Jurisdiction(s):
United Kingdom

Key definition

Investment definition

What does Investment mean? In practice, investment describes an asset or bundle of rights committed in a host state with the aim of generating a return. In investor-state work, the operative definition is treaty-specific: most bilateral investment treaties (BITs) and the Energy Charter Treaty use broad, asset-based lists covering, where applicable, tangible and intangible property located in the territory, shareholdings and other equity interests, contractual rights (including concessions), intellectual property, and loans or claims to money, subject to stated carve-outs. The ICSID Convention does not define investment; tribunals assess jurisdiction by the treaty text and case law, commonly considering a contribution of resources,...

Energy Charter Treaty investment arbitration: jurisdictional gateways, investor/investment definitions, forum selection, denial of benefits, intra‑EU disputes post‑Achmea/Komstroy, enforcement, and 2024 Modernised ECT reforms and withdrawals

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Practice notes

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This Practice Note addresses Investment Treaty Arbitration under the Energy Charter Treaty (‘ECT’)

This Practice Note surveys investment treaty arbitration under the Energy Charter Treaty (‘ECT’). It outlines, in summary, the ECT’s background, categories of protected investors and qualifying Investments, and principal jurisdictional obstacles, such as fulfilling the obligation to seek amicable settlement, limits arising from forum selection, and use of the ECT’s denial of benefits provision. It also examines, in detail, whether ECT tribunals may hear claims by investors from one EU Member State against another (intra‑EU disputes) under the ECT, a question that has been significant in ECT case law. The Note has been revised to capture pertinent amendments to the ECT adopted by the Energy Charter Conference in December 2024 (the ‘Modernised ECT’). The Modernised ECT applies provisionally to Contracting Parties from 3 September 2025, unless a Contracting Party opted out by 3 March 2025. It will come into force on the ninetieth day after at least three‑fourths of the Contracting Parties deposit instruments of ratification, acceptance or approval, and it will apply only as between depositing Contracting Parties. At the date of publication of this Practice Note, that ratification threshold had not been reached (February 2026)...

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Charline O. Yim

Gibson Dunn

Charline Yim is an associate in the New York office of Gibson, Dunn & Crutcher. She is a member of the Litigation and International Arbitration Practice Groups. Ms. Yim earned her Juris Doctor in 2011 from Harvard Law School, where she was the Co-Editor-in-Chief of the Harvard International Law Journal. She graduated summa cum laude in 2008 from the University of California, Los Angeles, where she studied Economics, English, and Political Science, and was elected to Phi Beta Kappa. Ms. Yim is admitted to practice in the State New York, and before the United States District Court for the Southern District of New York and the United States District Court for the Eastern District of New York. ...

Victoria R. Orlowski

Gibson Dunn

Victoria R. Orlowski, an associate in the New York of Gibson ,Dunn & Crutcher, acts as counsel in both commercial and investment-treaty based international arbitrations, as well as in litigation matters. In addition to representing clients, Ms. Orlowski is active in the international arbitration community. She is acting Vice President of the Standing Committee of the ICC International Centre for ADR and Co-Chaired the ICC Commission's task force on the revision of the Rules of ICC as Appointing Authority in UNCITRAL Or Other Ad Hoc Arbitration Proceedings, which came into force in 2017. Ms. Orlowski joined Gibson Dunn from the Secretariat of the International Court of Arbitration of the International Chamber of Commerce. As counsel of the North American team and then as Managing Counsel, she supervised the ICC Court's case management teams, performed second level review of draft arbitral awards, worked closely with the...

Ankita Ritwik

Gibson Dunn

Ankita Ritwik is an associate in the Washington, D.C. office of Gibson, Dunn & Crutcher. She is a member of the Litigation and International Arbitration Practice Groups. Ms. Ritwik's recent experience includes representing multinational companies with investments in Latin America, Asia and Africa, in the energy, manufacturing and mining industries. Ms. Ritwik earned her Juris Doctor cum laude in 2013 from Harvard Law School, where she was the Notes Editor for the Harvard International Law Journal. She graduated with honors from Yale University in 2007, where she double-majored in Economics and Molecular Biophysics & Biochemistry. Before attending law school, Ms. Ritwik worked as a business analyst for McKinsey & Co. Ms. Ritwik is fluent in Hindi, and has a working knowledge of Spanish and French. Ms. Ritwik is admitted to practice in the District of Colombia and the State of New...

Praharsh Johorey

Gibson Dunn

Praharsh Johorey is an associate attorney in the Dubai office of Gibson, Dunn & Crutcher. He is a member of the firm’s International Arbitration Practice Group. Praharsh works with clients to resolve a wide range of complex disputes, with a focus on cross-border investment-treaty and commercial arbitrations. He has experience advising clients under a variety of arbitration rules, including the UNCITRAL, AAA, SCC and JAMS rules. Praharsh earned a Bachelor of Arts and Laws (with Honors) from the National Law Institute University (India) in 2018. He subsequently earned a Master of Laws from Columbia Law School (USA), where he graduated as a James Kent Scholar for outstanding academic achievement, and a J.N. Tata Endowment Scholar. Before joining the firm, Praharsh served as a law clerk to Justice R.F. Nariman in the Supreme Court of India from 2019 to...

Web page updated on 21/05/2026

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