The legitimacy of arbitrating investment disputes in times of war: emerging practice in Crimea, Libya and Syria
PluriCourts Seminar with Daniel Behn.
States currently engulfed in various forms of civil war or occupation might have an unanticipated problem on their hands: threats of investment treaty arbitration arising out of commitments made under international investment agreements (IIAs). Foreign investors in Syria, Egypt, Libya and Crimea have all initiated arbitration under relevant IIAs claiming that actions – largely attributable to war and insurrection – have materially diminished the values of their investments. Given that these are early days for these disputes – and that there is surprisingly little precedent on similar situations – it remains unclear as to the types of claims and defenses that will be pursued in these cases. Taking experience from practice, this lunch lecture will attempt to provide a glimpse into the (ill)legitimate use of investment treaty arbitration in times of war.