Sovereign awards As of Oct 28, 2026

Uncollected awards against states and state-owned companies

Name: Uncollected awards against states and state-owned companies
Creator: TopDisputes

Arbitral awards and court judgments against states and state-owned companies that were issued and remain unpaid in whole or in part. For each: the amount, where any challenge stands, the enforcement steps taken, the assets attached and what has been recovered, with sources.

Explore the awards How the list is built

Hulley v. Russia (Yukos) ($50B) is 29% of the headline total. Show the figures and charts with or without it.

Include Yukos Exclude Yukos

Headline total: ≈$170.8Bacross 126 awards and judgments, in U.S. dollars
Excluding vacated and in doubt: ≈$153.1Bleaves out 5 set aside or in doubt
Respondent states: 47in 10 regions
Top five: 67%of the total, in five awards
Partly collected: 8with some money recovered
Assets attached: 8frozen or attached, not yet realized
Median age: 6 yearssince the award or judgment

By respondent region Headline total and number of awards

Bars to scale by headline total. The figure on the right is the number of awards. Select a region to filter the index.

By collection status One square per award

88≈$117.8B · 69%
8≈$7.3B · 4%
8≈$23.5B · 14%
3≈$16.8B · 10%
2≈$920M · 1%
17≈$4.5B · 3%

Shares are of the headline total. Select a status to filter the index.

The 20 largest By headline amount, in U.S. dollars

Bars to scale. The headline’s basis differs between awards (principal, judgment amount, with interest or a claimed total), so the order is indicative.

When the awards were made Awards and judgments a year

Earlier
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The median award or judgment is 6 years old. The oldest is Commisimpex v. Congo (2000).

By kind of decision Awards and headline total

79Investment treaty awards≈$84.5B
32Commercial awards≈$31.7B
15Court judgments≈$54.6B

