The Revised VIAC Arbitration Rules – What Are The Vienna Investment Arbitration Rules 2021? (Part I)

The Vienna International Arbitral Centre (VIAC) has expanded its portfolio to include the administration of investment disputes. With effect from 1 July 2021, the Vienna Rules of Investment Arbitration (VRI), a newly introduced, standalone legal framework, entered into force.¹ They present VIAC's answer to the demands of investment arbitration and the concerns raised in the ongoing reform of the investor-State dispute settlement system under the ICSID Rules Amendment procedure² and the UNCITRAL Working Group III.³

In addition to introducing the VRI, VIAC simultaneously updated its Rules of Arbitration and Mediation (Vienna Rules) applying to commercial disputes.⁴ These efforts will be detailed in this two-part article series. This first part serves to examine key features of the new VRI, focusing exclusively on the Rules of Investment Arbitration rather than Investment Mediation. Building on this, part two will outline the notable amendments to the