Article 17: Non-Application of Part III in Certain Circumstances

Each Contracting Party reserves the right to deny the advantages of this Part to:

(1) a legal entity if citizens or nationals of a third state own or control such entity and if that entity has no substantial business activities in the Area of the Contracting Party in which it is organised; or

(2) an Investment, if the denying Contracting Party establishes that such Investment is an Investment of an Investor of a third state with or as to which the denying Contracting Party:

(a) does not maintain a diplomatic relationship; or

(b) adopts or maintains measures that:

(i) prohibit transactions with Investors of that state; or

(ii) would be violated or circumvented if the benefits of this Part were accorded to Investors of that state or to their Investments.

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

Excerpts of Award, 16 July 2012, paragraph 361

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

Award, 26 March 2008, paragraphs 60; 67-70

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, paragraph 745

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 272-273

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

Interim Award on Jurisdiction and Admissibility, 30 November 2009, paragraphs 436-440; 455-460; 543-544; 550-554; 562-566

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

Final Award, 17 July 2016, paragraphs 711-715

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

Decision on Jurisdiction, 25 July 2012, paragraphs 411; 418-429; 431

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

Award, 2 September 2011, paragraph 126; 550-556

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 225-227

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

Award, 16 May 2018, paragraphs 234-239; 253-254

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

Award, 29 March 2005, page 63

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

Decision on Jurisdiction, 8 February 2005, paragraphs 80; 94-95; 147-148; 155-162; 170; 143

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

Interim Award on Jurisdiction and Admissibility, 30 November 2009, paragraphs 436-440; 455-460; 543-544; 550-554; 562-566

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

Interim Award on Jurisdiction and Admissibility, 30 November 2009, paragraphs 436-440; 455-460; 543-544; 550-554; 562-566