Durham University
2 Experts
1 Contributions by Durham University Experts
PRACTICE NOTES
A by-product of arbitration’s cross-border character is the multiplicity of currencies parties and tribunals must handle, sometimes within a single case, with claims brought—and frequently granted—in different denominations. For broader guidance on currency questions in arbitration, see Practice Note: Currency in arbitration.
Currency in International Centre for Settlement of Investment Disputes (ICSID) arbitration proceedings
In investment arbitrations, tribunals regularly face currency-choice issues, chiefly linked to movements in the host state’s currency in which the investment was made and losses occurred and/or to the non-exchangeable status of some currencies. The following case illustrates how ICSID tribunals have addressed such questions. In Siemens AG v Argentine Republic (ICSID Case No ARB/02/8), the tribunal decided that compensation should be payable in US dollars rather than the contract currency, Argentine pesos. It was contended that the agreement did not secure Siemens parity between the peso and the
Arbitration
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