Most frequent respondents Awards against each state

The awards Largest first

Search parties, states, forums Respondent Sort

All 126 awards

#	Award	Respondent	Amount	Status	Latest development
1	Hulley Enterprises, Yukos Universal and Veteran Petroleum v. RussiaYukos shareholders’ Energy Charter Treaty claims	RussiaState · Jul 18, 2014	$50BPrincipal	Unpaid	Oct 5, 2026The D.D.C. ordered the parties to show cause on staying the case until the D.C. Circuit rules in Yukos Capital. Briefing ran from October 16 to 26, 2026.
2	Missouri v. People’s Republic of ChinaCOVID-19 claims over protective equipment	ChinaState · Mar 7, 2025	$24.5BJudgment amount	Unpaid	Sep 2026The motion to vacate was briefed in September 2026.
3	Petersen Energía Inversora and Eton Park v. ArgentinaArgentina’s 2012 takeover of YPF	ArgentinaState · Sep 15, 2023	$16.1BJudgment amount	Vacated, review pending	Sep 2026Petersen filed an ICSID claim under the Spain–Argentina BIT in mid-September 2026. The cert petition is pending.
4	Uniper v. Gazprom ExportGas not delivered under long-term contracts	RussiaSOE · Jun 7, 2024	€13B≈$14.5B · Principal	Partly collected	Jan 20, 2026A French court lifted the €364M attachment over Engie’s debts to Gazprom.
5	ConocoPhillips Petrozuata, Hamaca and Gulf of Paria v. VenezuelaNationalization of heavy-oil projects	VenezuelaState · Mar 8, 2019	$8.7BPrincipal	Unpaid	Feb 5, 2026ConocoPhillips’ chief executive said that collecting about $10B under its two judgments comes before any new investment in Venezuela.
6	Havlish v. Islamic Republic of IranClaims of September 11 victims’ families and estates	IranState · 2012	$6BJudgment amount	Unpaid	Aug 31, 2026The plaintiffs filed a cert petition on the Afghan central bank reserves.
7	Yukos Capital v. RussiaEnergy Charter Treaty claim by a Yukos group lender	RussiaState · Jul 23, 2021	$5BIncluding interest	Unpaid	Oct 2026The D.C. Circuit’s decision is pending. The D.D.C. is considering whether to stay the Hulley case until it rules.
8	Naftogaz v. RussiaCrimean energy assets	RussiaState · Apr 12, 2023	$4.2BPrincipal	Assets attached	Oct 26, 2026The D.D.C. denied Russia’s motion to dismiss. A Norwegian ruling on the vessel arrest is pending.
9	PDVSA v. MUFG Union Bank (PDVSA 2020 notes)Validity of the PDVSA 2020 notes secured on Citgo	VenezuelaSOE · Oct 16, 2020	$3BClaimed total	Unpaid	Nov 29, 2025The Citgo sale order provides for Amber Energy to pay $2.125B to the holders at closing, under an agreement with more than 75% of them.
10	Crescent Petroleum and Crescent Gas v. NIOCLong-term gas supply contract	IranSOE · Sep 27, 2021	$2.4BPrincipal	Partly collected	Jan 23, 2026The Dutch Supreme Court dismissed NIOC’s cassation appeal.
11	ConocoPhillips v. PDVSA (ICC)Petrozuata and Hamaca contract claims	VenezuelaSOE · Apr 25, 2018	$2BPrincipal	Partly collected	Jan 2026Under the Amber Energy deal, about $1.4B would be paid at closing (Forbes, January 2026).
12	Commisimpex v. Republic of CongoDebts under 1980s public works contracts	Republic of CongoState · Dec 3, 2000	€1.7B≈$1.9B · Claimed total	Partly collected	Jan 27, 2026The Nanterre court stayed the TotalEnergies guarantee claim pending the criminal case.
13	Turkmengaz v. National Iranian Gas CompanyPayment for gas supplied to Iran	IranSOE · 2020	€1.5B≈$1.7B · Estimate	Payment unverified	Feb 25, 2021A Swiss court upheld the award and rejected NIGC’s sanctions defense.
14	Palladian Partners v. ArgentinaPayment on euro GDP-linked securities	ArgentinaState · Apr 2023	€1.3B≈$1.5B · Judgment amount	Assets attached	May 2026Press reports said a settlement would need the approval of Argentina’s Congress.
15	Iraq v. TurkeyCrude oil exports through the Iraq–Turkey pipeline	TurkeyState · Feb 13, 2023	$1.5BPrincipal	Unpaid	Sep 24, 2026GAR reported that a D.D.C. magistrate judge recommended confirming the award and rejected Turkey’s net-creditor argument.
16	Naftogaz v. GazpromGas transit fees under the 2019 contract	RussiaSOE · Jun 16, 2025	$1.4BPrincipal	Unpaid	Jul 7, 2026The AIFC Court revoked its recognition order.
17	Crystallex v. VenezuelaLas Cristinas gold mine	VenezuelaState · Apr 4, 2016	$1.2BPrincipal	Partly collected	Oct 21, 2026The Third Circuit heard argument on the sale order. Crystallex had opposed Venezuela’s motion to hold the appeal in abeyance.
18	Oschadbank v. RussiaCrimean bank branches and assets	RussiaState · Nov 26, 2018	$1.1BPrincipal	Assets attached	Jul 19, 2026Russia asked the PCA to resume its revision application before a newly constituted tribunal.
19	Girard Street Investment Holdings and G&A Strategic Investments v. PDVSAPromissory notes issued to oilfield service companies	VenezuelaSOE · Jun 5, 2025	$1BEstimate	Unpaid	Feb 21, 2026The court denied PDV Holding’s motion to dismiss the alter-ego claim.
20	Qatar National Bank v. South Sudan and Bank of South SudanLoans to South Sudan and its central bank	South SudanState and SOE · 2024	$1BEstimate	Unpaid	Jul 24, 2026A U.S. court enforced the ICSID award against South Sudan and its central bank.
21	Rusoro Mining v. VenezuelaNationalization of gold mining	VenezuelaState · Aug 22, 2016	$967.8MPrincipal	Unpaid	Dec 2, 2025Under the Amber Energy deal, Rusoro would receive $400M in cash and $650M in convertible notes and warrants at closing, leaving about $650M unpaid.
22	Al-Kharafi & Sons v. LibyaCanceled tourism project in Tripoli	LibyaState · Mar 22, 2013	$936.9MPrincipal	Unpaid	Oct 1, 2026The Cour de cassation refused to reinstate the Société Générale attachment.
23	Horse Tours and Travel v. Iraqi Airways and IraqGeneral sales agency agreement with Iraqi Airways	IraqState and SOE · Jul 26, 2023	$786.3MPrincipal	Unpaid	Jul 24, 2026Horse Tours petitioned the D.D.C. to confirm the award.
24	Gold Reserve v. VenezuelaBrisas gold and copper project	VenezuelaState · Sep 22, 2014	$740.3MPrincipal	Partly collected	Oct 8, 2026Gold Reserve said it would support a six-month abeyance of the Citgo appeal if the U.S. government backs it.
25	AES Corporation v. ArgentinaElectricity tariffs after the 2001–2002 crisis	ArgentinaState · May 30, 2025	$715.9MPrincipal	Unpaid	Oct 14, 2026Argentina asked the D.D.C. to pause the case.
26	DP World and Doraleh Container Terminal v. DjiboutiDoraleh port terminal concession	DjiboutiState and SOE · 2019	$685MClaimed total	Unpaid	Sep 29, 2025DP World reported that an LCIA tribunal held the seizure of the terminal unlawful and the concession valid. Claims of about $1B against the government and China Merchants Port are pending.
27	Fennovoima v. RAOS Project (Hanhikivi 1)Canceled Hanhikivi 1 nuclear plant contract	RussiaSOE · 2026	€606M≈$678M · Principal	Unpaid	Oct 10, 2026Rosatom and Fennovoima announced the ruling, each describing it as a win.
28	DIG Oil v. DR CongoOil exploration blocks	DR CongoState · 2019	$617MEstimate	Payment unverified	Sep 16, 2021GAR reported the U.S. default judgment enforcing the award against the DRC.
29	Power Machines v. PetrovietnamTerminated power plant construction contract	VietnamSOE · Not verified	$570MEstimate	Status in doubt	Oct 13, 2025The Singapore Court of Appeal partly set aside the award (GAR).
30	Devas Multimedia v. AntrixCanceled satellite spectrum contract	IndiaSOE · Sep 2015	$562.5MPrincipal	Vacated, review pending	Aug 12, 2026The Ninth Circuit remanded on the effect of the Indian annulment.
31	Altana Credit Opportunities v. VenezuelaDefaulted Venezuelan sovereign bonds	VenezuelaState · Jul 19, 2023	$533.8MJudgment amount	Unpaid	Oct 21, 2026The Third Circuit heard argument on the Citgo sale order on October 21, 2026. Closing also needs an OFAC license.
32	Warmbier v. Democratic People’s Republic of KoreaDeath of Otto Warmbier after detention	North KoreaState · Dec 2018	$501.1MJudgment amount	Unpaid	Aug 2019No later development verified since the 2019 sale agreement.
33	Smurfit Holdings v. VenezuelaTakeover of paper and packaging operations	VenezuelaState · Aug 28, 2024	$468.7MPrincipal	Unpaid	Sep 24, 2024Smurfit petitioned the D.D.C. to enforce the award.
34	OI European Group v. VenezuelaNationalization of glass container plants	VenezuelaState · Mar 10, 2015	$455MIncluding interest	Unpaid	Oct 8, 2026Joined a brief opposing the abeyance of the Citgo appeal.
35	DXT Commodities v. Gazprom ExportGas supply contract	RussiaSOE · Oct 18, 2024	€385M≈$430.7M · Principal	Payment unverified	Jul 25, 2025The Amsterdam Court of Appeal ruled in the enforcement proceedings.
36	Valores Mundiales and Consorcio Andino v. VenezuelaTakeover of corn flour and pasta producers	VenezuelaState · Jul 25, 2017	$430.4MPrincipal	Unpaid	Nov 2025Reuters reported that it would recover “hardly anything” from the Amber Energy sale.
37	Contrarian Capital v. VenezuelaDefaulted Venezuelan sovereign bonds	VenezuelaState · Oct 16, 2020	$393.4MJudgment amount	Unpaid	Oct 21, 2026The Third Circuit heard argument on the Citgo sale order on October 21, 2026. Closing also needs an OFAC license.
38	Telefónica v. ColombiaReversion of telecommunications assets	ColombiaState · Nov 12, 2024	$379.8MPrincipal	Unpaid	Jun 2026Telefónica filed to enforce the award in the United States.
39	Koch Minerals and Koch Nitrogen International v. VenezuelaFertiNitro fertilizer plant	VenezuelaState · Oct 30, 2017	$369.2MIncluding interest	Unpaid	Oct 8, 2026Koch opposed the abeyance of the Citgo appeal. Partial recovery is expected if the sale closes (not verified).
40	Micula v. RomaniaRepeal of investment incentives	RomaniaState · Dec 11, 2013	$356.4MJudgment amount	Partly collected	Apr 14, 2026The D.D.C. imposed further discovery sanctions.
