By Niels Lachmann[i] Introduction The dispute in Espíritu Santo Holdings, LP and L1bre Holding, LLC v. United States of Mexico concerns the breakdown of a concession agreement about the provision of digital taximeters between the municipality of Mexico City and a Mexican company indirectly owned by the claimants, which were incorporated respectively in Canada (ES… Read More Politics under scrutiny and digital assets under cover: a couple of reflections on ES Holdings & L1bre v. Mexico

By Chenhaojie (Audrey) Sun [1] Introduction Mikhail Fridman’s investment treaty claim against Luxembourg is straightforward to describe, but much harder to classify. After his inclusion on the EU sanctions list, assets connected to him in Luxembourg were frozen. He subsequently commenced arbitration against Luxembourg before an arbitral tribunal constituted and administered by the Permanent Court… Read More Fridman v Luxembourg: When Does a Sanctions Freeze Become a Taking under Investment Law?

By Andrijana Mišović[1] Introduction In the context of international investment law and arbitration, a State contract refers to a contract concluded between a State and a foreign investor. But what if the contract is concluded between a State-owned (or otherwise State-related) entity and a foreign investor? What kind of State involvement is required for the… Read More Determining State Contracts in International Arbitration

By Nicolò Andreotti[1] Introduction The initiation of two proceedings before the Seabed Disputes Chamber (SDC) of the International Tribunal for the Law of the Sea (ITLOS) marks a significant development in the governance of deep seabed mining. The disputes concern mineral activities conducted in the deep seabed beyond national jurisdiction (the “Area”), a vast region… Read More The First Contractor Claims against the ISA: An ISDS-Like Dispute under UNCLOS?

By Zhang Qian[1] Introduction International investment law (IIL) has long claimed development as part of its legitimating rationale. The foundational premise of the bilateral investment treaty (BIT) regime—that protecting foreign capital from sovereign interference will, through market mechanisms, translate into host-state development—has shaped the architecture of thousands of treaties and the jurisprudence of hundreds of… Read More Rethinking the Right to Development in International Investment Law: A Capability Approach

Kartik Sharma[1] Introduction The determination of the adequate standard of compensation for expropriation remains a widely contested issue in International Investment law. Expropriation is prohibited in International Investment Treaties (IIAs) except for situations where certain criteria are met.  State parties can lawfully expropriate foreign investors’ properties only if they meet the listed conditions of legality.… Read More Making Expropriation ‘Lawful’ again? Examining the Debate Around Payment of Compensation as a Condition for Legality

By Fang Gu[1]  Introduction International investment law is increasingly confronting a problem it was never designed to solve: climate change. As States accelerate decarbonization policies to comply with international climate commitments, investor–State disputes arising from fossil fuel phase-outs, subsidy reforms, and environmental regulation have become increasingly common. Yet the structure of investor–State dispute settlement (ISDS)… Read More Cracking a Sledgehammer with a Nut? Provisional Measures and the Climate Governance Dilemma in ISDS