in MagtiCom Ltd., a local telecommunications company.

Summary: Claims arising out of alleged politically-motivated interference by the Government in the management of MagtiCom, including through the arrest of MagtiCom’s founder on the basis of tax evasion charges and a forced restructuring of the company to the alleged benefit of the State.
Equity ownership in MagtiCom Ltd., a local telecommunications company. Decided in favour of investor Georgia United States of America Tertiary: J - Information and communication 61 - Telecommunications Binnie, I. - President

Pryles, M. C. - Claimant

Stern, B. - Respondent
154.00 mln USD Data not available Data not available Data not available Award dated 15 April 2024 Dissenting Opinion by Brigitte Stern ICSID annulment proceedings Pending (ICSID annulment proceedings) None None van Haersolte-Van Hof, J. J. - President

Akande, D. - Member

Shin, H.-T. - Member
11 2020 United Agencies v. Algeria (I) United Agencies Limited SA v. People’s Democratic Republic of Algeria (I) (ICSID Case No. ARB/20/1) Algeria - Switzerland BIT (2004) ICSID ICSID Investment:

Summary:
Decided in favour of investor Algeria Switzerland Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Hanotiau, B. - President

Patocchi, P. M. - Claimant

Bencheneb, A. - Respondent
Data not available 36.00 mln USD Transfer of funds Transfer of funds Final Award dated 25 July 2022 (French) Dissenting Opinion by Ali Bencheneb None None None None None
12 2019 Canepa v. Spain Canepa Green Energy Opportunities I, S.á r.l. and Canepa Green Energy Opportunities II, S.á r.l. v. Kingdom of Spain (ICSID Case No. ARB/19/4) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investment in a renewable energy generation enterprise.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewable energy sector.
Investment in a renewable energy generation enterprise. Decided in favour of investor Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Murphy, S. D. - President

Rees, P. - Claimant

González Napolitano, S. - Respondent
Data not available Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on jurisdiction, admissibility, liability and general directions with respect to quantum dated 30 October 2023

Award dated 31 May 2024
Partial Dissenting Opinion by Silvina S. González Napolitano ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Abdel Wahab, M. S. - President

Lévesque, C. - Member

Levine, J. - Member
13 2019 Diamante Trading and others v. Venezuela Diamante Trading Investments Ltd. and others v. Bolivarian Republic of Venezuela (PCA Case No. 2019-49) Barbados - Venezuela, Bolivarian Republic of BIT (1994)

Spain - Venezuela, Bolivarian Republic of BIT (1995)
UNCITRAL PCA Investment: Interests in Herrera, C.A.

Summary: Claims arising out of the Government’s alleged expropriatory measures related to the claimants’ investments in the food sector.
Interests in Herrera, C.A. Decided in favour of investor Venezuela, Bolivarian Republic of Barbados

Spain
Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 46 - Wholesale trade, except of motor vehicles and motorcycles Fernández Arroyo, D. P. - President

Martínez de Hoz, J. A. - Claimant

Ferrari, F. - Respondent
295.00 mln USD 97.60 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation Final Award dated 27 May 2025 None None None None None None
14 2019 Glencore and others v. Colombia (II) Glencore International A.G., C. I. Prodeco S.A., and Sociedad Portuaria Puerto Nuevo S.A. v. Republic of Colombia (II) (ICSID Case No. ARB/19/22) Colombia - Switzerland BIT (2006) ICSID ICSID Investment: Concession contract for Puerto Nuevo, a public services port for the export of coal in the municipality of Ciénaga, northern Colombia.

