Article 10 (1)

Each Contracting Party shall, in accordance with the provisions of this Treaty, encourage and create stable, equitable, favourable and transparent conditions for Investors of other Contracting Parties to make Investments in its Area. Such conditions shall include a commitment to accord at all times to Investments of Investors of other Contracting Parties fair and equitable treatment. Such Investments shall also enjoy the most constant protection and security and no Contracting Party shall in any way impair by unreasonable or discriminatory measures their management, maintenance, use, enjoyment or disposal. In no case shall such Investments be accorded treatment less favourable than that required by international law, including treaty obligations. Each Contracting Party shall observe any obligations it has entered into with an Investor or an Investment of an Investor of any other Contracting Party.

The reference to treaty obligations in the penultimate sentence of Article 10(1) does not include decisions taken by international organisations, even if they are legally binding, or treaties which entered into force before 1 January 1970.

I would like to note that the Russian Federation believes that the reference to international law in Article 10(1) is not intended to impose most favoured nation obligations with regard to Making of Investments. This is clearly in accordance with the intent of the negotiators who decided not to include in this first Treaty MFN obligations for the pre-investment stage.

AES Corporation and Tau Power B.V. v. Republic of Kazakhstan, ICSID Case No. ARB/10/16

Award, 1 November 2013, paragraphs 279, 289, 317, 324; 329-330; 334-335, 339, 374; 398-409; 418; 441

AES Summit Generation Limited and AES-Tisza Erömü Kft v. The Republic of Hungary, ICSID Case No. ARB/07/22

Award, 23 September 2010, paragraphs 9.3.15; 9.3.34-9.3.35; 9.3.66; 9.3.73; 13.3.5-13.3.6; 10.3.31; 10.3.34,10.3.36; 10.3.50, 10.3.53

Mohammad Ammar Al-Bahloul v. Republic of Tajikistan, SCC Case No. V064/2008 

Partial Award on Jurisdiction and Liability, 2 September 2009, Paragraphs 210; 215-217; 247; 251; 254-255; 265-268

Alapli Elektrik B.V. v. Republic of Turkey, ICSID Case No. ARB/08/13

Excerpts of Award, 16 July 2012, paragraph 321

Limited Liability Company Amto v. Ukraine, SCC Case No. 080/2005

Award, 26 March 2008, paragraphs 78-84; 92-95; 99; 103-105; 108; 110-112

Anatolie Stati, Gabriel Stati, Ascom Group S.A. and Terre Raf Trans Traiding Ltd v. Republic of Kazakhstan, SCC Case No. V116/2010

Award, 19 December 2013, paragraphs 1086, 1087, 1092, 1256, 1282-1283; 1315-1316

Antaris GmbH and Dr. Michael Göde v. The Czech Republic, PCA Case No. 2014-01

Award, 2 May 2018, paragraphs 366-368; 410-412; 423-425; 430-435; 441-446

Dissenting Opinion of Mr Gary Born, 2 May 2018, paragraphs 7; 10-14; 24-26; 46-52; 58; 65-77

Antin Infrastructure Services Luxembourg S.à.r.l. and Antin Energia Termosolar B.V. v. Kingdom of Spain (ICSID Case No. ARB/13/31)

Award, 15 June 2018, paragraphs 552; 572

Blusun S.A., Jean-Pierre Lecorcier and Michael Stein v. Italian Republic, ICSID Case No. ARB/14/3

Final Award, 27 December 2016, paragraphs 329-330; 342-343; 350; 359-360; 364; 371-374; 386-388, 392-395

Charanne and Construction Investments v. Spain, SCC Case No. V 062/2012

Award, 21 January 2016, paragraphs 484, 486, 495, 505, 511, 512, 514, 517, 535, 539, 541

Eiser Infrastructure Limited and Energia Solar Luxembourg S.à.R.L. v. Kingdom of Spain, ICSID Case No. ARB/13/36 

