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International Law and International Organizations
Reference:
Ksenofontov, K.E.
Law applicable to the issues of expropriation
of foreign investments in the practice
of the International Center for Settlement
of Investment Disputes
// International Law and International Organizations.
2014. ¹ 3.
P. 421-428.
URL: https://en.nbpublish.com/library_read_article.php?id=65436
Ksenofontov, K.E. Law applicable to the issues of expropriation
of foreign investments in the practice
of the International Center for Settlement
of Investment Disputes
Abstract:
The disputes regarding forceful seizure of property of a foreign investor serves as bases for many claims
in the ICSID, and they form a signifi cant share among the existing disputes arising from the international investment
relations. When dealing with these issues the international arbitration inevitable face the questions of applicable
material law. The Washington Convention on the Settlement of Investment Disputes Between States and Nationals
of Other States provides relevant norms, however, in spite of clarity of their formulation, the practice of ICSID
involves various issues regarding applicable law. The said article involves analysis of the value of the provisions
of the Washington Convention in the applicable law, singling out the main confl ict of laws ties and specifi cally
stressing the defi ning role of autonomy of will of the parties. The article provides a detailed analysis of the topical
issue regarding correlation between the international law and national legislation as sources of material law
regulating the issues of regulation of investments. Based upon the analysis of the normative basis and doctrine the
author draws a conclusion on the priority of the national legal system of the state, where the investment of capital
takes place, as law applicable to the investment expropriation, stressing special role of international legal norms.
Keywords:
Foreign investments, expropriation, nationalization, forceful seizure of investments, international investment arbitration, ICSID, applicable law, confl ict of laws norms, investment protection, autonomy of will of the parties.
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