41	Diag Human v. Czech RepublicBlood-plasma business dispute	Czech RepublicState · May 18, 2022	$350MEstimate	Status in doubt	Oct 16, 2026ČEZ filed suits in Luxembourg to lift the attachment orders on the GasNet holding companies.
42	GreenX Metals v. PolandJan Karski and Dębieńsko coal mining projects	PolandState · Oct 2024	£252M≈$336.4M · Including interest	Unpaid	Mar 25, 2026GreenX reported that Poland paid A$1.6M in Singapore costs and has appealed the ECT ruling.
43	NextEra Energy Global Holdings v. SpainCuts to renewable energy incentives	SpainState · May 31, 2019	€290.6M≈$325.1M · Principal	Unpaid	Oct 19, 2026Singapore’s Court of Appeal dismissed Spain’s appeal against registration.
44	Teinver v. Argentina (Aerolíneas Argentinas)Expropriation of Aerolíneas Argentinas	ArgentinaState · Jul 21, 2017	$321MPrincipal	Unpaid	Oct 14, 2026Argentina says it will petition the U.S. Supreme Court by December 2, 2026. Its 2027 budget reserves $1.1B for four ICSID cases, reported as this one, AES, Webuild and Saur.
45	Rusal subsidiary v. TALCOAward against Tajikistan’s state aluminum company	TajikistanSOE · 2013	$316MPrincipal	Payment unverified	May 9, 2025GAR reported that the Tajik state aluminium company is resisting enforcement on sanctions-related grounds.
46	Colvin v. Syrian Arab RepublicDeath of journalist Marie Colvin in Homs, 2012	SyriaState · Feb 8, 2019	$303.6MJudgment amount	Unpaid	Sep 1, 2026The D.D.C. confirmed that the judgment remains binding on the Syrian Arab Republic despite the change of government.
47	Enagás v. PeruSouthern Peruvian Gas Pipeline (Gasoducto Sur Peruano)	PeruState · Dec 20, 2024	$302MPrincipal	Unpaid	Jul 2026The annulment committee held hearings.
48	Turkish contractor v. Ethiopian Railways CorporationRailway construction contract	EthiopiaSOE · 2026	$300MEstimate	Payment unverified	Oct 7, 2026GAR reported that the contractor won more than $300M in its LCIA claim against the state railway company.
49	Eiser Infrastructure v. Spain (resubmitted claim)Cuts to solar incentives	SpainState · Oct 2025	€260M≈$290.9M · Principal	Unpaid	Feb 2026Spain applied to annul the new award.
50	Venezuela Holdings (Mobil) v. VenezuelaCerro Negro and La Ceiba oil projects	VenezuelaState · Oct 9, 2014	$265MEstimate	Partly collected	Jun 30, 2026The D.D.C. stayed the case to allow Venezuela to appoint new counsel.
51	Glencore Finance (Bermuda) v. BoliviaNationalization of a tin smelter and mine	BoliviaState · Sep 2023	$253.6MPrincipal	Unpaid	Jul 31, 2026A French court rejected Bolivia’s set-aside application.
52	Red Tree Investments v. PDVSAUnpaid loan notes	VenezuelaSOE · Nov 29, 2022	$246MJudgment amount	Unpaid	Jan 2026Due to receive at least $330M at closing under the Amber Energy deal (Forbes, January 2026).
53	Iranian state-owned banks v. BahrainBahraini banking venture of two Iranian banks	BahrainState · Not verified	€214M≈$239.4M · Principal	Payment unverified	Apr 23, 2025A Dutch court upheld the award against Bahrain’s challenge.
54	Befesa Desalination v. Ghana Water and GhanaTeshie desalination plant	GhanaState and SOE · Sep 17, 2026	$235MIncluding interest	Unpaid	Sep 23, 2026Ghana’s Attorney-General said talks to buy the Teshie plant from Befesa had made significant progress.
55	Tenaris and Talta v. VenezuelaNationalization of steel and briquette producers	VenezuelaState · Jan 29, 2016	$224.3MPrincipal	Unpaid	Oct 21, 2026The Third Circuit heard argument on the Citgo sale order on October 21, 2026. Closing also needs an OFAC license.
56	Chevron and TexPet v. Ecuador (Lago Agrio treaty case)Ecuadorian judgment in the Lago Agrio litigation	EcuadorState · Nov 17, 2025	$215MPrincipal	Unpaid	Jul 17, 2026Chevron petitioned the D.D.C. to enforce the award.
57	DTEK Krymenergo v. RussiaCrimean electricity distribution company	RussiaState · Nov 1, 2023	$207.8MPrincipal	Assets attached	Feb 24, 2026The Hague Court of Appeal upheld the attachment of Gazprom assets.
58	Petrol d.d. v. Gazprom ExportGas supply contract	RussiaSOE · Dec 2025	€185.2M≈$207.2M · Principal	Payment unverified	Dec 15, 2025Petrol announced the award.
59	Bernhard von Pezold v. ZimbabweEstates acquired under the land reform program	ZimbabweState · Jul 28, 2015	$195MPrincipal	Unpaid	Aug 25, 2026Zimbabwe appealed to the D.C. Circuit (No. 26-7166).
60	Standard Chartered Bank (Hong Kong) v. Tanzania and TANESCOFinancing of the IPTL power plant	TanzaniaState and SOE · Oct 11, 2019	$185.4MPrincipal	Payment unverified	Aug 5, 2026In the related IPTL judgment case, a Court of Appeal taxing officer allowed $8M in costs to IPTL and Pan Africa Power against the bank.
61	MOL v. CroatiaINA shareholder agreements and the gas business	CroatiaState · 2022	$183.9MPrincipal	Unpaid	Mar 5, 2026The D.D.C. granted MOL summary judgment.
62	PrivatBank v. RussiaCrimean bank branches and assets	RussiaState · Oct 1, 2026	$180.9MPrincipal	Unpaid	Oct 6, 2026PrivatBank announced the final award and said it expects the award to be honored and paid in full.
63	Lovati and Lucibello Piani v. VenezuelaDefaulted Venezuelan sovereign bonds	VenezuelaState · Jun 9, 2023	$160.7MJudgment amount	Unpaid	Oct 21, 2026The Third Circuit heard argument on the Citgo sale order on October 21, 2026. Closing also needs an OFAC license.
64	Webuild (Salini Impregilo) v. ArgentinaRosario–Victoria bridge concession	ArgentinaState · Apr 28, 2025	$150MIncluding costs	Unpaid	Jul 3, 2026The annulment committee lifted the stay of enforcement.
65	Corral Morocco Holdings v. MoroccoCollapse of an oil refinery business	MoroccoState · Jul 15, 2024	$150MPrincipal	Unpaid	Apr 17, 2026The parties filed statements of costs in the annulment proceeding after post-hearing briefs on April 7, 2026.
66	Siemens Energy (Dresser-Rand) v. PDVSAPromissory notes for equipment	VenezuelaSOE · Dec 8, 2021	$150MJudgment amount	Unpaid	Nov 2025Reuters reported that it would recover “hardly anything” from the sale.
67	Everest Estate v. RussiaCrimean real estate and businesses	RussiaState · May 2, 2018	$129MPrincipal	Unpaid	Dec 6, 2024The Dutch Supreme Court remanded the set-aside case to the Amsterdam Court of Appeal.
68	Huntington Ingalls v. VenezuelaNavy frigate repair contract	VenezuelaState · Feb 19, 2018	$128.9MPrincipal	Unpaid	Oct 8, 2026Joined a brief opposing the abeyance of the Citgo appeal.
69	Border Timbers and Hangani Development v. ZimbabweTimber estates acquired under land reform	ZimbabweState · Jul 28, 2015	$126.6MJudgment amount	Unpaid	Oct 2026Zimbabwe opposed summary affirmance in the D.C. Circuit (No. 26-7170).
70	NET4GAS v. Gazprom ExportGas transit capacity contracts	RussiaSOE · Sep 2024	€113M≈$126.4M · Principal	Unpaid	May 22, 2026The tribunal issued a third award.
71	Hydro and Becchetti v. AlbaniaItalian investors’ television and energy businesses	AlbaniaState · Apr 2019	€110M≈$123.1M · Principal	Assets attached	Dec 2024The investors filed a new treaty claim over non-payment.
72	Urbajet v. Equatorial GuineaSocial housing projects	Equatorial GuineaState · Not verified	€110M≈$123.1M · Estimate	Unpaid	Oct 22, 2026GAR reported that the developer is seeking to enforce the award over delayed and unpaid social housing projects.
73	Eurus Energy Holdings v. SpainCuts to renewable energy incentives	SpainState · Nov 14, 2022	€106.2M≈$118.8M · Principal	Unpaid	Sep 24, 2026The D.D.C. entered judgment for Blasket.
74	ACL1 Investments v. VenezuelaDefaulted Venezuelan sovereign bonds	VenezuelaState · Dec 7, 2020	$118.2MJudgment amount	Unpaid	Oct 21, 2026The Third Circuit heard argument on the Citgo sale order on October 21, 2026. Closing also needs an OFAC license.
75	Infrastructure Services Luxembourg v. Spain (Antin)Cuts to solar thermal incentives	SpainState · Jun 15, 2018	€101M≈$113M · Principal	Unpaid	Aug 10, 2026The D.D.C. authorized execution and upheld subpoenas to U.S. payment institutions.
76	Tatneft v. UkraineShareholding in the Ukrtatnafta refinery	UkraineState · Jul 2014	$112MPrincipal	Unpaid	Sep 11, 2026The U.S. Department of Justice supported Ukraine on national-security grounds on August 28, 2026, and Tatneft replied on September 11, 2026.
77	CC/Devas (Mauritius) v. IndiaCanceled satellite spectrum contract	IndiaState · Oct 13, 2020	$111.3MPrincipal	Assets attached	Jun 24, 2026The English Court of Appeal upheld India’s immunity.
78	Asia Genius v. BarivenProcurement contract with PDVSA’s purchasing arm	VenezuelaSOE · Mar 20, 2023	$107.8MPrincipal	Payment unverified	Dec 2024Asia Genius petitioned the D. Del. to enforce the award.
79	OperaFund, Steag and Renergy v. SpainCuts to renewable energy incentives	SpainState · 2019	€95M≈$106.3M · Principal	Unpaid	Sep 30, 2026The D.D.C. ordered judgment on the three awards.
80	Venezuela US S.R.L. v. VenezuelaInvestment treaty claim under the Barbados BIT	VenezuelaState · Nov 4, 2022	$105.5MPrincipal	Unpaid	Nov 2025The Hague Court of Appeal upheld the award.
81	Tatarstan ministry v. Ukraine (Ukrtatnafta)Shareholding in the Ukrtatnafta refinery	UkraineState · Not verified	$104MEstimate	Unpaid	Apr 24, 2026A Paris court was due to rule on Ukraine’s application to set aside the award.
82	Novenergia and Foresight v. Spain (SCC awards)Cuts to solar incentives	SpainState · Feb 15, 2018	€92.3M≈$103.3M · Principal	Vacated, review pending	Sep 28, 2026The D.D.C. upheld its jurisdiction despite the Swedish annulments.