Award, 4 May 2017, paragraphs 353-355, 365, 371, 388, 389, 391, 393, 398, 400, 412-418

Electrabel S.A. v. Republic of Hungary, ICSID Case No. ARB/07/19

Decision on Jurisdiction, Applicable law and Admissibility, 30 November 2012, paragraphs 6.6.6-6.6.8; 6.7.6; 7.146-7.147; 7.152-7.153; 7.159; 

Award, 25 November 2015, paragraphs 190; 219; 223

Energoalians SARL v. Republic of Moldova, UNCITRAL

Award, 23 October 2013, Paragraphs 346-363; 370-380

Greentech AS and others v Spain, SCC Arbitration V (2015/150)

Final Award, 14 November 2018, paragraphs 427-429

Hulley Enterprises Limited (Cyprus) v. Russian Federation, PCA Case No. AA 226

Final Award, 18 July 2014, paragraph 1585

Isolux Netherlands, BV v. Kingdom of Spain, SCC Case V2013/153

Final Award, 17 July 2016, paragraphs 764-772; 775; 781; 787-811, 818, 821-823

Dissenting Opinion of Prof. Guido Tawil, 17 July 2016, paragraphs 4-13

Ioannis Kardassopoulos v. The Republic of Georgia, ICSID Case No. ARB/05/18

Decision on Jurisdiction, 6 July 2007, paragraphs 212; 242; 452

Khan Resources Inc., Khan Resources B.V. and CAUC Holding Company Ltd. v. Government of Mongolia, UNCITRAL

Decision on Jurisdiction, 25 July 2012, paragraphs 295, 366

Libananco Holdings Co. Limited v. Republic of Turkey, ICSID Case No. ARB/06/8

Award, 2 September 2011, paragraph 102

Liman Caspian Oil BV and NCL Dutch Investment BV v. Republic of Kazakhstan, ICSID Case No. ARB/07/14 

Excerpts of Award, 22 June 2010, Paragraphs 263; 289; 348-349; 365; 377; 383; 422; 442-443; 449-450

Mamidoil Jetoil Greek Petroleum Products Societe S.A. v. Republic of Albania, ICSID Case No. ARB/11/24

Award, 30 March 2015, paragraphs 629-630, 657, 660, 662, 675, 695, 707, 716, 734-735, 764, 769, 771; 787-797; 823-825, 828-829

Dissenting Opinion of Steven A. Hammond, 20 March 2015, paragraphs 72-76; 90-95; 108; 120-139

Masdar Solar & Wind Cooperatief U.A. v. Kingdom of Spain, ICSID Case No. ARB/14/1

Award, 16 May 2018, paragraphs 499; 503; 521, 667

Novenergia II - Energy & Environment (SCA) (Grand Duchy of Luxembourg), SICAR v. The Kingdom of Spain, SCC Case No. 2015/063

Award, 15 February 2018, paragraphs 643-646; 657-661; 688-697, 713-715

Nykomb Synergetics Technology Holding AB v. The Republic of Latvia, SCC

Award, 16 December 2003, page 32-34

Petrobart Limited v. The Kyrgyz Republic, SCC Case No. 126/2003

Award, 29 March 2005, page 75-76

Plama Consortium Limited v. Republic of Bulgaria, ICSID Case No. ARB/03/24

Decision on Jurisdiction, 8 February 2005, paragraphs 143-146; 219-224; 248

Vattenfall A.B and others v. Federal Republic of Germany, ICSID Case No. ARB/12/12

Decision on the Achmea Issue, 31 August 2018, paragraph 157

Veteran Petroleum Limited (Cyprus) v. Russian Federation, PCA Case No. AA 228 

Final Award, 18 July 2014, paragraph 1585

Yukos Universal Limited (Isle of Man) v. Russian Federation, PCA Case No. AA 227

Final Award, 18 July 2014, paragraph 1585