The full protection and security standard creates an obligation for the host State (i) not to harm investors/investments through acts of State organs or acts otherwise attributable to the State and (ii) to protect investors and investments against actions of private parties, e.g. in the course of civil unrest. Accordingly, the full protection and security standard can be violated through State action as well as inaction.1 The standard is complementary to the State’s monopoly over the use of physical force and the prohibition of vigilante justice.
Cengiz İnşaat Sanayi ve Ticaret A.S v. Libya, ICC Case No. 21537/ZF/AYZ, Award, 7 November 2018, para. 403; BayWa r.e. Renewable Energy GmbH and BayWa r.e. Asset Holding GmbH v. Kingdom of Spain, ICSID Case No. ARB/15/16, Decision on Jurisdiction, Liability and Directions on Quantum, 2 December 2019, para. 529; Saluka Investments BV v. The Czech Republic, PCA Case No. 2001-04, Partial Award, 17 March 2006, para. 483; El Paso Energy International Company v. Argentine Republic, ICSID Case No. ARB/03/15, Award, 31 October 2011, para. 522; Renée Rose Levy de Levi v. Republic of Peru, ICSID Case No. ARB/10/17, Award, 26 February 2014, para. 406; Cervin Investissements S.A. and Rhone Investissements S.A. v. Republic of Costa Rica, ICSID Case No. ARB/13/2, Award, 7 March 2017, para. 367; Teinver S.A., Transportes de Cercanías S.A. and Autobuses Urbanos del Sur S.A. v. Argentine Republic, ICSID Case No. ARB/09/1, Award, 21 July 2017, para. 897; Cengiz İnşaat Sanayi ve Ticaret A.S v. Libya, ICC Case No. 21537/ZF/AYZ, Award, 7 November 2018, para. 402; Hydro Energy 1 S.à r.l. and Hydroxana Sweden AB v. Kingdom of Spain, ICSID Case No. ARB/15/42, Decision on Jurisdiction, Liability and Directions on Quantum, 9 March 2020, paras. 560-563; CME Czech Republic B.V. v. The Czech Republic, Partial Award, 13 September 2001, para. 613; Wena Hotels Limited v. Arab Republic of Egypt, ICSID Case No. ARB/98/4, Award, 8 December 2000, paras. 85-88; Parkerings-Compagniet AS v. Republic of Lithuania, ICSID Case No. ARB/05/8, Award, 11 September 2007, para. 355; Frontier Petroleum Services Ltd. v. The Czech Republic, PCA Case No. 2008-09, Final Award, 12 November 2010, para. 261; MNSS B.V. and Recupero Credito Acciaio N.V v. Montenegro, ICSID Case No. ARB(AF)/12/8, Award, 4 May 2016, para. 356; Mobil Exploration and Development Inc. Suc. Argentina and Mobil Argentina S.A. v. Argentine Republic, ICSID Case No. ARB/04/16, Decision on Jurisdiction and Liability, 10 April 2013, para. 1002.
The full protection and security standard is included in the overwhelming majority of investment treaties. The specific wordings differ. Some treaties refer to “full”,2 others to “full and complete”,3 “(most) constant”4 or “continuous”5 protection and security. “Protection” and “security” are sometimes inverted,6 “security” omitted.7 In arbitral practice, “these semantic variations do not change tribunals’ interpretations of the standard.”8
Mexico-Spain BIT (2006), Art. IV(1); Lithuania-Ukraine BIT (1994), Art. 2(2); Cuba-Lebanon BIT (1995), Art. 3(1); Pakistan-UAE BIT (1995), Art. 2(1); Hungary-Slovakia BIT (1993), Art. 2(2); Finland-Thailand BIT (1994), Art. 3(2); Denmark-Turkey BIT (1990), Art. 3(1); Hong Kong, China SAR-Korea, Republic of BIT (1997), Art. 2(2); Turkmenistan-United Arab Emirates BIT (1998), Article 2(2); Romania – United Arab Emirates (1993), Article 2(2); German Model BIT (2008), Art. 4(1); United Kingdom Model BIT (2008), Art. 2(2); U.S. Model BIT (2012), Art. 5(1).
Germany-China BIT, 1 December 2003, entered into force 11 November 2005, Art. 2(2); Swiss-Serbia BIT, 7 December 2005, entered into force 20 July 2007, Art. 4; Algeria-Italy BIT (1991), Art. 4(1); Belarus–Slovenia BIT (2006), Article 2(3); Poland-Thailand BIT (1992), Article 2(5); Finland–Panama (BIT) (2009), Article 2(2); Montenegro-Switzerland BIT (2005), Article 4; Argentina–Morocco BIT (1996), Article 3(3); BLEU-Venezuela BIT (1998), Article 3(2); Finland-Mauritius BIT (2007) Article 2(2); China-Spain BIT (2005), Article 2(2); Treaty of Friendship, Commerce and Navigation between the United States of America and Nicaragua (1956), Article III; Argentina – United Kingdom BIT (1990), Article 2(2); Austria-Mexico BIT (1998) Article 3(1); Japan–Russian Federation BIT (1998) Article 3(3); Lithuania–Slovenia BIT (1998), Article 2(2); Peru–Thailand BIT (1991), Article 3(2).
