Article (Scientific journals)
The Legality of EU Sanctions under International Investment Agreements
Garcia Olmedo, Javier
2023In European Foreign Affairs Review, 28 (2023), p. 95 – 116
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Abstract :
[en] The ‘unilateral turn’ in EU trade and investment policy is also reflected in the EU’s adoption of restrictive measures or sanctions following the Russian invasion of Ukraine. EU sanctions do not only target the Russian government but also Russian individuals and companies with investments in the EU. They can also indirectly affect the economic activities of other foreign investors running businesses in the territory of Member States. This raises unexplored questions about the interaction between EU sanctions and certain disciplines of international economic law, such as international investment protection law. Member States have undertaken obligations under international investment agreements (IIAs) signed with Russia and other states in respect of investments made in their territory by Russian and non-Russian investors. This article examines whether, and if so to what extent, the EU’s unilateral turn in the form of sanctions can fall within the scope of international investment law. It shows that this policy can trigger claims against Member States under a different set of IIAs. This article also examines potential defences that Member States can invoke against investment treaty claims resulting from the implementation of sanctions.
Disciplines :
European & international law
Author, co-author :
Garcia Olmedo, Javier ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Law (DL)
External co-authors :
Language :
Title :
The Legality of EU Sanctions under International Investment Agreements
Publication date :
Journal title :
European Foreign Affairs Review
Publisher :
Kluwer Law International, London, United Kingdom
Special issue title :
The Unilateral Turn in EU Trade and Investment Policy
Volume :
Issue :
Pages :
95 – 116
Peer reviewed :
Peer Reviewed verified by ORBi
Available on ORBilu :
since 26 May 2023


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