Jurisdiction(s):
United Kingdom

US D.C. Circuit upholds enforceability of US$330m Micula ICSID award against Romania despite CJEU state aid rulings

Published on: 15 May 2024

Published by a Law360 reporter

Legal News

Article summary

The circuit court’s three-judge bench dismissed Romania’s contention that the Court of Justice of the EU’s 2022 rulings retroactively nullified the country’s consent to arbitrate with two Swedish investors under their pre‑existing bilateral investment treaty. According to the decision, the district court’s authority likewise did not depend on a 2019 judgment from a lower European court that was subsequently overturned. Romania’s further claim that the CJEU decisions extinguished the International Centre for Settlement of Investment Disputes (ICSID) tribunal’s award met the same fate. The court noted that Romania identifies no passage in either 2022 CJEU judgment purporting to invalidate the arbitral award. Under the ICSID Convention, the sole mechanism for setting aside an ICSID tribunal’s award is the annulment process—an avenue Romania pursued without success, the opinion explains. Courts of contracting states must recognise awards rendered under the Convention as binding and are not permitted to examine an ICSID award’s merits. Together with the European Commission, Romania has for years maintained that the underlying arbitration agreement, contained in the treaty between Romania and Sweden, is precluded by EU law...

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