Spain announced a few days ago that it had obtained two awards (AES Solar et al. (PV Investors) v. Kingdom of Spain, PCA Case No. 2012-14 and Sapec, S.A. v. Kingdom of Spain, ICSID Case No. ARB/19/23) in which the arbitral tribunals declared that they had no jurisdiction to hear investment disputes between EU investors and Spain under the ECT. This would be the first time that arbitral tribunals upheld such an exception, with far-reaching consequences for upcoming disputes on this topic. We will return to this topic in light of the reasons for the rulings.

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