Investment Treaty Tribunal renders $1.3 billion Award in claims arising out of the Annexation of Crimea

20 December, 2018

The arbitral tribunal in Oschadbank v Russian Federation has rendered the first award concerning both jurisdiction and merits in relation to claims under the Russia-Ukraine Bilateral Investment Treaty arising out of the annexation of Crimea (

In accordance with one of the main methods of proving the applicable law in investment treaty arbitration, Professor Malcolm Shaw QC (assisted by Richard Hoyle) gave expert evidence on the novel questions of treaty interpretation involved. In particular the legal analysis examined, for jurisdictional purposes under the Bilateral Investment Treaty, the territorial aspect of investments which were once on ​internationally recognised domestic territory, but which territory was subsequently subjected to a forcible change of control and assertion of sovereignty by another state.