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Regionalism in International Investment Law$
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Leon Trakman and Nicola Ranieri

Print publication date: 2013

Print ISBN-13: 9780195389005

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780195389005.001.0001

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The Law of Indirect Expropriation and the Iran–United States Claims Tribunal's Role in its Development

The Law of Indirect Expropriation and the Iran–United States Claims Tribunal's Role in its Development

Chapter:
(p.314) 11 The Law of Indirect Expropriation and the Iran–United States Claims Tribunal's Role in its Development
Source:
Regionalism in International Investment Law
Author(s):

Romesh Weeramantry

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195389005.003.0011

The upsurge in contemporary investment arbitration awards has yielded a wealth of jurisprudence on the law of indirect expropriation. Prior to this recent deluge of case law, the largest body of international awards on expropriation was issued by the Iran–U.S. Claims Tribunal (hereafter the “Tribunal”). This chapter highlights the international law attributes of current investment treaty law on indirect expropriation by exploring references in investment treaty jurisprudence to Tribunal case law. It surveys the Tribunal's formation, jurisdiction, and core functions; reviews Tribunal awards pertaining to indirect expropriation and the international sources upon which they are based; and investigates the role played by Tribunal jurisprudence in investment law by examining references to Tribunal cases in major investment law commentaries that address the subject of expropriation. The chapter then considers a number of investment arbitration awards involving determinations on indirect expropriation, with a focus on how those awards utilize the case law of the Tribunal. Next, Tribunal awards on “other measures affecting property rights” are discussed, and the question of whether these awards are a type of lex specialis that are inappropriate for use in investment arbitration is explored. The concluding section discusses the future role of Tribunal awards in investment law.

Keywords:   Iran–U.S. Claims Tribunal, investment treaty law, investment arbitration awards, indirect expropriation, international law

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