Colombia withdraws from ICJ over Nicaragua v Colombia ruling

On 19 November 2012, the principal judicial organ of the United Nations, the International Court of Justice (the “ICJ“), ruled that Colombia has sovereignty over seven disputed islands in the western Caribbean but granted Nicaragua control of a large amount of the surrounding waters and seabed. It was hoped that the decision of the court … Read more

NML Capital and Argentina: Ghanaian court rejects Argentina’s sovereign immunity challenge and NML Capital targets second vessel in South Africa

On 25 October, News agencies reported that a second Argentine navy vessel has been targeted by NML Capital, this time in South Africa. This followed the news on 11 October 2012, that the Ghanaian Commercial Court in Accra rejected a motion filed by the Argentinian government for the release of the ARA Libertad, an Argentine … Read more

Record Award Against Ecuador Demonstrates Willingness of Tribunal to Review State Decisions on Grounds of Proportionality

In an award notified to the parties on 5 October 2012 (the Award), the majority of a three-member arbitral tribunal established under the ICSID Convention has directed the Republic of Ecuador (Ecuador or the Respondent) to pay US companies Occidental Petroleum Corporation (Occidental) and Occidental Exploration and Production Company (OEPC)(collectively, the Claimants) damages in the … Read more

Consistently inconsistent: another contrasting decision on ‘Most Favoured Nation’ provisions, another split decision

In Daimler Financial Services AG v Argentine Republic, an ICSID tribunal considered whether Daimler, a German investor, could rely on the ‘most favoured nation’ (MFN) clause in the Argentina-Germany bilateral investment treaty (BIT) to import a more favourable dispute resolution provision from the Argentina-Chile BIT. It held that it did not have jurisdiction to hear … Read more

US expands sanctions against Iran

On August 10, 2012, the US implemented new sanctions against Iran through the enactment of the Iran Sanctions, Accountability and Human Rights Act of 2012 (the “Act“). The Act is designed to place new restrictions on the Iranian economy to compel Iran to abandon its efforts to achieve nuclear weapons capacity (and to apply sanctions … Read more

New US Executive Order in relation to Iran and enforcement action against two non-US banks

On 31 July 2011 Barack Obama enacted a new Executive Order ‘Authorising Additional Sactions with Respect to Iran’,  which has immediate effect.  The US Department of the Treasury also announced yesterday the imposition of sanctions under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”), against two non-US financial institutions (one Iraqi, one … Read more

Argentina’s “expropriation” of Repsol oil subsidiary: the legal landscape

On 16 April 2012, Argentina’s President, Cristina Fernandez de Kirchner, presented a draft Bill to Congress setting out the Government’s intention to nationalise Repsol’s stake in Argentinian oil major YPF.  Spanish oil major Repsol formerly held a 57.4% stake in privatised YPF and will be left with 6.4% as Argentina acquires a controlling interest of … Read more