Originally from the Journal of Damages in International Arbitration

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AWARD APRIL 15, 2021

The Parties
Olympic Entertainment Group AS (the Claimant or OEG)
Ukraine (the Respondent or Ukraine)

Sector
Gambling

Applicable Treaty
Bilateral Investment Treaty between Estonia and Ukraine (1995) (BIT)

Members of the Tribunal
Mr. Neil Kaplan (president), Professor Michael Pryles (Claimant’s appointee), Mr. J. Christopher Thomas QC (Respondent’s appointee)

I.  BACKGROUND

Starting in 2004, the Claimant, through its locally incorporated company Olympic Casino Ukraine LLC (OCU), invested in the development and operation of several gaming facilities in Ukraine. The Claimant provided equity contributions of cash and gambling equipment to OCU, as well as significant loans (collectively, the Shareholder Loan).