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ARTICLE · 18 NOVEMBER 2025

International Arbitration: English Court Rules That ICSID & ECT Awards Cannot Be Assigned

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In a judgment handed down on Monday 10 November 2025, the English Commercial Court (the Court) ruled that arbitration awards made pursuant to the International Centre for Settlement of Investment Disputes (ICSID) Convention or under the Energy Charter Treaty (ECT) are not capable of assignment.

United StatesLitigation, Mediation & Arbitration

In a judgment handed down on Monday 10 November 2025, the English Commercial Court (the Court) ruled that arbitration awards made pursuant to the International Centre for Settlement of Investment Disputes (ICSID) Convention or under the Energy Charter Treaty (ECT) are not capable of assignment.

This decision is significant, as it may preclude a purported assignee of an ICSID or ECT award (for example, a related group entity following a corporate reorganisation, or a third-party purchaser) from directly enforcing that award in England & Wales.

A brief case note follows. The full judgment can be read here: Operafund Eco-Invest SICAV Plc v The Kingdom of Spain [2025] EWHC 2874 (Comm).

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