Summary: Claims arising out of the building and maintenance of an access channel related to Puerto Nuevo, a port constructed and operated by the claimants under a 30-year concession agreement signed with Colombia’s national infrastructure agency in 2011.
Concession contract for Puerto Nuevo, a public services port for the export of coal in the municipality of Ciénaga, northern Colombia. Decided in favour of investor Colombia Switzerland Tertiary: H - Transportation and storage 52 - Warehousing and support activities for transportation Cremades, B. M. - President

Price, D. M. - Claimant

von Wobeser, C. - Respondent
40.30 mln USD 9.40 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 8 March 2021

Award dated 19 April 2024 (English)

Award dated 19 April 2024 (Spanish)
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Landau, T. - President

De Quadros, F. - Member

Mori Arellano, M. - Member
15 2019 Kenon and IC Power v. Peru Kenon Holdings Ltd and IC Power Ltd v. Republic of Peru (ICSID Case No. ARB/19/19) Peru - Singapore FTA (2008) ICSID ICSID Investment: Shareholding in Kallpa Generación S.A. and Samay I S.A., local electric energy companies.

Summary: Claims arising out of a regulatory agency’s withdrawal of an exclusive right the local subsidiary Kallpa had been awarded through a bid procedure in 2016 to provide a service related to the frequency of the power generation system, as well as changes to the calculation of transmission line tolls for energy generators, allegedly benefitting state-owned electricity companies to the claimants’ detriment.
Shareholding in Kallpa Generación S.A. and Samay I S.A., local electric energy companies. Decided in favour of investor Peru Singapore Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Radicati di Brozolo, L. - President

Haigh, D. - Claimant

Siqueiros, E. - Respondent
195.30 mln USD 110.70 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 3 October 2023 (English)

Award dated 3 October 2023 (Spanish)

Decision on the Requests for Rectification and Clarification dated 3 May 2024
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Júdice, J. M. - President

Núñez-Lagos, C. - Member

Radi, Y. - Member
16 2019 LARAH v. Uruguay Latin American Regional Aviation Holding S. de R.L. v. Oriental Republic of Uruguay (ICSID Case No. ARB/19/16) Panama - Uruguay BIT (1998) ICSID ICSID Investment: Indirect shareholding of 75% in Pluna Líneas Aéreas Uruguayas S.A. (“Pluna”) via Leadgate Investment Corp., a subsidiary of the claimant.

Summary: Claims arising out of the Government’s decision to nationalize and subsequently liquidate the airline Pluna in which Leadgate, the claimant’s private equity fund, held a majority stake.
Indirect shareholding of 75% in Pluna Líneas Aéreas Uruguayas S.A. (“Pluna”) via Leadgate Investment Corp., a subsidiary of the claimant. Decided in favour of investor Uruguay Panama Tertiary: H - Transportation and storage 51 - Air transport Mourre, A. - President

Zuleta, E. - Claimant

Siqueiros, E. - Respondent
485.00 mln USD 30.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Award dated 13 February 2024 (Spanish) None None None None None None
17 2019 Mercuria v. Poland (II) Mercuria Energy Group Limited v. The Republic of Poland (II) (SCC Case No. 2019/126) The Energy Charter Treaty (1994) SCC SCC Investment: Ownership of local subsidiary J&S Energy S.A. (“JSE”), a company importing and trading in petrochemicals.

Summary: Claims arising out of a government agency’s imposition of a financial penalty on the claimant’s subsidiary JSE, which Polish administrative courts later overturned, and the government agency’s subsequent failure to repay accrued interest to the claimant upon the reimbursement of the penalty.
Ownership of local subsidiary J&S Energy S.A. (“JSE”), a company importing and trading in petrochemicals. Decided in favour of investor Poland Cyprus Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 46 - Wholesale trade, except of motor vehicles and motorcycles Sachs, K. - President

Blanch, J. - Claimant

Boisson de Chazournes, L. - Respondent
152.90 mln PLN (34.60 mln USD) 145.10 mln PLN (32.90 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Other
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Other
Final Award dated 29 December 2022 None Judicial review by national courts Award/decision set aside in its entirety (Judicial review by national courts) Judgment of the Svea Court of Appeal dated 12 December 2024 (Swedish) (Judicial review by national courts) None None
18 2019 Odyssey v. Mexico Odyssey Marine Exploration, Inc. v. United Mexican States (ICSID Case No. UNCT/20/1) NAFTA (1992) UNCITRAL ICSID Investment: Seabed mining concession for a phosphate deposit in the Pacific Ocean held by Exploraciones Oceánicas S. de R.L. de C.V., a local subsidiary of the claimant.

