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Bulgaria pays Russia to end nuclear dispute
Premium article - December 09, 2016
Bulgaria's national electricity company NEK has paid €602 million to a Russian state-owned entity to honour an ICC award, ending a politically sensitive dispute over a nuclear power plant that also gave rise to the threat of an investment treaty claim. NEK paid the money today to Atomstroyexport, a subsidiary of Russian state nuclear energy company Rosatom, to settle an award issued in June by an ICC tribunal seated in Geneva and made up of Switzerland's Wolfgang Peter, Spain's Bernardo Cremades...
Turkey and Iran see end to gas price review
Premium article - November 22, 2016
An ICC tribunal has granted Turkish state pipeline company BOTAŞ a retroactive cut in the price of gas from Iran worth several billion dollars while ordering it to pay part of the Iranian side's legal and arbitration costs. In a final award dated 9 November, a Geneva-seated tribunal chaired by Belgian arbitrator Bernard Hanotiau granted BOTAŞ a 13.3% reduction in the price of natural gas bought since March 2012 under a long-term agreement with the National Iranian Gas Company (NIGC). BOTAŞ had...
France warned of treaty claim over Yukos asset seizures
Premium article - October 24, 2016
Russia's former space agency Roscosmos and its partners have threatened to bring an investment treaty claim against France over the seizure of €300 million in funds that are the target of enforcement efforts by the former majority shareholders of Yukos. In a letter dated 21 October, Roscosmos says that the French courts' refusal to release the assets has deprived it of fair and equitable treatment under the 1989 France-Russia bilateral investment treaty. The letter, which is in French and...
Russia faces US$2.6 billion claim over losses in Crimea
Premium article - October 20, 2016
Ukraine's national energy company Naftogaz and six of its subsidiaries have filed a US$2.6 billion investment treaty claim against Russia over the seizure of assets in Crimea following Russia's 2014 annexation of the peninsula - making good on a threat reported by GAR in February. In a press release yesterday, Naftogaz revealed that it filed the claim on 17 October under the 1998 Russia-Ukraine bilateral investment treaty represented by a team from Covington & Burling led by partners David Pinsky...
East Timor pipeline claim gets underway
Premium article - October 19, 2016
As East Timor and Australia express "optimism" at the prospects of resolving their maritime boundary dispute through conciliation proceedings, a separate fight between the two states over pipeline taxes is getting underway at the Permanent Court of Arbitration in The Hague. The PCA last week published details of the arbitration brought by East Timor under the Timor Sea Treaty, a 2002 pact providing for the joint exploitation of petroleum reserves in disputed waters between the two states. ...
The Sekolec scandal - a Croatian view of recent developments
Premium article - October 03, 2016
LINK ADDED. While Croatia is declining to play any further part in a boundary dispute with Slovenia that was thrown off course by an arbitrator's ex parte communications with one side, an employee of the country's Ministry of Foreign and European Affairs has shared his views of the recent partial award issued by a recomposed tribunal. In July 2015, just over a year after the closure of the hearing in a case to determine the course of the land and sea boundary between Croatia and Slovenia, Balkan...
Australia fails to halt conciliation with East Timor
Premium article - September 26, 2016
A commission at the Permanent Court of Arbitration has ruled that it is competent to hear a compulsory conciliation proceeding launched by East Timor to resolve a maritime border dispute with Australia. In a decision issued on 19 September, the five-member commission chaired by Danish diplomat Peter Taksøe-Jensen rejected Australia's arguments that it lacked competence to hear the first-of-its-kind proceeding under the United Nations Convention on the Law of the Sea (UNCLOS). Australia...
Ukraine brings maritime claim against Russia
Premium article - September 23, 2016
Ukraine has instructed Covington & Burling for an arbitration against Russia over potentially oil-rich waters adjacent to Crimea - as another investment treaty claim looms relating to the annexation of that territory. Ukraine's claim, filed last week under annex VII of the United Nations Convention on the Law of the Sea (UNCLOS), concerns maritime zones in the Black Sea, the adjacent Sea of Azov and the narrow Kerch Strait that links the two seas. Both seas border Ukraine to the north...
East Timor calls on Australia to negotiate sea border
Premium article - September 13, 2016
The Permanent Court of Arbitration has been hosting a first-of-its-kind "compulsory conciliation" proceeding initiated by East Timor to resolve a maritime boundary dispute with Australia that touches on the fate of valuable oil and gas reserves. State representatives appeared for an opening session at the Peace Palace in The Hague on 29 August that was webcast live, followed by two days of closed hearings. The PCA has published a video and transcript of the opening session on its website. ...
Malta wins claim over detained oil tanker
Premium article - September 12, 2016
A tribunal in The Hague has ruled in favour of Malta in a claim against São Tomé and Príncipe over the detention of an oil tanker on smuggling charges. In an award dated 5 September and released today, a majority tribunal at the Permanent Court of Arbitration found the west African archipelago state liable under the United Nations Convention on the Law of the Sea (UNCLOS) for punitive actions it took in 2013 after detaining the Maltese flag-bearing ship Duzgit Integrity. The case will...
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