83	The PV Investors (AES Solar and others) v. SpainCuts to solar incentives	SpainState · Feb 28, 2020	€91.1M≈$101.9M · Principal	Unpaid	Jun 29, 2026The U.S. Supreme Court denied Spain’s petition in Kingdom of Spain v. Blasket (No. 24-1130).
84	Vestey Group v. VenezuelaExpropriation of cattle ranches	VenezuelaState · Apr 15, 2016	$98.1MPrincipal	Payment unverified	Jan 19, 2021The D.D.C. entered judgment on the stipulation between Vestey and Venezuela.
85	Veolia v. ItalyWaste-treatment concessions	ItalyState · 2026	€86M≈$96.2M · Principal	Unpaid	Sep 2026Italy applied to annul the award.
86	Syu Zhnyva v. Gazprom groupWar-damage claims in the Ukrainian courts	RussiaSOE · Aug 27, 2024	€85M≈$95.1M · Judgment amount	Unpaid	Jan 2026Further attachments were lifted in the Netherlands.
87	Deutsche Telekom v. IndiaCanceled satellite spectrum contract (Devas stake)	IndiaState · 2020	$93.3MPrincipal	Unpaid	Oct 2026The D.D.C. reconfirmed the award.
88	Watkins Holdings v. SpainCuts to renewable energy incentives	SpainState · Jan 21, 2020	€77M≈$86.1M · Principal	Unpaid	Jul 2026Post-judgment filings in the D.D.C.
89	Strabag v. LibyaConstruction contracts halted in 2011	LibyaState · Jun 29, 2020	€74.9M≈$83.8M · Principal	Payment unverified	Jul 7, 2022The D.C. Circuit’s mandate in Libya’s appeal was entered on the district court docket.
90	Cengiz İnşaat and Etrak İnşaat v. LibyaConstruction projects halted in 2011	LibyaState · 2018	$80.1MEstimate	Unpaid	Mar 10, 2026A Curaçao court refused recognition of a related award.
91	Rusal subsidiaries v. UkraineRenationalization of an industrial plant in Ukraine	UkraineState · 2026	$71MPrincipal	Unpaid	Jun 30, 2026GAR reported that an ICSID tribunal ordered Ukraine to pay $71M plus interest to two Rusal subsidiaries.
92	ACF Renewable Energy v. BulgariaChanges to solar feed-in support	BulgariaState · Jan 5, 2024	€61M≈$68.3M · Principal	Unpaid	Jan 21, 2026The European Commission opened an in-depth state aid investigation into the award.
93	RREEF Infrastructure v. SpainCuts to renewable energy incentives	SpainState · Dec 11, 2019	€59.6M≈$66.7M · Principal	Unpaid	Oct 20, 2026A Brussels court revoked the Eurocontrol attachment.
94	ČEZ v. Gazprom ExportGas not delivered	RussiaSOE · Feb 2025	€57.7M≈$64.6M · Principal	Unpaid	Jun 2025The award’s terms were reported.
95	Energía y Renovación Holding v. GuatemalaHydropower project halted by protests	GuatemalaState · Mar 31, 2025	$64.5MEstimate	Unpaid	Oct 24, 2025Guatemala applied for annulment.
96	Lugzor v. RussiaCrimean businesses	RussiaState · Oct 4, 2022	$60.2MPrincipal	Unpaid	Jun 9, 2026The Hague Court of Appeal dismissed Russia’s set-aside action.
97	LSG Building Solutions v. RomaniaChanges to the solar support scheme	RomaniaState · Feb 20, 2024	€52M≈$58.2M · Principal	Unpaid	Jul 7, 2026The award holders petitioned the D.D.C., and the European Commission opened a state-aid investigation.
98	AS Windoor v. KazakhstanKazakh courts’ refusal to enforce SCC awards	KazakhstanState · Jan 24, 2025	$55MIncluding interest	Unpaid	Oct 15, 2026The ICSID case page records a case management conference by video conference on October 14 and 15, 2026.
99	A.D. Trade Belgium v. GuineaMilitary and security equipment contracts	GuineaState · Nov 22, 2017	€45.7M≈$51.1M · Principal	Assets attached	Jun 20, 2024A.D. Trade registered its U.S. judgment in the Southern District of New York.
100	Amaplat Mauritius and Amari Nickel v. ZMDC and ZimbabweMining joint venture with the state mining corporation	ZimbabweState and SOE · Not verified	$50MEstimate	Unpaid	Apr 28, 2026The U.S. Supreme Court declined to hear the claimants’ appeal on Zimbabwe’s immunity.
101	Elliott Associates v. KoreaVote on the 2015 Samsung C&T and Cheil Industries merger	South KoreaState · Sep 30, 2026	$48.5MPrincipal	Unpaid	Oct 28, 2026Korea’s Ministry of Justice said it will not challenge the remitted award and is discussing payment.
102	ConocoPhillips Gulf of Paria v. PDVSA (Corocoro)Corocoro oil project contract	VenezuelaSOE · 2018	$48MJudgment amount	Unpaid	Oct 21, 2026The Third Circuit heard argument on the Citgo sale order on October 21, 2026. Closing also needs an OFAC license.
103	9REN Holding v. SpainCuts to solar incentives	SpainState · May 31, 2019	€41.8M≈$46.8M · Principal	Unpaid	Oct 21, 2026The D.D.C. issued a further order in the enforcement case.
104	Tidewater v. VenezuelaOffshore vessel operations taken over in 2009	VenezuelaState · Mar 13, 2015	$46.4MPrincipal	Unpaid	Oct 8, 2026Tidewater opposed the abeyance of the Citgo appeal.
105	SolEs Badajoz v. SpainCuts to solar incentives	SpainState · Jul 31, 2019	€41M≈$45.9M · Principal	Unpaid	Mar 16, 2022The ad hoc committee rejected Spain’s annulment application.
106	Ukrnafta v. RussiaCrimean petrol stations and assets	RussiaState · Apr 12, 2019	$44.5MPrincipal	Payment unverified	Dec 12, 2019The Swiss Federal Supreme Court dismissed Russia’s application to set aside the award.
107	AVZ International v. Cominière (Manono lithium)Manono lithium project joint venture	DR CongoSOE · 2025	€39M≈$43.6M · Principal	Payment unverified	Sep 29, 2026AVZ said the suspended ICC case against Cominière has resumed, with merits submissions from October 2026 to April 2027 and a hearing set for May 24 to 28, 2027.
108	Zero Bypass v. Slovakia (D4/R7 Bratislava bypass)D4/R7 Bratislava bypass concession	SlovakiaState · Dec 2021	€38.5M≈$43.1M · Principal	Payment unverified	Dec 7, 2021GAR reported the award ordering Slovakia to pay €38.5M for permit delays.
109	Niko Resources (Bangladesh) v. Petrobangla and BapexPayment for gas deliveries	BangladeshSOE · Sep 24, 2021	$43MEstimate	Payment unverified	Dec 18, 2025In the parallel case (ICSID ARB/10/11) the tribunal ordered Niko’s subsidiary to pay Bapex only a small share of the roughly $800M sought over a gas field blowout.
110	Saint-Gobain Performance Plastics Europe v. VenezuelaNationalization of a ceramic proppant plant	VenezuelaState · Nov 3, 2017	$42MPrincipal	Unpaid	No recent development verified
111	Saur International v. ArgentinaMendoza water concession	ArgentinaState · May 22, 2014	$40MPrincipal	Unpaid	Oct 15, 2026The D.D.C. held Argentina’s response deadline in abeyance pending the Supreme Court’s handling of the Titan limitations question.
112	Cube Infrastructure v. SpainCuts to renewable energy incentives	SpainState · Jul 15, 2019	€33.7M≈$37.7M · Principal	Unpaid	2025Spain’s appeal to the D.C. Circuit is pending.
113	Odyssey Marine Exploration v. MexicoSeabed phosphate mining permit	MexicoState · Sep 17, 2024	$37.1MPrincipal	Unpaid	Aug 11, 2026Odyssey reported that the set-aside application remains pending, with a hearing set for March 2027.
114	Stabil v. RussiaCrimean petrol stations	RussiaState · Apr 12, 2019	$34.6MPrincipal	Unpaid	2026The Supreme Court denied cert, and confirmation is pending in the D.D.C.
115	Hydro Energy 1 and Hydroxana v. SpainCuts to hydropower incentives	SpainState · Aug 5, 2020	€30.9M≈$34.5M · Principal	Unpaid	Aug 20, 2024The award holder told the D.D.C. that the D.C. Circuit’s August 2024 jurisdiction ruling supports confirmation.
116	EDF Energies Nouvelles v. SpainCuts to renewable energy incentives	SpainState · Apr 11, 2023	€29.6M≈$33.1M · Principal	Unpaid	Apr 3, 2024The Swiss Federal Supreme Court upheld the award.
117	InfraRed Environmental Infrastructure v. SpainCuts to solar thermal incentives	SpainState · Aug 2, 2019	€28.2M≈$31.6M · Principal	Unpaid	Sep 2025The D.D.C. entered judgment.
118	RWE Innogy v. SpainCuts to renewable energy incentives	SpainState · Dec 18, 2020	€28.1M≈$31.4M · Principal	Unpaid	Mar 27, 2026The Hamm Higher Regional Court referred questions on EU law and enforcement of ICSID awards outside the EU to the CJEU (Case C-264/26).
119	Stans Energy and Kutisay Mining v. Kyrgyzstan (II)Kutisay rare-earth mining licenses	KyrgyzstanState · Aug 20, 2019	$25MIncluding interest	Unpaid	Nov 25, 2025The D.D.C. authorized attachment and execution against Kyrgyz assets.
120	BayWa r.e. v. SpainCuts to renewable energy incentives	SpainState · Jan 25, 2021	€22M≈$24.6M · Principal	Unpaid	Jun 29, 2026The D.D.C. entered final judgment for $28.2M.
121	ContourGlobal v. Kosovo (Kosova e Re)Kosova e Re power plant contract	KosovoState · Oct 2023	€20.1M≈$22.4M · Principal	Payment unverified	Apr 26, 2024The English Commercial Court upheld the ICC award against Kosovo.
122	General Dynamics United Kingdom v. LibyaCommunications systems supply contract	LibyaState · Jan 2016	£16.1M≈$21.5M · Principal	Assets attached	Sep 8, 2026Germany’s Federal Court of Justice upheld enforcement of the award against Libya.
123	Webuild (Impregilo) v. Argentina (2011 water award)Buenos Aires province water concession	ArgentinaState · Jun 21, 2011	$21.3MPrincipal	Unpaid	Oct 15, 2026Argentina’s D.C. Circuit appeal remains pending (latest clerk order October 15, 2026).
124	Global Voice Group v. GuineaTelecoms traffic monitoring agreement	GuineaState and SOE · Not verified	$21MPrincipal	Unpaid	May 29, 2026The D.C. Circuit revived Global Voice’s claim to confirm the award and sent it back to the district court.
125	Air Canada v. VenezuelaTransfer of airline ticket revenue out of Venezuela	VenezuelaState · Sep 13, 2021	$20.8MPrincipal	Unpaid	Sep 11, 2026Venezuela appealed the D.D.C.’s August 14, 2026 order to the D.C. Circuit.
126	Manolium-Processing v. BelarusMinsk trolleybus depot investment	BelarusState · Jun 22, 2021	$20.4MPrincipal	Payment unverified	Dec 14, 2021Revera, a Belarusian law firm, wrote that it remained an open question whether Belarus would pay.
No award matches these filters.

