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Sedelmayer v. Russian Federation

Type of decisionAward
Date of decision7 July 1998
Tribunal
Staffan Magnusson (President)
Jan Peter Waehler
Ivan S. Zykin (dissenting)
Legal instrumentBIT between Germany and Russian Federation (1983)
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Statements from this decision

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International Investment Treaties (IITs)
International Law Rules Applicable to IITs
Relationship of IITs to Other Sources of International Law
Relationship of an IIT to General Principles of International Law
Estoppel
The defence of estoppel may require a state to raise questions of irregularities at an early stage of the proceedings
Protection of Investors under IITs
Applicability of IITs
Ratione Materiae – Definition of Investment
The Concept of "Investment"
General Remarks
“Investment” has a wide scope
Shares
A shareholder can bring claims concerning investments formally made by somebody else, at least when the treaty so provides
Ratione Personae – Protected Investors
Natural Persons
Protection Based on Permanent Place of Residence
Permanent residence at the time when the investments were made is needed
Juridical Persons
Application of the control theory can be mirrored by the IIT
Dispute Settlement Clauses
Waiting Clauses / Duty to Attempt Settlement Before Arbitration
Consequences of Failure to Observe the Waiting Period
Even if the procedures required before the initiation of arbitration proceedings are not properly complied with, the consequences would be too far-reaching if – solely on this ground – a tribunal would be prevented from examining the case
Investment Treaty Arbitration
Admissibility
Lis Pendens / Parallel Proceedings
An IIT may explicitly provide the investor the right to initiate proceedings before international dispute settlement mechanisms parallel to those before national courts
Correct Respondent
Addressing a request for arbitration to one of the state’s proper representatives is sufficient to bring a claim against that state
Damages and Interest
Interest
Explicit Rules on Interest
Some IITs provide explicitly for rules on interest and its calculation

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