Most of the treaties entered into by BLEU use “continuous”.
BLEU – Philippines BIT (1998), Article III(2); BLEU- Malta BIT (1987), Article 3(2); BLEU-Egypt BIT, 28 February 1999, entered into force 24 May 2002, Art. 3(2); BLEU-United Arab Emirate BIT (2004), Article 3(2); BLEU – Gautemala BIT (2005), Article 3(1); China-Nigeria BIT, 2001, Art. 2.2.
Netherlands-Czech BIT, 29 April 1991, entered into force 1 October 1992, Art. 3(2); Greece-Hungary (1989), Article 3(2); Malta-Tusinia BIT (2000), Article 2(2); Finland and Lithuania BIT (1992) Article 4(1); Czech Republic-Guatemala BIT (2003), Article 2(2), Jordan-Lithuania BIT (2002), Article 3(1); Egypt- Nigeria BIT (2000), Article 2(3); Lithuania-Venezuela, Bolivarian Republic of BIT (1995), Article 3(1); Cyprus – Egypt BIT (1998), Article 3(2); Cyprus-Hungary BIT (1989) Article 3(2); Mexico – Netherlands BIT (1998), Article 3(1).
Alexandrov, S.A., The Evolution of the Full Protection and Security Standard, in Meg Kinnear et al. (eds.), Building International Investment Law: The First 50 Years of ICSID, 2015, p. 319.
Parkerings-Copmagniet AS v. Republic of Lithuania, ICSID Case No. ARB/05/8, Award, 11 September 2007, para. 354; Frontier Petroleum Services Ltd. V. Czech Republic, PCA Case No. 2008-09, Final Award, 12 November 2010, para. 260.
The full protection and security standard finds first mention in eighteenth century European scholarship9 and treaties.10 An early codification of the underlying principle can be found in Article 76 of the Introduction to the General Law for the Prussian States of 1794.11 It became more common in nineteenth century treaties on friendship, commerce and navigation12 and continued to be included in such treaties after World War II,13 in the Abs-Shawcross Convention14 as well as in the 1967 Draft OECD Convention.15 The full protection and security standard was featured prominently in the first ever ICSID case under a BIT, AAPL v. Sri Lanka.16
Wolff, C., Jus Gentium Methodo Scientifica petractatum (1749), reprinted in Brown Scott, J. (ed.), The Classic of International Law, Vol. 3, p. 536:
“aliens, so far they abode in a foreign jurisdiction, they must be protected against all injuries […] security must be guaranteed.”
De Vattel, E., The Law of Nations or The Principles of Natural Law (1758), reprinted in Brown Scott, J. (ed.), The Classics of International Law, Vol. 3, p. 145:
“A State may not permit the prerogative of admission or freedom of movement into his jurisdiction offers to aliens to be seen as inimical to them; in welcoming them he accepts to provide them with security like his own citizens.”
“Every inhabitant of the State is entitled to the State’s protection for his person and his property” / “Jeder Einwohner des Staats ist den Schutz desselben für seine Person und sein Vermögen zu fordern berechtigt”
Allgemeines Landrecht für die Preußischen Staaten, 1 June 1794, Introduction, para. 74.
France-Mexico Treaty of Friendship, Commerce and Navigation, 27 November 1886, 186 CTS 135.
The Treaty of Amity, Commerce and Navigation between Italy and Venezuela, 19 June 1861, Art. 4; Treaty of Friendship, Commerce and Navigation Between Argentina and the United States, 27 July 1853, Art. 2.
Dolzer, R. and Schreuer, C., Principles of International Investment Law, 2nd ed., 2012, p. 149.
Saluka Investments B.V. v. The Czech Republic, PCA Case No. 2001-04, Partial Award, 17 March 2006, para. 483; Joseph Houben v. Republic of Burundi, ICSID Case No. ARB/13/7, Award, 12 January 2016, para. 157; AWG Group Ltd. v. The Argentine Republic, Decision on Liability, 30 July 2010, paras. 174-177; Indian Metals & Ferro Alloys Ltd v. Republic of Indonesia, PCA Case No. 2015-40, Final Award, 29 March 2019, para. 267; Crystallex International Corporation v. Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/11/2, Award, 4 April 2016, paras. 632-634; (DS)2, S.A., Peter de Sutter and Kristof De Sutter v. Republic of Madagascar (II), ICSID Case No. ARB/17/18, Award, 17 April 2020, para. 299; Eurus Energy Holdings Corporation v. Kingdom of Spain, ICSID Case No. ARB/16/4, Decision on Jurisdiction and Liability, 17 March 2021, paras. 384-386; Border Timbers Limited, Timber Products International (Private) Limited, and Hangani Development Co. (Private) Limited v. Republic of Zimbabwe, ICSID Case No. ARB/10/25, Award, 28 July 2015, para. 596; RENERGY S.à r.l. v. Kingdom of Spain, ICSID Case No. ARB/14/18, Award, 6 May 2022, para. 944.