Summary: Claims arising out of the decision by Mexico’s Ministry of the Environment and Natural Resources to deny environmental permits for the claimant’s seabed mining project in the local subsidiary’s concession area, offshore from the coast of Baja California Sur in Mexico. Allegedly, the Ministry’s decision disregarded scientific evidence provided by the claimant in the project development plan and environmental impact assessment.
Seabed mining concession for a phosphate deposit in the Pacific Ocean held by Exploraciones Oceánicas S. de R.L. de C.V., a local subsidiary of the claimant. Decided in favour of investor Mexico United States of America Primary: B - Mining and quarrying 8 - Other mining and quarrying Bulnes Serrano, F. - President

Alexandrov, S. A. - Claimant

Sands, P. - Respondent
1355.00 mln USD 37.10 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 17 September 2024 (English)

Award dated 17 September 2024 (Spanish)
Dissenting Opinion of Philippe Sands (English)

Dissenting Opinion of Philippe Sands (Spanish)
None None None None None
19 2019 Petrochemical v. Romania Petrochemical Holding GmbH v. Romania (ICSID Case No. ARB/19/21) The Energy Charter Treaty (1994) ICSID ICSID Investment: 96.5% shareholding in RAFO S.A., an oil refinery in Onești, Romania.

Summary: Claims arising out of the Government’s alleged failure to provide a state guarantee in support of the modernization of the oil refinery RAFO in which the claimant had invested, and a seizure of some RAFO assets in 2015. According to the claimant, this interfered with its ability to revive the RAFO refinery and damaged its investment.
96.5% shareholding in RAFO S.A., an oil refinery in Onești, Romania. Decided in favour of investor Romania Austria Secondary: C - Manufacturing 19 - Manufacture of coke and refined petroleum products Binnie, I. - President

Tawil, G. S. - Claimant

Neuberger, D. - Respondent
835.80 mln EUR (882.70 mln USD) 85.00 mln EUR (89.80 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 19 November 2024 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Nolan, M. D. - President

Núñez-Lagos, C. - Member

Gleeson, J. - Member
20 2019 Société Générale v. Croatia Société Générale S.A. v. Republic of Croatia (ICSID Case No. ARB/19/33) Croatia - France BIT (1996) ICSID ICSID Investment: Investments in the banking industry in Croatia.

Summary: Claims arising out of the law that prescribed a change in the currency of loans, issued in Croatia, from Swiss Franc to the Euro.
Investments in the banking industry in Croatia. Decided in favour of investor Croatia France Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Tercier, P. - President (replaced)

Bermann, G. - Claimant

Mak, V. - Respondent

Villanúa Gómez, D. - President
39.70 mln EUR (46.10 mln USD) 17.60 mln EUR (20.50 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 30 June 2025 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None None
21 2019 Strabag and others v. Germany Erste Nordsee-Offshore Holding GmbH, Strabag SE, Zweite Nordsee-Offshore Holding GmbH v. Federal Republic of Germany (ICSID Case No. ARB/19/29) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in offshore wind energy projects in the German North Sea and related permits.

Summary: Claims arising out of the Government’s legislative changes of its renewable energy regime, including for offshore wind energy production, which allegedly caused the claimants to abandon their offshore wind projects.
Investments in offshore wind energy projects in the German North Sea and related permits. Decided in favour of investor Germany Austria Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Heiskanen, V. - President

Gill, J. - Claimant

Malaguti, M. C. - Respondent
505.30 mln EUR (530.60 mln USD) 240.90 mln EUR (253.00 mln USD) Indirect expropriation

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
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 24 July 2020

Award dated 18 December 2024

Decision on the Rectification of the Award dated 30 April 2025
Partial Dissenting Opinion by Maria Chiara Malaguti ICSID annulment proceedings Pending (ICSID annulment proceedings) None None None
22 2019 Yu Song v. China Jason Yu Song v. People's Republic of China (PCA Case No. 2019-39) China - United Kingdom BIT (1986) Data not available PCA Investment: Acquisition of shares in a company holding land use rights in the Province of Shaanxi.