Listing an award here does not mean that the respondent accepts that the sum is owed. Many respondents contest these awards or their enforcement, and several challenges are pending. Figures are as reported by courts, tribunals, the parties and the legal press.

Amounts in other currencies are converted to U.S. dollars at the European Central Bank euro reference rates of October 26, 2026 (crossed through the U.S. dollar), the Bank of Russia’s official rate of October 27, 2026 for the rouble, and the official dollar pegs of the Saudi riyal and the UAE dirham. The headline’s basis is shown under each amount.

Watchlist 66

Smaller awards (under about $50 million), awards with undisclosed amounts or unconfirmed parties, and liability-only decisions.

Show the 66 awards

RWE Supply & Trading v. Gazprom ExportGazprom Export · Announced about March 20, 2025 · UndisclosedICC. No enforcement reported. Global Arbitration Review
OMV v. Gazprom (third ICC award)Gazprom · Reported February 24, 2026 · UndisclosedA Russian court ordered OMV not to enforce. Details not verified. Global Arbitration Review
Orlen v. Gazprom and Gazprom Export (Yamal contract interest)Gazprom and Gazprom Export · October 2025 · $118M (about $146M with interest)A July 1, 2025 partial award in the same case gives Gazprom about $290M against Orlen, which sanctions prevent Orlen from paying, so Orlen is the net debtor. A claim over the halt in supplies is pending. rzmlaw.com
Navayo International v. Indonesia (Ministry of Defense)Republic of Indonesia (Ministry of Defense) · April 2021 (reported) · $16M principal ($10.2M to Navayo, $5.8M to MEHIB). Indonesian outlets put the total due at about $24.1M in March 2025.ICC award over a military satellite contract. GAR calls it a $20M award. A Singapore court upheld enforcement despite finding an arguable fraud claim (May 2024). A French court allowed seizure of Indonesian diplomatic property in Paris. Indonesia protested, citing the Vienna Convention, and said it would appeal. Status after March 2025 not verified. Legal Wires: Navayo International AG v. Ministry of Defence, Government of Indonesia (Singapore) Bisnis.com: Aset Mau Disita, Yusril Protes ke Prancis Soal Kasus Navayo (March 27, 2025) GAR: Indonesia fails to halt enforcement in Singapore with fraud defence (May 14, 2024), Indonesia region listing
Vedanta and Ravva Oil v. India (Ravva PSC)Government of India (Ministry of Petroleum and Natural Gas) · October 12, 2004 (partial) and October 26, 2016 (final) · About $99MThe Delhi High Court enforced both foreign awards on July 1, 2026 and rejected the government’s objections. The awards concern the government’s demand for about $99M in profit petroleum. Whether this is a money award to be paid by the state, and whether India appealed or paid, not verified. Bar & Bench: Delhi High Court paves way for Centre to release $99 million in arbitral awards to Vedanta and Ravva Oil (July 9, 2026) Shardul Amarchand Mangaldas: Delhi High Court allows enforcement of two foreign arbitral awards (July 1, 2026)
Egyptian-owned railway investor v. Uganda (Rift Valley Railways concession)Republic of Uganda · Reported May 5, 2026 · $139MLondon-seated UNCITRAL award over the terminated Mombasa-Kampala railway concession. Claimant not named in the sources opened. A separate $2.5B claim against Kenya and Uganda was dismissed in 2025. Promote once the claimant and payment status are verified. GAR: Uganda ordered to pay in railway claim (May 5, 2026)
Abengoa v. Kenyan state entity (transmission project)Kenyan state-owned electricity transmission entity (not named in the source opened) · Reported September 19, 2019 · €38MUNCITRAL award over a cancelled electricity transmission project, announced by Abengoa. Payment or settlement since 2019 not verified. GAR: Abengoa reports win against Kenyan state entity (September 19, 2019), Kenya region listing
Emirati investor v. Algeria (Algiers park project)People’s Democratic Republic of Algeria · Reported May 10, 2023 · Over $228M plus interest and costsICSID award to an entity owned by Abu Dhabi’s royal family over a failed metropolitan park project, with a dissent arguing the claim should have been rejected on evidence of malfeasance. Claimant name, annulment and payment status not verified. Strong candidate for promotion. GAR: Emirati investor wins damages over Algerian park project (May 10, 2023)
Mediterranean Shipping Company (per GAR tags) v. Algeria (dividend transfers)People’s Democratic Republic of Algeria · Reported July 28, 2022 · $110MSplit ICSID award ordering Algeria to pay and lift a ban on collecting dividends. The same group filed a new claim over a port concession (August 2023). Claimant name and payment status not verified. GAR: Algeria liable for blocking transfer of dividends (July 28, 2022)
Spanish conglomerate v. Sonatrach entity (fertilizer stake)Sonatrach subsidiary (state-owned) · Reported June 7, 2023 · €128MICC award over a failed purchase of a fertilizer stake. Parties and payment status not verified. GAR: Spanish group wins ICC award against Sonatrach entity (June 7, 2023), Algeria region listing
FG Hemisphere Associates v. DR Congo (Energoinvest awards)Democratic Republic of the Congo · Awards from 2003 arbitrations (dates not verified) · Not verified (a secondary source cites a Jersey judgment of $108.3M with interest, which the Privy Council reversed in 2012 as to Gécamines)Two awards on a 1980 credit agreement with the DRC and its state electricity company, assigned to FG Hemisphere. The Privy Council held in 2012 that Gécamines is not liable for them. In December 2021 FG Hemisphere was pursuing Maryland properties it says relatives of Joseph Kabila bought with state funds. Current amount and status not verified. D.C. Cir.: FG Hemisphere Associates v. Democratic Republic of Congo, No. 10-7040 (2011) GAR: DRC spared asset seizure by Privy Council (July 20, 2012) GAR: Old foe of DRC targets 'stolen' assets in Maryland (December 8, 2021), DRC region listing
Turkish builder v. Ethiopia (industrial zone treaty claim)Federal Democratic Republic of Ethiopia · Reported March 6, 2026 · Undisclosed (sunk costs only)A PCA tribunal dismissed most of the claim and awarded only sunk costs tied to an industrial zone. Claimant and amount not verified. GAR: Turkish contractor wins sunk costs in Ethiopia claim (March 6, 2026), Ethiopia region listing
Korean owner of the Patrind hydropower project v. Pakistan (guarantee) and a Pakistani state utilityIslamic Republic of Pakistan (guarantor) and a Pakistani state-owned utility · Reported April 22, 2024 · About $30M (award against Pakistan under its guarantee)LCIA award holding Pakistan liable under a guarantee for a state entity’s unpaid obligations, including an earlier award. Separately, the English Court of Appeal restrained a Pakistani state utility from a pre-emptive challenge in Lahore to a London LCIA award in a renewable energy case (July 2025), and the UK Supreme Court agreed to hear the utility’s appeal (November 2025). The link between the two was not verified. Claimant believed to be Star Hydro Power, not verified. Strong candidate for promotion. GAR: Pakistan ordered to pay Korean hydro venture (April 22, 2024) GAR: UK appeal court restrains 'pre-emptive challenge' to LCIA award in Pakistan (July 25, 2025) GAR: UK Supreme Court to rule on power to restrain foreign recognition proceedings (November 11, 2025), Pakistan region listing
UK energy company v. Sonatrach (gas field contract)Sonatrach (Algerian state energy company) · Reported January 9, 2026 · Over $290M (claimant’s statement)Claimant and forum not named in the sources opened. GAR: UK company declares win in Algerian gas dispute (January 9, 2026)
Cement investor v. Algerian state entityAlgerian state entity (not named) · Paris enforcement upheld, reported November 13, 2025 · $60MICC award. The Paris Court of Appeal upheld enforcement. A related treaty award is pending. Parties not verified. GAR: Algerian cement award enforced in Paris (November 13, 2025), Algeria region listing
Lebanese waste management company v. GabonGabonese Republic · Set-aside rejected, reported November 10, 2025 · $34MICC award. A Paris court refused to annul it, finding that evidence of corruption did not invalidate the contracts. Claimant not named in the sources opened. Payment not verified. GAR: Gabonese waste management award survives corruption challenge (November 10, 2025)
SIAC award against a Mongolian state-owned enterpriseMongolian state-owned enterprise (not named) · Singapore enforcement upheld, reported June 11, 2026 · $26MA Singapore court rejected public policy objections tied to criminal investigations. Parties not verified. GAR: Mongolian state entity fails to halt enforcement in Singapore (June 11, 2026), Mongolia region listing
Azerbaijani joint venture v. Bapex (Bangladesh)Bangladesh Petroleum Exploration and Production Company (Bapex), state-owned · Reported August 11, 2025 · $42MSIAC award over a terminated gas drilling contract. Claimant not named in the sources opened. Payment not verified. GAR: Bangladeshi state entity liable in drilling dispute (August 11, 2025)
Customs and Tax Consultancy v. DR CongoDemocratic Republic of the Congo · ICC awards made public June 2018 · Over $91M (ICC awards)A U.S. consultancy formed to provide customs and tax reform services asked the D.D.C. to confirm the awards (No. 1:18-cv-01408, filed June 14, 2018, closed September 23, 2019). GAR reported in 2019 that Dentons sought, and a Delaware court allowed, seizure of a former client’s ICC award against the DRC ($96M in June 2019, $250M in August 2019) to recover fees. The link between these reports, the D.D.C. outcome and payment status not verified. GAR: ICC awards against Congo come to light in DC action (June 15, 2018), DRC region listing D.D.C. docket 1:18-cv-01408 (CourtListener) GAR: Dentons wins seizure of client's Congo award (August 30, 2019)
Burford-funded mining claimant v. CameroonRepublic of Cameroon (or a state entity, not verified) · Reported July 24, 2026 · Over $600MBurford Capital says a client won an ICC award in a Cameroon mining claim. Parties not named. Possibly Sundance Resources, which filed an ICC claim against Cameroon over reallocated iron ore licenses in June 2021 and whose parallel claim against Congo was Burford-funded (link not verified). GAR: Burford reports win in Cameroon mining dispute (July 24, 2026) GAR: Australian miner takes Cameroon to ICC (June 2, 2021), Cameroon region listing GAR: Congo defeats Australian miner's mega-claim (January 23, 2026), Congo region listing
