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
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
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
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
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
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
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
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