Summary: Claims arising out of the Government’s interference with and alleged expropriation of land use rights held by a company in which the claimant held shares.
Acquisition of shares in a company holding land use rights in the Province of Shaanxi. Decided in favour of investor China United Kingdom Tertiary: L - Real estate activities 68 - Real estate activities Cheng, T. - President

Paulsson, J. - Claimant

Willems, J. - Respondent
Data not available 26.00 mln USD Data not available Pending Decision on Jurisdiction dated 30 December 2021

Decision on the Respondent's Application for Reconsideration of the Tribunal's Decision on Jurisdiction dated 12 April 2024

Final Award dated 24 January 2025
None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of the Swiss Federal Tribunal dated 17 April 2025 (Judicial review by national courts)

Judgment of the Swiss Federal Tribunal dated 26 June 2025 (Judicial review by national courts)
None None
23 2018 Abanto v. Venezuela Dick Fernando Abanto Ishivata v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/18/6) Peru - Venezuela, Bolivarian Republic of BIT (1996) ICSID AF ICSID Investment: Ownership of Omnivisión C.A., a local company holding telecommunications licences, via an indirect shareholding of 100 per cent.

Summary: Claims arising out of the Government’s alleged seizure of the claimant’s telecommunications company, including the eviction of the company’s employees from the property and the company’s placement under the control of a court-appointed audit board, due to alleged connections to criminal wrongdoing by third parties. According to the claimant, the company was transferred to private owners connected to the Government and subsequently dismantled.
Ownership of Omnivisión C.A., a local company holding telecommunications licences, via an indirect shareholding of 100 per cent. Decided in favour of investor Venezuela, Bolivarian Republic of Peru Tertiary: J - Information and communication 61 - Telecommunications Fernández-Armesto, J. - President

Grigera Naón, H. A. - Claimant

Torres Bernárdez, S. - Respondent (replaced)

Fernández Antuña, A. - Respondent
Data not available 5.90 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Most-favoured nation treatment
Direct expropriation Award dated 16 October 2024 Dissenting Opinion by Antolín Fernández Antuña None None None None None
24 2018 ACF v. Bulgaria ACF Renewable Energy Limited v. Republic of Bulgaria (ICSID Case No. ARB/18/1) The Energy Charter Treaty (1994) ICSID ICSID Investment: Ownership of a solar power facility in the Karadzhalovo Solar Park in southern Bulgaria.

Summary: Claims arising out of a series of alleged harmful measures taken by the Government in relation to the claimant’s solar power plant.
Ownership of a solar power facility in the Karadzhalovo Solar Park in southern Bulgaria. Decided in favour of investor Bulgaria Malta Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Simma, B. - President

Garibaldi, O. M. - Claimant

Mayer, P. - Respondent
78.10 mln EUR (85.50 mln USD) 61.00 mln EUR (66.80 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on the Achmea Preliminary Objection dated 20 December 2019

Award dated 5 January 2024
None None None None None None
25 2018 BBVA v. Bolivia Banco Bilbao Vizcaya Argentaria S.A. v. Plurinational State of Bolivia (ICSID Case No. ARB(AF)/18/5) Bolivia, Plurinational State of - Spain BIT (2001) ICSID AF ICSID Investment: Majority shareholding in BBVA Previsión AFP, a pension fund administrator.