Bridge contractor v. CameroonRepublic of Cameroon · Paris Court of Appeal upheld the award, reported July 12, 2023 · €23MICC award over the construction of a bridge. The court rejected Cameroon’s argument that substituting one of the claimants amounted to fraud. Claimants and payment status not verified. GAR: Cameroon fails to set aside construction award in France (July 12, 2023)
Cypriot dairy and juice investor v. LibyaState of Libya · Paris Court of Appeal upheld the award, reported July 21, 2025 · €24MTreaty award for the expropriation of a dairy and juice factory. The same creditor may attach assets of Libya’s National Oil Corporation (French ruling two weeks earlier). Believed to be Olin Holdings, but the name was not shown in the sources opened. Verify, then promote. GAR: Paris court upholds dairy investor's treaty award against Libya (July 21, 2025)
Middle Eastern family v. Libya (OIC investment agreement)State of Libya · Swiss challenge rejected, reported June 19, 2025 · $74MUNCITRAL award under the OIC investment agreement over assets nationalized after 1969. Claimants not named in the sources opened. GAR: Libya loses challenge to OIC award in Switzerland (June 19, 2025)
French-Senegalese businessman v. SenegalRepublic of Senegal · Cour de cassation upheld the award, reported May 25, 2023 · $243MUNCITRAL treaty award (GAR tags: denial of justice, dissents). The Cour de cassation rejected Senegal’s dual-nationality objection. Claimant and payment status not verified. GAR: Dual national's award against Senegal upheld (May 25, 2023)
Burford subsidiary v. KyrgyzstanKyrgyz Republic · U.S. attachment allowed, reported November 28, 2025 · $25MInvestment treaty award held by a Burford Capital subsidiary. Original claimant and award date not verified. Possibly the same award as Entes Industrial Plants v. Kyrgyzstan in another research file. GAR: Burford gets green light to attach Kyrgyz assets (November 28, 2025)
Dual national’s award against Vietnam (French courts)Socialist Republic of Vietnam · Cour de cassation ruling reported May 7, 2026 · Not verifiedFrance’s top court sent an award against Vietnam back to a lower court. Separately, a Paris court lifted seizures of diplomatic properties over a €2M costs award but ordered the forced sale of another property (July 2025). Parties and amounts not verified. GAR: Vietnam region listing (Top French court rules on dual national cases, May 7, 2026)
Gunvor v. Pertamina subsidiary (LNG deliveries)Pertamina subsidiary (Indonesian SOE group) · Reported August 28, 2026 · Undisclosed (claim of $130M)LCIA award ordering damages for delayed LNG deliveries. Amount not reported. GAR: LCIA panel issues award in Indonesian LNG dispute (August 28, 2026), Indonesia region listing
Engie v. Gazprom Export (price review)Gazprom Export LLC (SOE) · Not verified · UndisclosedSCC price review award in Engie’s favor, challenged by Gazprom’s subsidiary. Engie’s separate ICC claim over the 2022 supply halt is pending. GAR: Gazprom challenges Engie price review award
Ukrainian granite company v. Gazprom (Dutch attachment)PJSC Gazprom (SOE) · Dutch seizure lifted January 19, 2026 · €660M damages claimA Dutch court lifted the company’s seizure of Gazprom’s stake in a North Sea gas producer. Basis of the claim (for example a Ukrainian court judgment) and the company’s name not verified. Compare Syu Zhnyva in the index. GAR: Dutch court lifts Ukrainian claimant's freeze on Gazprom assets (January 19, 2026), Ukraine region listing
Bulgargaz v. Gazprom ExportGazprom Export LLC (SOE) · Claim filed July 8, 2024 · Claim of over €400MICC arbitration in Paris over the April 2022 supply halt. No award reported. Bulgargaz: Press release on ICC claim against Gazprom Export
Gazprom Export v. Gasum (scope question)Gasum Oy (Finnish state-owned) · Partly set aside by the Svea Court of Appeal (2025) · €330M plus interest, payable by Gasum to Gazprom ExportAn award against a European state-owned buyer in favor of a Russian SOE, partly set aside for failure to address EU competition law. Listed only so the editors can decide whether such awards are in scope (compare Orlen on the existing watchlist). GAR: Finnish gas company wins partial set-aside of Gazprom award
Kuwaiti investors v. Egypt (city project south of Cairo)Arab Republic of Egypt · Partial annulment applications reported February 6, 2025 · Not verified (the award rejected most of a multibillion-dollar claim)Egypt says the tribunal ordered it to pay only a small share of the $8B sought (September 2024). Both the investors and Egypt seek partial annulment. Amount awarded not verified. GAR: Kuwaiti investors seek to revive Egyptian mega-claim (February 6, 2025), Egypt region listing GAR: Egypt defeats bulk of multibillion real estate claim (September 24, 2024), Egypt region listing
EMG v. EGPC and EGAS (ICC)Egyptian General Petroleum Corporation and Egyptian Natural Gas Holding Company (SOEs) · December 2015 · About $324M including interestThe Swiss Federal Supreme Court rejected the set-aside application. Current status not verified. The related ICSID case by EMG’s shareholders (Ampal v. Egypt) was discontinued at the parties’ request in 2020, which may point to a settlement. Globes: What are the chances of EMG getting $1b compensation? ICSID: Ampal-American Israel Corp. and others v. Egypt (ARB/12/11), case details
Port operator (GAR tags: ICTSI) v. Sudan (Port Sudan concession)Republic of Sudan · June 2021 (English Commercial Court summary judgment) · Part of a €279M claim (amount of judgment not verified)Summary judgment for a refund over a cancelled port concession. Payment not verified. GAR: Sudan ordered to refund port operator (June 10, 2021)
Scottish airport services group v. NigerRepublic of Niger · ICSID award about 2013 · Not verifiedA U.S. judge entered a default judgment enforcing the award (July 2025) and later allowed attachment of a New York townhouse (August 2026). Amount not verified. GAR: Niger region listing (default judgment, July 7, 2025, townhouse attachment, August 26, 2026)
Mathias Kruck and others v. SpainKingdom of Spain · 2023-10-06 · €15.0M in damages plus €2.9M and $0.3M in costs, with interestICSID ARB/15/23. Spain’s annulment application was dismissed on December 22, 2025. Enforcement petition filed in the D.D.C. on June 22, 2026 (No. 26-cv-2199). Damages principal is below $20M. italaw: Kruck and others v. Spain, complaint to enforce award (June 22, 2026) Law360: German Investors Seek OK Of $21M Award Against Spain
Infracapital v. SpainKingdom of Spain · 2023-05-02 · €24.9M plus €3.0M pre-award interest and costs (£2.27M, €0.29M, $0.5M)ICSID ARB/16/18. Annulment decision issued May 15, 2026 (outcome not verified). The D.D.C. petition filed May 1, 2026 (No. 26-cv-1519) was voluntarily dismissed on August 6, 2026 (reason not verified). Kept off the index until the outcome is confirmed. italaw: Infracapital v. Spain, ICSID ARB/16/18 ICSID: Infracapital v. Spain, ARB/16/18 CourtListener: Infracapital v. Spain, D.D.C. 26-cv-1519 docket
Cavalum SGPS v. SpainKingdom of Spain · 2022-09-29 · €7.4M plus interest, and €1.5M toward legal feesICSID ARB/15/34. The ad hoc committee dismissed both parties’ annulment applications on December 23, 2025. Enforcement complaint filed in the D.D.C. (August 19, 2026). italaw: Cavalum v. Spain, Decision on Annulment (December 23, 2025)
Sevilla Beheer and others v. SpainKingdom of Spain · 2023-05 · €6.8M plus interest, and €0.5M annulment costsICSID annulment rejected June 11, 2025. D.D.C. petition filed May 20, 2026 (No. 26-cv-1730). The petition states Spain has paid nothing. italaw: Sevilla Beheer v. Spain, Petition to Enforce Award and Annulment Costs (May 20, 2026)
Triodos SICAV II v. SpainKingdom of Spain · 2022-10-24 · $10.4M plus €2.5M in costs and interestSCC Case No. 2017/194. A Svea Court of Appeal judgment is dated March 27, 2024 (outcome not verified). italaw: Triodos SICAV II v. Spain, SCC Case No. 2017/194
Canepa Green Energy Opportunities v. SpainKingdom of Spain · 2024-05-31 · Not verifiedICSID ARB/19/4. Spain’s annulment application was registered on September 30, 2024, with a provisional stay of enforcement. italaw: Canepa v. Spain, Award (May 31, 2024)
Refineria di Korsou v. PDVSAPetróleos de Venezuela, S.A. (guarantor for Refineria Isla Curazao) · 2022-08-27 · $62.3M (New York judgment)RDK is the Curaçao refinery owner. PDVSA moved to vacate the judgment in the S.D.N.Y., and the Delaware Superior Court quashed RDK’s writ on PDV Holding shares on September 8, 2023. RDK is not in the Citgo Final Priority Order. Current status not verified. D. Del. 17-mc-151, D.I. 662: RDK Attached Judgment Statement (August 14, 2023) D. Del. 17-mc-151, D.I. 726: RDK letter (September 15, 2023)
Flughafen Zürich and Gestión e Ingeniería IDC v. VenezuelaBolivarian Republic of Venezuela · 2014-11-18 · Not verifiedICSID ARB/10/19. Annulment decision issued April 15, 2019 (outcome not verified). No U.S. enforcement docket found. ICSID: Flughafen Zürich v. Venezuela, ARB/10/19
EDF International v. ArgentinaArgentine Republic · Not verified · Not verifiedAn S.D.N.Y. docket (No. 12-mc-237) shows EDF International registering against Argentina in July 2012. The award, its amount, and payment status were not checked in this research. CourtListener: EDF International v. Argentine Republic, S.D.N.Y. 12-mc-237
Mera Investment Fund v. SerbiaRepublic of Serbia · 2021-03-10 · About €30M reported by Serbian press (award not public, over €32.7M in total per Radar)ICSID ARB/17/2. Serbia applied for annulment in July 2021, and the committee issued its decision on April 24, 2023, but the outcome and any payment were not verified. Promote to entries if the award stood and is unpaid. ICSID: Mera Investment Fund Limited v. Republic of Serbia (ARB/17/2) case details 021.rs: Serbia owes €30 million to Miroslav Mišković and his son (March 24, 2022) 021.rs (Radar): award sums exceed €32.7 million (January 9, 2025)
Rand Investments (William Rand) v. SerbiaRepublic of Serbia · 2023-06-29 · €14.57M plus interest at six-month EURIBOR plus 2% from October 21, 2015ICSID ARB/18/8. Below the threshold on principal. Mr. Rand’s application for partial annulment was dismissed on May 20, 2026. Payment not verified. italaw: Rand Investments Ltd. and others v. Republic of Serbia, case page italaw: Decision on the Claimants' Request for a Supplementary Decision (October 27, 2023)
