Claimants invoke Legal Stability Agreement

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Claimants argue that local remedies would in any event be futile

Submissions address whether an exhaustion requirement must be contained in the instrument of consent to ICSID arbitration, or whether a general notification under the Convention is enough

Parties dispute whether exhaustion requirement goes to admissibility or jurisdiction

DR-CAFTA provides for suspension of arbitration to resolve expedited preliminary objection

Public hearing to be held imminently

Requests for correction take aim at tribunal’s findings and are therefore inadmissible

Respondent’s conduct justifies departing from principle that costs follow the event

Claimant’s pre-feasibility study and memorandum of interest qualify as pre-investment activities

Pre-investment activities are generally not covered by investment treaties

Inherent meaning of “investment” requires contribution of capital or equivalent, ownership of asset expected to yield a return, and a certain duration

Notion of ‘investment’ has an inherent meaning

Mozambique tried to “derail” proceedings through parallel arbitration

Background: Claimant fails to secure concession over rail-port infrastructure project

Costs are split

Gazprom Export must provide solution for payment of the Award

Applying EU competition law, tribunal sees no abuse of dominant position by Gazprom Export

Penalty clause is unconscionable, but should not be entirely set aside since Gasum agreed to it

Gasum waived its right to challenge conscionability of obligations under take-or-pay clauses

Russian presidential decree represents force majeure event, even though respondent is a state-owned entity

Payment in line with Russia’s Decree No. 172 entails risk of EU sanctions breach

While CISG Convention is applicable, it does not displace “unconscionability” doctrine under Swedish law

Background: renegotiations of long-term gas contract are further perturbed by Russia’s new payment policy

Romania bears full arbitration costs and 60% of claimants’ fees

Tribunal looks to treaty text to award interest at market rate, rejecting risk-free rate and actual borrowing costs

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