Summary: Claims arising out of the Government’s alleged failure to agree on the terms for transferring pension fund administration from BBVA Previsión AFP to a public entity, following the 2010 enactment of a law that nationalized the country’s pension fund sector.
Majority shareholding in BBVA Previsión AFP, a pension fund administrator. Decided in favour of investor Bolivia, Plurinational State of Spain Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Galíndez, V. - Claimant

Derains, Y. - Respondent

Alexandrov, S. A. - President
118.50 mln USD 94.80 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Award dated 12 July 2022 (Spanish) None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of The Hague Court of Appeal dated 23 July 2024 (Dutch) (Judicial review by national courts) None None
No results found
No. Name Cases as Respondent State Cases as Home State of claimant
1 Albania 14 1
2 Algeria 14 2
3 Angola 2 0
4 Argentina 65 6
5 Armenia 7 1
6 Australia 6 14
7 Austria 1 32
8 Azerbaijan 7 1
9 Bahamas 0 2
10 Bahrain 4 1
11 Bangladesh 1 0
12 Barbados 1 8
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 79
28 Chile 8 10
29 China 9 20
30 Colombia 28 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 5 38
38 Czechia 43 8
39 Denmark 2 9
40 Dominican Republic 11 2
41 Ecuador 31 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 Guyana 1 0
60 Honduras 12 0
61 Hong Kong, China SAR 0 2
62 Hungary 18 4
63 India 30 12
64 Indonesia 7 1
65 Iran, Islamic Republic of 1 6
66 Iraq 6 0
67 Ireland 0 2
68 Israel 0 8
69 Italy 15 53
70 Jamaica 0 1
71 Japan 1 6
72 Jordan 10 10
73 Kazakhstan 21 7
74 Kenya 1 1
75 Korea, Republic of 10 9
76 Kuwait 7 9
77 Kyrgyzstan 18 1
78 Lao People's Democratic Republic 4 0
79 Latvia 10 5
80 Lebanon 6 7
81 Lesotho 2 0
82 Libya 23 2
83 Liechtenstein 0 1
84 Lithuania 8 8
85 Luxembourg 1 48
86 Macao, China SAR 0 1
87 Madagascar 4 0
88 Malaysia 4 10
89 Malta 1 5
90 Mauritius 4 17
91 Mexico 60 7
92 Moldova, Republic of 14 1
93 Mongolia 6 0
94 Montenegro 6 0
95 Morocco 10 0
96 Mozambique 5 0
97 Myanmar 3 0
98 Nepal 1 0
99 Netherlands 4 137
100 Nicaragua 3 0
101 Nigeria 5 0
102 North Macedonia 11 0
103 Norway 3 6
104 Oman 4 2
105 Pakistan 12 0
106 Panama 26 12
107 Papua New Guinea 1 0
108 Paraguay 4 0
109 Peru 36 5
110 Philippines 8 1
111 Poland 41 8
112 Portugal 1 10
113 Qatar 3 9
114 Romania 27 1
115 Russian Federation 34 28
116 Rwanda 2 0
117 Saudi Arabia 11 8
118 Senegal 7 0
119 Serbia 16 0
120 Seychelles 0 2
121 Sierra Leone 1 0
122 Singapore 0 15
123 Slovakia 14 1
124 Slovenia 6 3
125 South Africa 1 3
126 Spain 58 80
127 Sri Lanka 5 0
128 Sudan 2 0
129 Sweden 1 15
130 Switzerland 1 53
131 Syrian Arab Republic 2 0
132 Tajikistan 2 0
133 Tanzania, United Republic of 14 0
134 Thailand 2 0
135 Trinidad and Tobago 3 0
136 Tunisia 4 2
137 Türkiye 19 51
138 Turkmenistan 17 0
139 Uganda 1 0
140 Ukraine 35 19
141 United Arab Emirates 7 15
142 United Kingdom 1 124
143 United States of America 25 238
144 Uruguay 8 1
145 Uzbekistan 10 1
146 Venezuela, Bolivarian Republic of 66 4
147 Viet Nam 13 0
148 Yemen 3 0
149 Zimbabwe 3 0
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