The article discusses the ongoing challenges in enforcing arbitration awards in international investor arbitration, particularly through the lens of ICSID's increasing caseload, which saw 58 cases in 2024. While the majority of disputes arise from Bilateral Investment Treaties, the rise of the Energy Charter Treaty disputes is notable, especially after the EU's withdrawal from it. This expectation of increased disputes due to geopolitical factors is underscored by Spain's status as the top non-compliant state regarding payment of arbitration awards, signaling urgent concerns for investors and the integrity of the arbitration process.
The issue of non-compliance with ICSID awards is of particular concern as it undermines the credibility of the arbitration system and the protections afforded to investors.
Spain has emerged as the most non-compliant nation regarding payment of Investor-State Dispute Settlements, with 24 unpaid awards totaling $1.5 billion.
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