Comprehensive Economic and Trade Agreement between Canada and the European Union, signed 30 October 2016, Art. 8.10.(5); EU-Singapore Investment Protection Agreement, signed 19 October 2018, Art. 2.4.(5); EU-Vietnam Investment Protection Agreement, signed on 30 June 2019, Art. 2.5.(5); Agreement on encouragement and reciprocal protection of investments between the Government of the Kingdom of the Netherlands and the Government of Romania, Art. 3.1.
A few treaties include language which specifically identifies that “legal” protection and security is within the scope of this standard.19 This language has been discussed in the decisions of several tribunals.20 Most treaties, however, do not qualify what specific kind of protection and security is owed. In such cases, tribunals have interpreted the respective clauses differently:
Germany-Argentina BIT (1991), Article 4.1; Ukraine-Russia BIT (1998), Art. 2(2); Belgium-Burundi BIT (1989), Art. 3(2); Algeria-Italy BIT (1991), Art. 4(1); Consutel Group S.P.A. in liquidazione v. People's Democratic Republic of Algeria, PCA Case No. 2017-33, Final Award, 3 February 2020, para. 413.
Siemens A.G. v. The Argentine Republic, ICSID Case No. ARB/02/8, Award, 17 January 2007, paras. 302-303; Sergei Paushok et al. v. Government of Mongolia, Award on Jurisdiction and Liability, 28 April 2011, para. 326; OAO “Tatneft” v. Ukraine, PCA Case No. 2008-8, Award, 29 July 2014, para. 425; Joseph Houben v. Republic of Burundi, ICSID Case No. ARB/13/7, Award, 12 January 2016, para. 160; Tenaris S.A. and Talta - Trading e Marketing Sociedade Unipessoal Lda. v. Bolivarian Republic of Venezuela I, ICSID Case No. ARB/11/26, Award, 29 January 2016, para. 439; Bear Creek Mining Corporation v. Republic of Peru, ICSID Case No. ARB/14/21, Award, 30 November 2017, para. 536.
Saluka Investments B.V. v. The Czech Republic, PCA Case No. 2001-04, Partial Award, 17 March 2006, para. 483; UAB E energija (Lithuania) v. Republic of Latvia, ICSID Case No. ARB/12/33, Award of the Tribunal, 22 December 2017, para. 840; Indian Metals & Ferro Alloys Ltd v. Republic of Indonesia, PCA Case No. 2015-40, Final Award, 29 March 2019, para. 267; Infinito Gold Ltd. v. Republic of Costa Rica, ICSID Case No. ARB/14/5, Award, 3 June 2021, para. 629; Eurus Energy Holdings Corporation v. Kingdom of Spain, ICSID Case No. ARB/16/4, Decision on Jurisdiction and Liability, 17 March 2021, paras. 385-386; Infinito Gold Ltd. v. Republic of Costa Rica, ICSID Case No. ARB/14/5, Award, 03 June 2021, para. 623.
McLachlan, C., Shore, L. and Weininger, M., International Investment Arbitration, 2nd ed., 2018, paras. 7.262-7.266.
BG Group Plc. v. The Republic of Argentina, Final Award, 24 December 2007, para. 324; Rumeli Telekom A.S. and Telsim Mobil Telekomunikasyon Hizmetleri A.S. v. Republic of Kazakhstan, ICSID Case No. ARB/05/16, Award, 29 July 2008, para. 668; Suez, Sociedad General de Aguas de Barcelona, S.A. and Vivendi Universal, S.A. (formerly Aguas Argentinas, S.A., Suez, Sociedad General de Aguas de Barcelona, S.A. and Vivendi Universal, S.A.) v. Argentine Republic (II), ICSID Case No. ARB/03/19, Decision on Liability, 30 July 2010, para. 179; Gold Reserve Inc. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/09/1, Award, 22 September 2014, para. 623; OperaFund Eco-Invest SICAV PLC and Schwab Holding AG v. Kingdom of Spain, ICSID Case No. ARB/15/36, Award, 6 September 2019, para. 576; Electrabel S.A. v. The Republic of Hungary, ICSID Case No. ARB/07/19, Decision on Jurisdiction, Applicable Law and Liability, 30 November 2012, para. 7.83; Hydro Energy 1 S.à r.l. and Hydroxana Sweden AB v. Kingdom of Spain, ICSID Case No. ARB/15/42, Decision on Jurisdiction, Liability and Directions on Quantum, 9 March 2020, para. 566; Eurus Energy Holdings Corporation v. Kingdom of Spain, ICSID Case No. ARB/16/4, Decision on Jurisdiction and Liability, 17 March 2021, para. 385; RENERGY S.à r.l. v. Kingdom of Spain, ICSID Case No. ARB/14/18, Award, 6 May 2022, para. 945.
