CEU Electronic Theses and Dissertations, 2016
| Author | Filipiuk, Anastasiia |
|---|---|
| Title | Enforcement of ICSID arbitration awards and sovereign immunity |
| Summary | This thesis assesses the current practice regarding invocation of the sovereign immunity defense during enforcement of awards rendered under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (“Convention”). The thesis aims to answer the question of whether, and if yes, to what extent the issue of sovereign immunity impacts the efficiency of investment arbitration under the Convention. Research revealed that, theoretical concerns notwithstanding, the rate of compliance of states with the awards rendered under the Convention has been rather high so far. This may create the impression that the sovereign immunity issue is not a topical concern for the ICSID arbitration regime. However, the thesis advances the view that, with the ICSID caseload rising, and states facing economic crises decreasing their payment ability, the probability that the issue will persist is rather high. This position is reinforced by the fact that, even in terms of those few ICSID award enforcement decisions available, the success rate of execution of awards in national courts is close to zero, precisely because of the reliance of the recalcitrant state on the sovereign immunity defense. As a practical and efficient solution to the problem, the thesis proposes investors to negotiate waivers of sovereign immunity in contracts with states. |
| Supervisor | Petsche, Markus |
| Department | Legal Studies LLM |
| Full text | https://www.etd.ceu.edu/2016/filipiuk_anastasiia.pdf |
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