The Court of Appeal maintained the stay of enforcement of Viorel Micula and others v Romania award, but overturned his decision on security, ordering that Romania should provide £150 million as a term of the stay.
The minister of culture says that the government has proposed the delay of the inclusion of Rosia Montana in the UNESCO World Heritage list until there is a final ruling in the case opened by Gabriel Resources against Romania.
The EC claimed intra-EU investment treaty arbitration is in breach of EU law. If the CJEU were to confirm the decision of the EC, the application of the ICSID Convention within the EU would be seriously endangered.
Romania’s prime minister has suggested his government will withdraw an application to have the Roman gold-mining area of Roșia Montană declared a Unesco world heritage site, potentially reviving controversial plans to resume mining.
The task no longer lies with interpreting investment treaties alone and trying to reform investment arbitration in general – but designing an entirely cohesive system for international environmental justice that is open to the actual victims of environmental disasters and not just the States that often fail to genuinely represent them.
The move followed a ruling of the Permanent Court of Arbitration that the Russian government must compensate almost two dozen Ukrainian companies for their losses incurred from the illegal annexation of Crimea in 2014.