Ronald S. Lauder v. Czech Republic, Award, 3 September 2001, para. 314; CME Czech Republic B.V. v. The Czech Republic, Partial Award, 13 September 2001, para. 613; Azurix Corp. v. The Argentine Republic (I), ICSID Case No. ARB/01/12, Award, 14 July 2006, para. 408; National Grid PLC v. The Argentine Republic, Award, 3 November 2008, para. 187; Biwater Gauff (Tanzania) Limited v. United Republic of Tanzania, ICSID Case No. ARB/05/22, Award, 24 July 2008, para. 729; Frontier Petroleum Services Ltd. v. The Czech Republic, PCA Case No. 2008-09, Final Award, 12 November 2010 para. 273; Teinver S.A. et al. v. Argentina Republic, ICSID Case No. ARB/09/01, Award, 21 July 2017, para. 905; Krederi Ltd. v. Ukraine, ICSID Case No. ARB/14/17, Award, 2 July 2018, para. 652; Anglo American PLC v. Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/14/1, Award, 18 January 2019, para. 482; Global Telecom Holding S.A.E. v. Canada, ICSID Case No. ARB/16/16, Award, 27 March 2020, paras. 664-665; Spyridon Roussalis v. Romania, ICSID Case No. ARB/06/1, Award, 7 December 2011, paras. 320-321; Marion Unglaube v. Republic of Costa Rica, ICSID Case No. ARB/08/1, Award, 16 May 2012, para. 281; Reinhard Hans Unglaube v. Republic of Costa Rica, ICSID Case No. ARB/09/20, Award, 16 May 2012, para. 281; Global Telecom Holding S.A.E. v. Canada, ICSID Case No. ARB/16/16, Award, 27 March 2020, para. 664; Belenergia S.A. v. Italian Republic, ICSID Case No. ARB/15/40, Award, 6 August 2019, para. 621; A.M.F. Aircraftleasing Meier & Fischer GmbH & Co. KG v. Czech Republic, PCA Case No. 2017-15, Final Award, 11 May 2020, para. 661; Siemens A.G. v. The Argentine Republic, ICSID Case No. ARB/02/8, Award, 17 January 2007, paras. 302-303; Sergei Paushok et al. v. Government of Mongolia, Award on Jurisdiction and Liability, 28 April 2011, para. 326; OAO “Tatneft” v. Ukraine, PCA Case No. 2008-8, Award, 29 July 2014, para. 425; Joseph Houben v. Republic of Burundi, ICSID Case No. ARB/13/7, Award, 12 January 2016, para. 160; Tenaris S.A. and Talta - Trading e Marketing Sociedade Unipessoal Lda. v. Bolivarian Republic of Venezuela I, ICSID Case No. ARB/11/26, Award, 29 January 2016, para. 439; Bear Creek Mining Corporation v. Republic of Peru, ICSID Case No. ARB/14/21, Award, 30 November 2017, para. 536.
It is virtually undisputed that the full protection and security standard does not impose strict liability on the host State but a due-diligence obligation.25 The due-diligence obligation is sometimes referred to as an "obligation of vigilance."26 This is critical where the injury at issue was caused by actions which are not directly attributable to the State itself. In this context, “due diligence” means that the host State is not required “to prevent each and every injury” but must exercise reasonable care and take reasonable actions within its power to prevent injury of the investor.27 Once injuries have already happened, the State is expected to sanction them.28
Elettronica Sicula S.p.A. (ELSI) (U.S.A. v. Italian Republic), Judgment, 20 July 1989, p. 15, para. 108; Asian Agricultural Products Ltd. (AAPL) v. Republic of Sri Lanka, ICSID Case No. ARB/87/3, Final Award, 27 June 1990, para. 50; Sambiaggio Case, Opinion of Umpire Ralston, 1 January 1903, p. 521; Noble Ventures, Inc. v. Romania, ICSID Case No. ARB/01/11, Award, 12 October 2005, para. 164; Técnicas Medioambientales Tecmed, S.A. v. United Mexican States, ICSID Case No. ARB(AF)/00/2, Award, 29 May 2003, para. 177; Saluka Investments BV v. The Czech Republic, PCA Case No. 2001-04, Partial Award, 17 March 2006, para. 484; AWG Group Ltd. v. The Argentine Republic, Decision on Liability, 30 July 2010, paras. 162-164; Toto Costruzioni Generali S.p.A. v. Republic of Lebanon, ICSID Case No. ARB/07/12, Award, 7 June 2012, para. 227; Tulip Real Estate Investment and Development Netherlands B.V. v. Republic of Turkey, ICSID Case No. ARB/11/28, Award, 10 March 2014, para. 430; Joseph Houben v. Republic of Burundi, ICSID Case No. ARB/13/7, Award, 12 January 2016, para. 161; Indian Metals & Ferro Alloys Ltd v. Republic of Indonesia, PCA Case No. 2015-40, Final Award, 29 March 2019, para. 267; Frontier Petroleum Services Ltd. v. The Czech Republic, PCA Case No. 2008-09, Final Award, 12 November 2010, paras. 