Zelena N.V. and Energo-Zelena v. Serbia, and Kunsttrans v. SerbiaRepublic of Serbia · 2018-11 · About €50M across both cases per NIN (split and awards not public)ICSID ARB/14/27 and ARB/16/10. Serbia became the sole owner of Energo-Zelena in 2019 and later tendered it for sale. Payment not verified. N1: Serbia to pay millions after losing two arbitration cases (December 13, 2018) Biznis.rs: Privatization tender for Energo-Zelena
Dan Cake v. HungaryHungary · 2017-11-21 · About €5.2M (Telex reported about €10M with interest in 2021)ICSID ARB/12/9. Hungary’s revision (February 2020) and annulment (July 16, 2021) applications failed per GAR. Below the threshold. Payment not verified. ICSID: Dan Cake (Portugal) S.A. v. Hungary (ARB/12/9) case details Telex: Hungary must pay €10 million to a Portuguese cake company (July 29, 2021)
Magyar Farming, Kintyre and Inicia v. HungaryHungary · 2019-11-13 · €7.15M plus costs and interestICSID ARB/17/27. Annulment decision November 16, 2021. D.D.C. petition No. 20-cv-637 was closed on June 13, 2022 (reason not verified). Below the threshold. IISD ITN: Hungary held liable for expropriating the investment of a British investor (March 10, 2020)
MabCo Constructions v. KosovoRepublic of Kosovo · 2025-01-03 · About €6.7M to €7M (press reports)ICSID ARB/17/25 (Grand Hotel Prishtina). Below the threshold. Payment not verified. ICSID: MabCo Constructions v. Kosovo (ARB/17/25) case details Periskopi: Government has 60 days to return around €7 million (January 2025)
Entes Industrial Plants v. KyrgyzstanKyrgyz Republic and Ministry of Transport and Communications · Award date not verified (D.D.C. confirmation April 22, 2020) · Not verifiedD.D.C. (No. 1:18-cv-02228, Judge Rudolph Contreras) granted the petition to confirm on April 22, 2020 and entered judgment in May 2020, then ruled on a motion to enforce in September 2020. Judgment registered in S.D.N.Y. in 2022 (No. 1:22-mc-00191). A new notice of appearance was filed on September 21, 2026. Ontario courts refused to let Entes seize Kyrgyzaltyn’s Centerra shares (2016–2017). GAR reported in May 2023 that a Canadian appeal court rejected a Turkish roadbuilder’s bid to attach a $50M Centerra settlement payment (identity with Entes not confirmed). Award amount and payment status not verified. CourtListener: Entes v. Kyrgyz Republic, D.D.C. No. 1:18-cv-02228 (docket) Lexpert: Entes v. Kyrgyz Republic and Sistem v. Kyrgyz Republic GAR: Turkish roadbuilder fails to attach Kyrgyz payment (May 15, 2023)
Uzbek investors (JSC Tashkent Mechanical Plant et al.) v. Kyrgyzstan (Issyk-Kul resorts)Kyrgyz Republic · Award date not verified (petition August 2023) · $33MICSID Additional Facility award to four Uzbek investors over the expropriation of four lakeside resorts. Kyrgyzstan petitioned the D.D.C. to vacate it (Kyrgyz Republic v. JSC Tashkent Mechanical Plant, No. 1:23-cv-02266, filed August 7, 2023, closed December 1, 2023). How the case closed and whether the award was paid were not verified. Candidate for entries once checked. GAR: Kyrgyzstan challenges award over lakeside resorts (August 8, 2023) CourtListener: Kyrgyz Republic v. JSC Tashkent Mechanical Plant, D.D.C. No. 1:23-cv-02266 (docket metadata)
Russian state hydroelectric company v. Kyrgyzstan (four power plants)Kyrgyz Republic · c. July 2022 · Not disclosed in sources seenHong Kong-seated treaty tribunal ordered Kyrgyzstan to pay damages over a frustrated project to build four power plants. Claimant (reported as a Russian state-owned hydro company), amount and payment status not verified. GAR: Kyrgyzstan ordered to pay Russian state hydro company (July 19, 2022)
U.S. uranium investor v. Kyrgyzstan (uranium mining ban)Kyrgyz Republic · c. June 2026 · Sunk costs plus interest (amount not verified)ICSID claim, registered in 2022 as the first under the ICSID Convention against Kyrgyzstan. GAR reports the tribunal awarded only sunk costs plus interest. Claimant name and amount not verified. GAR: Kyrgyzstan avoids bulk of damages in uranium dispute (June 8, 2026)
Austrian businessman v. Tajik state-owned bank (Swiss Chambers award)Tajik state-owned bank (GAR tags AIB, possibly Agroinvestbank, not verified) · Award date not verified (U.S. enforcement August 2020) · $24.6MA U.S. court enforced the Swiss Chambers award after the bank did not appear (August 2020). A related ICSID claim against Tajikistan was suspended. Names, court and payment status not verified. Candidate for entries once checked. GAR: Swiss award enforced after Tajik bank's no-show (August 27, 2020) GAR: ICSID claimant pursues Tajik bank over Swiss award (July 22, 2020)
Lithuanian company v. Tajikistan’s national airlineTajikistan’s national airline (state-owned) · Not verified (Vilnius-seated award) · $20MA Washington, DC court dismissed enforcement for lack of personal jurisdiction (February 2021), and a U.S. appeals court affirmed (June 2022). Names and payment status not verified. GAR: Tajik state airline escapes US enforcement bid (June 21, 2022)
Lebanese investor (reported as Primesouth) v. Iraq (Baghdad power plant)Republic of Iraq · c. February 2026 · More than $20M plus interestTreaty award over an $800M project to repair and run an oil-fired power plant in Baghdad. The tribunal refused most of the damages sought. The investor petitioned the D.D.C. to confirm it in April 2026. UNCTAD lists Primesouth v. Iraq (PCA Case No. 2022-42, Al-Doura power plant), but no source opened ties that name to the petition. Exact amount not verified. GAR: Lebanese investor takes Iraq power plant award to US (April 20, 2026) Law360: Power Plant Contractor Seeks To Enforce $20M Iraq Award (April 16, 2026) UNCTAD: Primesouth v. Iraq
GMS Ventures v. Iraq (Mosul pharmaceutical plant)Republic of Iraq · c. July 2026 · Not verifiedICSID Case No. ARB/22/8 under the 2013 Jordan–Iraq BIT. GAR reports the tribunal found Iraq partially liable over a plant seized by ISIS. Damages not verified. GAR: Iraq partially liable in pharma plant dispute (July 2, 2026) italaw: GMS Ventures v. Iraq, ICSID Case No. ARB/22/8
Dutch salvage company v. Iraqi state entity (ICC)Iraqi state entity (reported as a state oil company, not verified) · Not verified · $85M plus interestThe Amsterdam Court of Appeal enforced the ICC award in March 2025 while setting off amounts awarded to the Iraqi entity in a separate award. GAR reported in 2023 a Dutch salvage company’s U.S. discovery bid to enforce a $107M ICC award against an Iraqi state oil company (link not confirmed). Names, net balance and payment not verified. GAR: Dutch court enforces against Iraqi state entity (March 4, 2025) GAR: Iraqi state entity faces US discovery bid (March 27, 2023)
Dutch military contractor v. Iraqi ministries (two ICC awards)Iraqi ministries and Iraqi state assets · c. two decades old (not verified) · Not verifiedThe Paris Court of Appeal upheld a seizure of funds of Iraq’s second-largest bank (August 2023). A Paris court lifted an attachment of Iraqi state assets frozen under EU sanctions (March 2025) and later ordered the forced sale of an Iraqi state property in Cannes (July 2025). Names and amounts not verified. GAR: French court orders sale of Iraqi state property (July 24, 2025) GAR: Region Iraq (listing: Paris court lifts attachment of Iraqi state assets, March 7, 2025)
Cardno ME v. Central Bank of IraqCentral Bank of Iraq · 2023 (sole arbitrator, ICC) · c. $11M plus interest (Law360: more than $10.2M)The Amsterdam Court of Appeal enforced the award over the bank’s headquarters construction in September 2024 and dismissed fraud allegations. Iraq Business News reports the bank is challenging the award in the French courts. Below threshold. GAR: Dutch court enforces against Iraq's central bank (September 9, 2024) Iraq Business News: Dutch Court Grants Enforcement of Award against Central Bank of Iraq
Alcazar Capital Partners (Agility) v. Kurdistan Regional Government (Korek loan guarantee)Kurdistan Regional Government of Iraq · Not verified · $490M judgmentAgility’s subsidiary seeks to enforce a $490M judgment on the KRG’s alleged guarantee of a $250M loan to Korek Telecom. A New York federal court stayed the case in December 2024 after Agility refiled a related ICSID claim, later ruled the KRG is not immune, and the KRG said in December 2025 it will appeal. The KRG argues an arbitral tribunal confirmed the debt no longer exists. An ICC tribunal ruled for Korek in a related $500M loan arbitration (October 2025). Contested. Law360: $490M Suit Over Kurdish Telecom Loan Paused For Arbitration (December 2024) Law360: Iraqi Kurdish Gov't To Fight Immunity Ruling In $490M Feud (December 2025) GAR: US court stays action against Kurdistan after revival of ICSID claim (December 9, 2024)
U.S. telecoms tower company v. Ghanaian state-owned mobile operatorGhanaian state-owned mobile operator (not named in sources seen) · c. April 2026 · About $181M in unpaid fees at issue (award amount not verified)GAR reports the tower company won the ICC case. Parties, award amount and payment status not verified. GAR: US telecoms company wins dispute with Ghanaian state entity (April 23, 2026)
Samsung-led joint venture v. Qatari state-owned company (Doha metro stations)Qatari state-owned company (not named in sources seen) · Liability March 2024, damages c. March 2025 · €315MICC tribunal found the state-owned company liable in a €560M case over the termination of a contract for two Doha metro stations and later awarded €315M. Respondent name, any challenge and payment status not verified. Candidate for entries once checked. GAR: Qatari state entity liable in metro dispute (March 19, 2024) GAR: Samsung consortium wins damages over Qatari metro (March 4, 2025)
Aeroport Belbek and Kolomoisky v. Russia (Crimea)Russian Federation · October 1, 2026 (final award) · $11.5M plus interest from June 16, 2014PCA 2015-07. The partial award of February 4, 2019 was upheld in the Netherlands. transnational-dispute-management.com
Trafigura v. a Zambian state entityA Zambian state entity (reported as ZCCM Investments Holdings, not verified) · June 2026 (final award) · More than $91M (GAR)LCIA. A partial award (reported January 27, 2026) held the state entity bound by a guarantee. Respondent and payment status not verified. GAR: Trafigura gets final award against Zambian state entity (June 1, 2026) GAR: Trafigura wins partial award in Zambian copper dispute (January 27, 2026)

