The arbitration has been discontinued in response to the non-payment of the claimant’s portion of the required advance payment of the costs of the proceeding.
The settlement is under the Taxation Laws (Amendment) Act, introduced this year to put an end to 17 tax disputes India has with multinational companies like Cairn and Vodafone Plc.
SREW N.V., an open joint-stock company registered in Belgium, which owns 75% of the charter capital of Dnipro-Buzka wind plant LLC, has initiated arbitration against Ukraine.
Allowing oil, mining, and gas companies to continue to file expensive lawsuits over environmental regulations could undermine whatever agreements might be reached in the COP26 in Glasgow.
Meanwhile, the European Commission is working on a legislative initiative aiming at improving the protections offered to intra-EU investment under EU law.
Rules accepted under various trade and investment agreements often benefit destructive, extractive industries to the detriment of national and international climate goals and ambitions.