269-270; Peter A. Allard v. The Government of Barbados, PCA Case No. 2012-06, Award, 27 June 2016, paras. 243, 249-252; Eskosol S.p.A. in liquidazione v. Italian Republic, ICSID Case No. ARB/15/50, Award, 4 September 2020, para. 481; Global Telecom Holding S.A.E. v. Canada, ICSID Case No. ARB/16/16, Award, 27 March 2020, paras. 667-668; Naturgy Energy Group, S.A. and Naturgy Electricidad Colombia S.L. (formerly Gas Natural SDG, S.A. and Gas Natural Fenosa Electricidad Colombia, S.L.) v. Republic of Colombia, ICSID Case No. UNCT/18/1, Award, 12 March 2021, para. 563; Infinito Gold Ltd. v. Republic of Costa Rica, ICSID Case No. ARB/14/5, Award, 3 June 2021, para. 627; (DS)2, S.A., Peter de Sutter and Kristof De Sutter v. Republic of Madagascar II, ICSID Case No. ARB/17/18, Award, 17 April 2020, paras. 300-301; Infinito Gold Ltd. v. Republic of Costa Rica, ICSID Case No. ARB/14/5, Award, 03 June 2021, paras. 626-627; Border Timbers Limited, Timber Products International (Private) Limited, and Hangani Development Co. (Private) Limited v. Republic of Zimbabwe, ICSID Case No. ARB/10/25, Award, 28 July 2015, para. 596.
Sergei Paushok, CJSC Golden East Company and CJSC Vostokneftegaz Company v. The Government of Mongolia, Award on Jurisdiction and Liability, 28 April 2011, para. 325; Consutel Group S.P.A. in liquidazione v. People's Democratic Republic of Algeria, PCA Case No. 2017-33, Final Award, 3 February 2020, paras. 414-415; Naturgy Energy Group, S.A. and Naturgy Electricidad Colombia S.L. (formerly Gas Natural SDG, S.A. and Gas Natural Fenosa Electricidad Colombia, S.L.) v. Republic of Colombia, ICSID Case No. UNCT/18/1, Award, 12 March 2021, paras. 570-574.
American Manufacturing & Trading, Inc. v. Republic of Zaire, ICSID Case No. ARB/93/1, Award, 21 February 1997, paras. 6.05-6.06; Mobil Exploration and Development Inc. Suc. Argentina and Mobil Argentina S.A. v. Argentine Republic, ICSID Case No. ARB/04/16, Decision on Jurisdiction and Liability, 10 April 2013, para. 999; Sergei Paushok, CJSC Golden East Company and CJSCVostokneftegaz Company v. The Government of Mongolia, Award on Jurisdiction and Liability, 28 April 2011, paras. 323-325; Ulysseas, Inc. v. The Republic of Ecuador, PCA Case No. 2009-19, Final Award, 12 June 2012, para. 272.
Oxus Gold plc v. Republic of Uzbekistan, the State Committee of Uzbekistan for Geology & Mineral Resources, and Navoi Mining & Metallurgical Kombinat, Final Award, 17 December 2015, paras. 353-355, 834; Cervin Investissements S.A. and Rhone Investissements S.A. v. Republic of Costa Rica, ICSID Case No. ARB/13/2, Decision on Jurisdiction, 15 December 2014, para. 367; Ulysseas, Inc. v. The Republic of Ecuador, PCA Case No. 2009-19, Final Award, 12 June 2012, para. 272; Parkerings-Compagniet AS v. Republic of Lithuania, ICSID Case No. ARB/05/8, Award, 11 September 2007, para, 355.
The assessment is highly fact specific and depends on the circumstances of each case. In general, the host State must take all measures to prevent the injury which are possible under the specific circumstances and with due regard to its capacities.29 In some cases, tribunals held that the due diligence obligation was breached;30 in others, tribunals found that the State has acted with the necessary diligence.31
Asian Agricultural Products Ltd. (AAPL) v. Republic of Sri Lanka, ICSID Case No. ARB/87/3, Award, 27 June 1990, para. 77; Frontier Petroleum Services Ltd. v. The Czech Republic, PCA Case No. 2008-09, Final Award, 12 November 2010, para. 261; Electrabel S.A. v. The Republic of Hungary, ICSID Case No. ARB/07/19, Decision on Jurisdiction, Applicable Law and Liability, 30 November 2012, para. 7.145; Oxus Gold plc v. Republic of Uzbekistan, the State Committee of Uzbekistan for Geology & Mineral Resources, and Navoi Mining & Metallurgical Kombinat, Final Award, 17 December 2015, para. 834; South American Silver Limited (Bermuda) v. The Plurinational State of Bolivia, PCA Case No. 2013-15, Award, 30 August 2018, paras. 686-687; Mamidoil Jetoil Greek Petroleum Products Societe Anonyme S.A. v. Republic of Albania, ICSID Case No. ARB/11/24, Award, 30 March 2015, para. 821; Joseph Houben v. Republic of Burundi, ICSID Case No. ARB/13/7, Award, 12 January 2016, para. 161; Zhongshan Fucheng Industrial Investment Co. Ltd. v. Federal Republic of Nigeria, Final Award, 26 March 2021, para. 128.
