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ARTICLE · 09 MARCH 2020

A Safe Haven For Enforcement Of ICSID Awards

Jones Day
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A recent decision in Australia opens the door for recipients of investor-state awards to enforce the award in that country.

AustraliaEnergy and Natural Resources
Steven Fleming
Steven Fleming
Laura Uptin
Laura Uptin
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A recent decision in Australia opens the door for recipients of investor-state awards to enforce the award in that country.

In 2019, companies incorporated in England, Luxembourg and the Netherlands were awarded €229 million against the Kingdom of Spain in an investor-state arbitration. On 24 February 2020, the Federal Court of Australia enforced the arbitral awards. How did that happen? The Federal Court held that as Australia is a contracting party to the Convention on the Settlement of Investment Disputes ("Convention"), it is bound to enforce awards against other contracting countries to the Convention (here Spain), and Spain could not rely on foreign state immunity laws to resist the enforcement of the awards.

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