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ARTICLE · 25 MARCH 2026

Investor-State Arbitration Used As Battleground Over Russian Sanctions

Blake, Cassels & Graydon LLP
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On January 14, 2026, sanctioned Moldovan billionaire Igor Viktorovich Makarov filed a Request for Arbitration with the International...

CanadaInternational Law
Brady Gordon
Brady Gordon
Gina Murray
Gina Murray
Simon Rollat
Simon Rollat
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On January 14, 2026, sanctioned Moldovan billionaire Igor Viktorovich Makarov filed a Request for Arbitration with the International Centre for the Settlement of Investment Disputes (ICSID), seeking damages against Canada for sanctions imposed against him.

The case, Igor Viktorovich Makarov v. Canada, is one of the first uses of an individual turning to investor-state dispute settlement to seek damages for the effects of Canadian sanctions after attempting to challenge them through domestic courts.

Background

Since February 24, 2022, Canada has added over 1,500 individuals and 600 legal entities to the sanctions schedules under the Special Economic Measures (Russia) Regulations (SEMR) (Sanctions List), with almost 3,000 entries now on the list.

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