Asian Agricultural Products Ltd. (AAPL) v. Republic of Sri Lanka, ICSID Case No. ARB/87/3, Final Award, 27 June 1990, para. 85(B); American Manufacturing & Trading, Inc. v. Republic of Zaire, ICSID Case No. ARB/93/1, Award, 21 February 1997, para. 6.05; Wena Hotels Limited v. Arab Republic of Egypt, ICSID Case No. ARB/98/4, Award, 8 December 2000, para. 84; Waguih Eli George Siag & Clorinda Vecchi v. Arab Republic of Egypt, ICSID Case No. ARB/05/15, Award, 1 June 2009, para. 448; Goetz et al. v. Republic of Burundi II, ICSID Case No. ARB/01/2, Award, 21 June 2012, para. 209; OAO Tatneft v. Ukraine, PCA Case No. 20008-8, Award, 29 July 2014, para 428; Pezold et al. v. Republic of Zimbabwe, ICSID Case No. ARB 10/15, Award, 28 July 2015, para. 597; Border Timbers Limited, Timber Products International (Private) Limited, and Hangani Development Co. (Private) Limited v. Republic of Zimbabwe, ICSID Case No. ARB/10/25, Award, 28 July 2015, para. 597; MNSS B.V. et al. v. Montenegro, ICSID Case No. ARB(AF)/12/8, Award, 4 May 2016, para. 356; Ampal-American Israel Corporation et al. v. Arab Republic of Egypt, ICSID Case No. ARB/12/11, Decision on Liability and Heads of Loss, 21 February 2017, para. 290; CME Czech Republic B.V. v. The Czech Republic, Partial Award, 13 September 2001, para. 613; Azurix Corp. v. The Argentine Republic (I), ICSID Case No. ARB/01/12, Award, 14 July 2006, para. 408; ADC Affiliate Limited and ADC & ADMC Management Limited v. Republic of Hungary, ICSID Case No. ARB/03/16, Award, 2 October 2006, para. 445; Siemens A.G. v. The Argentine Republic, ICSID Case No. ARB/02/8, Award, 6 February 2007, paras. 308-309; Biwater Gauff (Tanzania) Limited v. United Republic of Tanzania, ICSID Case No. ARB/05/22 , Award, 24 July 2008, paras. 729-731; National Grid PLC v. The Argentine Republic, Award, 3 November 2008, paras. 189-190; Antoine Goetz & Consorts and S.A. Affinange des Métaux v. Republic of Burundi (II), ICSID Case No. ARB/01/2, Sentence, 21 June 2012, para. 209; Iurii Bogdanov v. Republic of Moldova (III), SCC Case No. 114/2009, Final Award, 30 March 2010, paras. 77-85; Bernhard von Pezold and others v. Republic of Zimbabwe, ICSID Case No. ARB/10/15, Award, 28 July 2015, paras. 597-599; Cengiz İnşaat Sanayi ve Ticaret A.S v. Libya, ICC Case No. 21537/ZF/AYZ, Award, 7 November 2018, paras. 437-438, 442; Ceskoslovenska Obchodni Banka, a.s. v. The Slovak Republic, ICSID Case No. ARB/97/4, Award, 29 December 2004, para. 161; Öztaş Construction, Construction Materials Trading Inc. v. State of Libya, ICC Case No. 21603/ZF/AYZ, Dissenting Opinion of Tolga Ayoglu, para. 40; (DS)2, S.A., Peter de Sutter and Kristof De Sutter v. Republic of Madagascar II, ICSID Case No. ARB/17/18, Award, 17 April 2020 [French], para. 364.