Checked and left out 52

Awards that were paid, settled, set off, set aside or annulled, or never issued.

Show the 52 awards

OMV Gas Marketing & Trading v. Gazprom Export (ICC, German contract)November 13, 2024 · €230MPaid by set-off against OMV’s invoices (fourth quarter of 2024). omv.com
OMV Gas Marketing & Trading v. Gazprom Export (SCC, Austrian contract)January 3, 2025 · About €48MPaid by set-off (declared December 23, 2024). reports.omv.com
Bainbridge Fund v. Argentina (2001 bonds) and the Attestor groupVarious · More than $95M (Bainbridge)Settled in 2026 under Law 27.818 and Decree 564/2026: Bainbridge $67M, Attestor $104M. The judgment was recorded as fully satisfied on July 29, 2026. cronista.com
Stati v. KazakhstanDecember 19, 2013 · About $500MConfidential settlement on July 16, 2024. intellinews.com
Kuntur Wasi (Corporación América) v. Peru2024 · $91.2MPaid (announced January 20, 2026). bilaterals.org
Perenco v. Ecuador2019 · About $412MPaid in installments ($351.69M) through the end of 2023. Final payment not verified. elcomercio.com
Masdar v. SpainMay 16, 2018 · €64.5MWaived by Masdar (2020).
Rockhopper v. ItalyAugust 23, 2022 · More than €190MAnnulled by an ICSID ad hoc committee (June 2025).
P&ID v. Nigeria2017 · About $11B with interestSet aside for fraud by the High Court in London (October 2023). The UK Supreme Court upheld Nigeria’s £44.2M costs award on October 22, 2025. primebusiness.africa
Sulu heirs v. MalaysiaFebruary 28, 2022 · $14.92BAnnulled: Dutch Supreme Court (September 6, 2024), Cour de cassation (November 6, 2024), and the Paris Court of Appeal annulled the final award on December 9, 2025. proskauer.com
Sorelec v. Libya2017 · €452MSet aside for corruption (November 17, 2020). latestlaws.com
Zhongshan Fucheng v. NigeriaMarch 26, 2021 · About $70MSettled in about April 2025 (terms undisclosed). Nigeria withdrew its U.S. cert petition. Global Arbitration Review
Tethyan Copper v. Pakistan (Reko Diq)July 12, 2019 · $5.9BSettled in 2022, with the project reconstituted. Not re-verified.
Kumtor (Centerra) v. KyrgyzstanNot stated · Not statedSettled in 2022. Not re-verified.
Unión Fenosa Gas v. EgyptAugust 31, 2018 · About $2BSettled (2020–2021). Not re-verified.
Cairn Energy and Vodafone v. India2020 · About $1.2B (Cairn)Resolved in 2021 after India repealed the retrospective tax. Not re-verified.
Esso Exploration and Production Nigeria and Shell (SNEPCo) v. NNPC (Erha PSC)October 2011 · $1.8B plus interest ($2.67B claimed with interest)Set aside in part by Nigerian courts. After the Second Circuit’s July 2022 remand, the S.D.N.Y. dismissed the case on August 22, 2022 because the parties reported a settlement in principle. S.D.N.Y. docket 1:14-cv-08445, order of August 22, 2022 (CourtListener) 2d Cir.: Esso v. NNPC, No. 19-3159 (July 8, 2022)
Statoil (Equinor) and Chevron v. NNPC (Agbami)Not verified · About $1.1BAward annulled in Nigeria. Law360 reported in 2022 that the oil companies had reached deals with NNPC resolving this and a similar dispute. Law360: Statoil (Nigeria) Limited v. Nigerian National Petroleum Corporation, No. 1:18-cv-02392, case articles GAR: Statoil and Chevron seek to enforce Nigerian oil award
Ampal-American Israel Corp. and others v. Egypt (ICSID ARB/12/11)Decision on liability February 21, 2017 · No damages award (claim capped at about $174M in reports)Proceeding discontinued at the parties’ request (order of May 28, 2020). No damages award issued. ICSID: ARB/12/11 case details
Walter Bau (Schneider, administrator) v. Thailand2009 · €29.21M plus interest (U.S. judgment, March 2011)Thailand deposited the full €38M demanded with a German court in 2011 to release a seized royal aircraft, and Germany’s Federal Court of Justice confirmed enforceability on October 6, 2016 (I ZB 13/15). Release of the deposit to the creditor not verified. Recommend removing from the watchlist unless evidence of non-payment appears. Saiyasombut (relaying Bangkok Post and AP): Thai government pays €38 million to Walter Bau, gets royal plane back (August 2011) Gleiss Lutz: Final confirmation on enforcement of award by Walter Bau against Thailand (BGH, October 6, 2016)
Swedish sugar-cane investors v. TanzaniaNot verified · $165M (ICSID)Tanzania reportedly settled and dropped its challenge to the award, and a seized Tanzanian aircraft was released (reported July 10, 2023). GAR: Plane released as Tanzania settles sugar cane dispute (July 10, 2023)
Indian contractor v. Rwandan state-owned entity (Rwanda-DRC power transmission)Reported September 30, 2021 · $32MSet aside by Rwanda’s High Court as contrary to public policy after the claimant’s bribery conviction (reported April 24, 2024). GAR’s listings do not name the parties, but the amount and the state-entity respondent match. GAR: Rwandan court sets aside award after bribery conviction (April 24, 2024), Rwanda region listing GAR: Indian company wins claim over Rwandan power network (September 30, 2021), DRC region listing
Rail project award against ThailandNot verified · About $350MSet aside a second time by a Thai administrative court after the Constitutional Court intervened (reported May 16, 2024). GAR’s listing does not name the claimant (believed to be Hopewell, not verified). GAR: Thai rail award annulled again after unprecedented intervention (May 16, 2024), Thailand region listing
Indiana Resources v. Tanzania (nickel licenses)Not verified (annulment bid largely struck out, February 2024) · $76.7MSettled: Tanzania agreed to pay $90M (July 2024). Indiana later filed an LCIA claim to enforce the settlement (June 2025). GAR: Tanzania settles with Australian nickel miner (July 29, 2024), Tanzania region listing
U.S. power company v. Bangladesh (20-year-old ICC awards)About 2005 · Not verifiedPaid by Bangladesh after mediation (reported August 5, 2025). GAR: Bangladesh settles 20-year-old ICC awards (August 5, 2025), Bangladesh region listing
Gabon: $180 million ICC award (public works) and €90 million ICC award2019 and earlier · $180M and €90MBoth set aside by Paris courts on corruption grounds (April 2022 and May 2021). GAR: Gabon region listing (Cash-stuffed Louis Vuitton bag helps sink Gabon award, April 6, 2022, and 'Wedding gift' to Gabonese mayor leads to set-aside, May 26, 2021)
Pharo Gaia Fund and Pharo Macro Fund v. Venezuela2020 and 2021 (S.D.N.Y. judgments) · About $1.4B (October 2021 default judgment) plus earlier judgmentsThe funds moved to vacate their own judgments on April 16, 2025. Venezuela did not oppose, the court vacated the $1.4B judgment, and the funds withdrew from the Citgo queue (May 2025). Bloomberg Law: Pharo Funds Withdraw as Creditors From Citgo Auction (May 23, 2025) WorldECR: US court vacates $1.4 billion Venezuela default judgment at creditors' request (May 15, 2025)
JGC Holdings v. Spain2021 · €23.5M plus interest and costsPaid. Spain paid the award to the assignee Blasket in 2025 (about €32M, per Spanish press). The European Commission opened a state-aid investigation into the payment in August 2026. Law360: Spain Pays $27M Renewable Energy Incentive Scheme Award (June 4, 2025) El Debate: España paga por primera vez un laudo por el recorte a las renovables (June 7, 2025) Merca2: Bruselas investiga si España pagó una ayuda ilegal a JGC Holdings (August 4, 2026)
Williams Companies v. VenezuelaNo award · NoneNo award. ICSID took note of the discontinuance of the proceeding on February 8, 2017. ICSID: The Williams Companies v. Venezuela, ARB/11/10
Portigon v. Spain2025-06-09 · No damages (per UNCTAD)UNCTAD records that the tribunal found liability but awarded no damages, and that an annulment proceeding was discontinued on November 26, 2025. Not verified against the award. UNCTAD Investment Policy Hub: Portigon v. Spain
Lone Star Funds (LSF-KEB Holdings) v. Korea2022-08-30 · About $216.5MAnnulled in full by an ICSID ad hoc committee on November 18, 2025. Lone Star said it would present its case to a new tribunal. Arnold & Porter: Major victory for the Republic of Korea in Lone Star dispute (November 2025) Kyunghyang Shinmun: Lone Star award annulled (November 20, 2025)
Mason Capital v. Korea2024-04 · About $32M plus 5% interest and about $10.9M costsThe Singapore International Commercial Court rejected Korea’s set-aside application on March 20, 2025, Korea did not appeal, and it paid ₩74.6 billion (about $54M) net of withholding tax in July 2025. bilaterals.org (Yonhap): S. Korea pays compensation to US hedge fund Mason GAR: Korea drops challenge to hedge fund's award (April 22, 2025)
Dayyani v. Korea (first award)2018 · Not verifiedGAR reports that a later claim concerned Korea’s delay in paying this award, which indicates payment. A tribunal dismissed that second claim in September 2026, finding the delay reasonable given U.S. sanctions. Payment date not verified. GAR: South Korea defeats Iranian family's second treaty claim (September 30, 2026)
Sodexo Pass International v. Hungary2019-01-28 · €73M plus interestAnnulment failed (May 7, 2021), then settled out of court. Hungary paid €33.5M, per Sodexo’s 2022 half-year report as reported by Telex and Pénzcentrum. Pénzcentrum: The state quietly settled with the voucher companies (January 20, 2023) Telex: Hungary secretly settled with the French voucher companies (January 20, 2023)
UP and C.D Holding (Chèque Déjeuner) v. Hungary2018-10-09 · About €23MSettled out of court (terms undisclosed), per Telex and Pénzcentrum (January 2023). Pénzcentrum: The state quietly settled with the voucher companies (January 20, 2023)
Edenred v. Hungary2016-12-13 · About €23M plus interestPaid. Telex and Pénzcentrum report that Hungary paid Edenred about HUF 7 billion (payment date not verified). Pénzcentrum: The state quietly settled with the voucher companies (January 20, 2023) Edenred: Arbitration ruling from the ICSID delivered in Edenred's favor in Hungary (December 16, 2016)
Viaduct (Goljevšček and others) v. Bosnia and Herzegovina2022-04-18 · About €45M (about €56M with interest)Paid in August 2025 (€51.39M and $6.02M) from fuel-levy revenue under a decision of the High Representative. Viaduct’s lawyer said all the money had been paid. RFE/RL: Payment to Viaduct (August 2025) GAR: Bosnia fails to annul hydroelectric plant award (May 3, 2024)
Slovenian state electricity producer v. Bosnian state-owned coal plant operator (Ugljevik)2023 · €67M UNCITRAL award plus €58M interest in a final award (GAR)The claimant reported a €37.4M settlement with the Bosnian operator in April 2026, ending a related ICSID claim against Bosnia and Herzegovina. Whether the settlement covers the UNCITRAL awards was not verified. GAR: Bosnian power plant dispute to settle (April 15, 2026) GAR: Final award in Bosnian power plant dispute (November 7, 2023)
Mercuria Energy Group v. Poland2022 · About $48M (SCC, ECT)Annulled by the Svea Court of Appeal on December 23, 2024. D.D.C. (No. 23-cv-3572) denied enforcement on September 8, 2025. Whether Mercuria appealed was not verified. D.D.C.: Mercuria Energy Group Ltd. v. Republic of Poland, Memorandum Opinion (September 8, 2025) GAR: US court refuses to enforce annulled intra-EU award (September 10, 2025)
Mytilineos Holdings v. Serbia (II)2017-08 · About $40MSerbia’s Swiss set-aside proceedings ended in a settlement, per Aceris Law. Aceris Law: Investor-state arbitrations against Serbia (December 3, 2023)
ENERGO-PRO v. Bulgaria2021-11-17 · None (claim about €54M)Decided in favor of Bulgaria. No damages awarded. UNCTAD Investment Policy Hub: ENERGO-PRO v. Bulgaria
Stans Energy and Kutisay Mining v. Kyrgyzstan (I) (MCCI Case No. A-2013/29)2014-06-30 · $117.8MSet aside by the Moscow Arbitrazh Court on May 25, 2015. Stans reported that Russian remedies were exhausted after the Russian Supreme Court denied its appeal. Ontario courts refused to let award creditors seize Kyrgyzaltyn’s Centerra shares (July 11, 2016, affirmed December 29, 2016). The surviving award is listed as Stans Energy (II). italaw: Stans Energy and Kutisay Mining v. Kyrgyz Republic (I), MCCI Case No. A-2013/29 GAR: Stans prevails on jurisdiction in second round with Kyrgyzstan (January 30, 2017) Mining.com: Russian Supreme Court denies Stans appeal
Sistem Mühendislik v. Kyrgyzstan (ICSID ARB(AF)/06/1, Bishkek hotel)2009-09-09 · Not verifiedSettled (GAR, April 25, 2025) after Kyrgyzstan accrued more than $20M in U.S. court penalties for not complying with discovery orders. GAR: Kyrgyzstan settles treaty award over hotel seizure (April 25, 2025) italaw: Sistem v. Kyrgyz Republic, Award, September 9, 2009
Belokon v. Kyrgyzstan (Manas Bank)2014 · c. $15MAnnulled by the Paris Court of Appeal over indications of money laundering. The French Court of Cassation refused to reinstate it (March 2022). GAR: French court affirms annulment based on money laundering signs (March 24, 2022) Lexpert: Entes v. Kyrgyz Republic and Sistem v. Kyrgyz Republic
World Wide Minerals v. Kazakhstan (uranium)2019-10-29 (first award), second award date not verified · First award over $50M with costs, second award $54.5MBoth damages awards were set aside by the English High Court (quantum and costs in November 2020, the second award in early 2025). WWM started a third arbitration in December 2025. No award currently stands. Mining Technology: Kazakhstan overturns $54.5m World Wide Minerals uranium dispute (March 4, 2025) GAR: Uranium miner resubmits claim against Kazakhstan (December 19, 2025)
Caratube International Oil Company and Hourani v. Kazakhstan (II) (ICSID ARB/13/13)2017-09-27 · $39.2M plus LIBOR + 2% interestKazakhstan’s annulment application was discontinued at the parties’ joint request under ICSID Arbitration Rule 43(1) (order of June 18, 2020), which suggests a settlement. Terms and payment not verified. ICSID: Case ARB/13/13, procedural details (annulment discontinued June 18, 2020) italaw: Caratube v. Kazakhstan (II)
Rumeli Telekom and Telsim v. Kazakhstan (ICSID ARB/05/16)2008-07-29 · $125MAnnulment rejected in 2010. A Legal 500 overview (April 20, 2026) lists Rumeli among the cases Kazakhstan settled before enforcement. Settlement terms not verified. Legal 500: Recognition and enforcement of arbitral awards in Kazakhstan (April 20, 2026) IISD ITN: Ad hoc committee confirms that Kazakhstan is on the hook for $125 million (2010)
Ghana Power Generation Company (GPGC, Trafigura) v. Ghana (PCA Case No. 2019-05)2021-01-26 · $134.3M plus LIBOR + 6% interestSettled: the parties signed a settlement agreement on October 4, 2024, and a satisfaction of the D.D.C. judgments was filed on September 18, 2025, stating that Ghana had fully performed. italaw: GPGC v. Ghana, PCA Case No. 2019-05 (including satisfaction of judgment, September 18, 2025) MyJoyOnline: Trafigura seizes Ghana's Regina House in London (August 22, 2024)
Balkan Energy v. Ghana2014 · $11.75M plus costs and interestPaid: Law360 reported that Ghana paid nearly $13.7M to end the dispute. Below threshold in any event. Law360: Ghana Pays $13.7M Award To British Energy Firm To End Row MoloLamken: ML wins enforcement of arbitral award for Balkan Energy Ltd
Archirodon Construction v. General Company for Ports of Iraq (sea wall)Not verified (ICC) · c. $120M (D.D.C. judgment $119.9M plus interest)Settled: GAR reported on November 4, 2025 that Iraq and the state ports company settled with the award creditor, ending U.S. enforcement proceedings. GAR: Iraq settles with Cypriot award creditor over sea wall (November 4, 2025) D.D.C.: Archirodon v. General Company for Ports of Iraq, No. 22-1571
Qatari investors v. Saudi Arabia (OIC Investment Agreement)Not verified · $100MSet aside by a London court (GAR, September 25, 2026), which held that the OIC agreement’s offer to arbitrate was conditional and had not been triggered. Any appeal not verified. Move to entries as vacated_pending if an appeal is filed. GAR: Saudi Arabia overturns OIC award in London (September 25, 2026)
Agility v. Iraq (ICSID ARB/17/7, Korek Telecom)2021-02-22 · None awardedNo award against Iraq. The tribunal dismissed Agility’s claims. An ad hoc committee partially annulled that award on February 8, 2024, and Agility resubmitted its claim. The separate $1.65B and $1.17B ICC awards against Korek Telecom and its controlling shareholder are against private parties. italaw: Agility v. Iraq, Award, February 22, 2021 italaw: Agility press release on resubmission of arbitration request (July 9, 2024)

How the list is built As of Oct 28, 2026

Scope: Arbitral awards and court judgments against states and state-owned entities that were issued and remain unpaid in whole or in part, including awards under challenge or vacated with further review pending (marked in the status).
Sources: Desk research of public sources: court dockets and opinions, PCA, ICSID and italaw records, the legal press (GAR, IAReporter, Law360), company releases and news reports. Points that rest on a single source or could not be confirmed are marked “not verified.” Compiled from Buzko Legal research and checked by hand, without automated monitoring.
Headline amount: The figure used for the order. Its basis (principal, judgment amount, with interest, claimed total or estimate) is stated with each award, so the order is indicative. Interest estimates are the reporting party’s.
Citgo queue: The priority order of the creditors in the court-ordered sale of PDV Holding shares in the U.S. District Court for the District of Delaware (17-mc-151, Crystallex). The sale order of November 29, 2025 approved a bid by Amber Energy (an Elliott affiliate) of about $5.9 billion for the attached judgments. Appeals were argued in the Third Circuit on October 21, 2026, and closing needs an OFAC license.
Spain: The investors’ own figure for the renewables awards against Spain (December 2025, 27 investors) is about €2.29 billion unpaid, including interest and costs. Spain argues that EU law bars payment of intra-EU awards, and the European Commission has treated payment of one of them as state aid.
Terrorism judgments: U.S. court judgments under the terrorism exception of the Foreign Sovereign Immunities Act are default judgments. Payments to such plaintiffs from the U.S. Victims of State Sponsored Terrorism Fund come from U.S. forfeitures, not from the respondent states, and are not counted as collection.

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