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War in Ukraine: Recourse against Russia through Investment Arbitration - ARIA - Vol. 34, No. 2

Author(s): 
Anna Guillard Sazhko
Page Count: 
6 pages
Published: 
April, 2024
Jurisdictions: 
Russia,
Ukraine,
International
Practice Areas: 
Investment Disputes,
Arbitral Adjudication,
International Character of Dispute,
BITS,
Authority of the Arbitral Tribunal,
Right to Decide on Jurisdiction,
States as Parties,
Evidence
Tags: 
Crimea,
European Court of Human Rights (ECtHR or Strasbourg Court)
Author Detail: 

Anna Guillard Sazhko is an independent counsel and arbitrator based in Paris. She has experience in international arbitrations under the ICC, ICSID, ISTAC, UNCITRAL and SCC Rules. Ms. Guillard Sazhko holds Ukrainian and French law degrees from the National University “Yaroslav the Wise Law Academy of Ukraine” (summa cum laude) and the University Panthéon-Sorbonne Law School. She is admitted to practice law in Ukraine and France and speaks English, French, Russian, Ukrainian, and basic Turkish.

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Description: 

Originally from The American Review of International Arbitration (ARIA)

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The atrocity of Russia’s illegal invasion and annexation of Ukrainian territory in 2014 reached a new level with the war against Ukraine in 2022. In addition to the terrible human and economic losses, Russia has caused and continues to cause significant damage to the Ukrainian industrial and critical infrastructure, towns, and settlements. Following the 2014 acts of aggression, over ten investment arbitrations were initiated against Russia under the Ukraine-Russia Bilateral Investment Treaty (“BIT”) for damages caused to businesses in Crimea.  As of today, most of these arbitral tribunals have claimed to have jurisdiction to consider these claims. Today, one key question of Russian responsibility is whether Ukrainian and foreign investors—who suffered damage caused by Russian aggression in 2022-2023—can also rely on bilateral investment treaties ("BITs") to initiate investment arbitrations against Russia to recover the new damages.

The present essay analyzes key issues pertaining to future investment claims against Russia. The aim of this essay is to share thoughts and information, and to pose questions that will be asked before future arbitral tribunals.