Elettronica Sicula S.p.A. (ELSI) (U.S.A. v. Italian Republic), Judgment, 20 July 1989, para. 108; Eureko B.V. v. Republic of Poland, Partial Award, 19 August 2005, para. 236; Parkerings-Compagniet AS v. Republic of Lithuania, ICSID Case No. ARB/05/8, Award, 11 September 2007, paras. 356 and 357; Pantechniki S.A. Contractors & Engineers (Greece) v. Republic of Albania, ICSID Case No. ARB/07/21, Award, 30 July 2009, para. 82; GEA Group Aktiengesellschaft v. Ukraine, ICSID Case No. ARB/08/16, Award, 31 March 2011, para. 267; Toto Costruzioni Generali S.p.A. v. Republic of Lebanon, ICSID Case No. ARB/07/12, Award, 7 June 2012, para. 230; Vannessa Ventures Ltd v. Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/04/6, Award, 16 January 2013, para. 223; Tecnicas Medioambientales Tecmed S.A. v. United Mexican States, Award, ICSID Case No. ARB (AF)/00/2, Award, 29 May 2003, para. 177; Tulip Real Estate Investment and Development Netherlands B.V. v. Republic of Turkey, ICSID Case No. ARB/11/28, Award, 10 March 2014, para. 431; Mamidoil Jetoil Greek Petroleum Products Societe Anonyme S.A. v. Republic of Albania, ICSID Case No. ARB/11/24, Award, 30 March 2015, para. 822; Peter A. Allard v. The Government of Barbados, PCA Case No. 2012-06, Award, 27 June 2016, para. 249; South American Silver Limited (Bermuda) v. Plurinational State of Bolivia, PCA Case No. 2013-15, Award, 30 August 2018, para. 698; Iurii Bogdanov, Agurdino-Invest Ltd. and Agurdino-Chimia JSC v. Republic of Moldova (I), SCC Case No. 093/2004, Award, 22 September 2005, paras. 73-74; Noble Ventures, Inc. v. Romania, ICSID Case No. ARB/01/11, Award, 12 October 2005, para. 166; Saluka Investments BV v. The Czech Republic, PCA Case No. 2001-04, Partial Award, 17 March 2006, paras. 497, 505; PSEG Global Inc. and Konya Ilgin Elektrik Üretim ve Ticaret Limited Sirketi v. Republic of Turkey, ICSID Case No. ARB/02/5 , Award, 19 January 2007, paras. 257-259; Enron Creditors Recovery Corporation (formerly Enron Corporation) and Ponderosa Assets, L.P. v. Argentine Republic, ICSID Case No. ARB/01/3, Award, 22 May 2007, para. 287; Tokios Tokelés v. Ukraine, ICSID Case No. ARB/02/18, Award, 26 July 2007, para. 137; Sempra Energy International v. Argentine Republic, ICSID Case No. ARB/02/16, Award, 28 September 2007, para. 324; Rumeli Telekom A.S. and Telsim Mobil Telekomunikasyon Hizmetleri A.S. v. Republic of Kazakhstan, ICSID Case No. ARB/05/16 , Award, 29 July 2008, para. 669; Jan de Nul N.V. and Dredging International N.V. v. Arab Republic of Egypt, ICSID Case No. ARB/04/13, Award, 6 November 2008, paras. 270-271; Gemplus, S.A., SLP, S.A., and Gemplus Industrial S.A. de C.V. v. United Mexican States, ICSID Case No. ARB(AF)/04/3, Award, 16 June 2010, paras. 9.12-9.13; Liman Caspian Oil BV and NCL Dutch Investment BV v. Republic of Kazakhstan, ICSID Case No. ARB/07/14, Award, 22 June 2010, para. 469; Sergei Paushok, CJSC Golden East Company and CJSCVostokneftegaz Company v. The Government of Mongolia, Award on Jurisdiction and Liability, 28 April 2011, para. 327; Rupert Joseph Binder v. Czech Republic, Final Award, 15 July 2011, para. 478; El Paso Energy International Company v. Argentine Republic, ICSID Case No. ARB/03/15, Award, 31 October 2011, para. 525; Spyridon Roussalis v. Romania, ICSID Case No. ARB/06/1 , Award, 7 December 2011, para. 363; Marion Unglaube v. Republic of Costa Rica, ICSID Case No. ARB/08/1, Award, 16 May 2012, paras. 287-288; Reinhard Hans Unglaube v. Republic of Costa Rica, ICSID Case No. ARB/09/20, Award, 16 May 2012, paras. 287-288; SAUR International v. Argentine Republic, ICSID Case No. ARB/04/4, Décision sur la compétence et sur la résponsabilité, 6 June 2012, paras. 508-511; Ulysseas, Inc. v. The Republic of Ecuador, PCA Case No. 2009-19, Final Award, 12 June 2012, paras. 273-274; Electrabel S.A. v. The Republic of Hungary, ICSID Case No. ARB/07/19, Decision on Jurisdiction, Applicable Law and Liability, 30 November 2012, para. 7.146; Mobil Exploration and Development Inc. Suc. Argentina and Mobil Argentina S.A. v. Argentine Republic, ICSID Case No. ARB/04/16, Decision on Jurisdiction and Liability, 10 April 2013, para. 1004; AES Corporation and Tau Power B.V. v. Republic of Kazakhstan, ICSID Case No. ARB/10/16, Award, 1 November 2013, para. 339; Renée Rose Levy de Levi v. Republic of Peru, ICSID Case No. ARB/10/17, Award, 26 February 2014, para. 443; Enkev Beheer B.V. v. The Republic of Poland, PCA Case No. 2013-01 , First Partial Award, 29 April 2014, para. 377; Gold Reserve Inc. