International investment arbitration: refusal of enforcement

The International Centre for Settlement of Investment Disputes (ICSID), established under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention) provides a forum for the resolution of disputes between nations and foreign investors. Bilateral investment treaties (BITs) between countries provide for investment by their nationals, and ICSID arbitration is the means for resolving disputes arising under contracts made pursuant to BITs.

The ICSID Convention provides its own rules for enforcing awards, distinct from those in the New York Convention: the former, unlike the latter, does not provide an array of defences to enforcement. The operation of ICSID where there is a potential public policy defence to enforcement arose before Blair J in Micula and Others v Romania and Another [2017] EWHC 31 (Comm).