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/09/1, Award, 22 September 2014, para. 623; Hesham Talaat M. Al-Warraq v. The Republic of Indonesia, Final Award, 15 December 2014, para. 630; Oxus Gold plc v. Republic of Uzbekistan, the State Committee of Uzbekistan for Geology & Mineral Resources, and Navoi Mining & Metallurgical Kombinat, Final Award, 17 December 2015, paras. 357, 360, 836-842; Isolux Infrastructure Netherlands B.V. v. Kingdom of Spain, SCC Case No. V2013/153, Laudo, 12 July 2016, para. 819; Teinver S.A., Transportes de Cercanías S.A. and Autobuses Urbanos del Sur S.A. v. Argentine Republic, ICSID Case No. ARB/09/1, Award, 21 July 2017, paras. 909-910; Deutsche Telekom v. India, PCA Case No. 2014-10, Interim Award, 13 December 2017, para. 419; Olin Holdings Limited v. State of Libya, ICC Case No. 20355/MCP, Final Award, 25 May 2018, paras. 364-366; Öztaş Construction, Construction Materials Trading Inc. v. State of Libya, ICC Case No. 21603/ZF/AYZ, Final Award, 14 June 2018, para. 162; Krederi Ltd. v. Ukraine, ICSID Case No. ARB/14/17, Award, 2 July 2018, paras. 655-656; Indian Metals & Ferro Alloys Ltd v. Republic of Indonesia, PCA Case No. 2015-40, Final Award, 29 March 2019, paras. 269-270; Belenergia S.A. v. Italian Republic, ICSID Case No. ARB/15/40, Award, 6 August 2019, para. 622; BayWa r.e. Renewable Energy GmbH and BayWa r.e. Asset Holding GmbH v. Kingdom of Spain, ICSID Case No. ARB/15/16, Decision on Jurisdiction, Liability and Directions on Quantum, 2 December 2019, para. 531; Ioan Micula, Viorel Micula and others v. Romania (II), ICSID Case No. ARB/14/29, Award, 5 March 2020, paras. 448-449, 466; Global Telecom Holding S.A.E. v. Canada, ICSID Case No. ARB/16/16, Award, 27 March 2020, paras. 676-677, 682; A.M.F. Aircraftleasing Meier & Fischer GmbH & Co. KG v. Czech Republic, PCA Case No. 2017-15, Final Award, 11 May 2020, para. 661; Peter Franz Vöcklinghaus v. Czech Republic, Final Award, 19 September 2011, para. 133; Eskosol S.p.A. in liquidazione v. Italian Republic, ICSID Case No. ARB/15/50, Award, 4 September 2020, paras. 482-483; Naturgy Energy Group, S.A. and Naturgy Electricidad Colombia S.L. (formerly Gas Natural SDG, S.A. and Gas Natural Fenosa Electricidad Colombia, S.L.) v. Republic of Colombia, ICSID Case No. UNCT/18/1, Award, 12 March 2021, paras. 563-564; PACC Offshore Services Holdings Ltd v. United Mexican States, ICSID Case No. UNCT/18/5, Decision on Claimant's Application for Additional Award and on the Applicable Interest Rate, 9 May 2022, para. 50.
Pantechniki S.A. Contractors & Engineers v. Republic of Albania, ICSID Case No. ARB/07/21, Award, 30 July 2009, para. 71-84; Ampal-American Israel Corp., EGI-Fund (08-10) Investors LLC, EGI-Series Investments LLC, BSS-EMG Investors LLC and David Fischer v. Arab Republic of Egypt, ICSID Case No. ARB/12/11, Decision on Liability and Heads of Loss, 21 February 2017, para. 283-291; Cengiz İnşaat Sanayi ve Ticaret A.S v. Libya, ICC Case No. 21537/ZF/AYZ, Award, 7 November 2018, para. 376-377; Strabag SE v. Libya, ICSID Case No. ARB(AF)/15/1, Award, 29 June 2020, paras. 234-236; (DS)2, S.A., Peter de Sutter and Kristof De Sutter v. Republic of Madagascar (II), ICSID Case No. ARB/17/18, Award, 17 April 2020, paras. 344-345.
Alexandrov, S.A., The Evolution of the Full Protection and Security Standard, in Kinnear, M. et al. (eds.), Building International Investment Law: The First 50 Years of ICSID, 2015, Chapter 23.
Moss, G.C., Full Protection and Security, in Reinisch, A. (ed.), Standards of Investment Protection, 2008, Chapter 6.
McLachlan, C., and Others, International Investment Arbitration, 2nd ed., 2018, paras. 7.240-7.266.
Schreuer, C., Full Protection and Security, Journal of International Dispute Settlement, 2010, pp. 1-17.
Zeitler, H.E., Full Protection and Security, in Schill, S.W. (ed.), International Investment Law and Comparative Public Law, 2010, Chapter 6.
Already registered ?