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Smart Energy B.V. and PJSC Ukrgazvydobutok v. Ukraine, ICSID Case No. ARB/25/38

Short Name:

Smart Energy and Ukrgazvydobutok v. Ukraine

Seat of Arbitration:
Applicable Treaty:
Applicable Legal Instruments:

Available documents

11 Aug 2025
Registration of the Request for Arbitration
Document Details:
Participants listed are for this document only and may not include all participants involved in the entire case. Always consult the original documents.
Claimant appointee
Respondent appointee
Tribunal/Panel chair
Arbitrator(s)
Sole Arbitrator
ICSID Annulment Committee president
ICSID Annulment Committee members
WTO Appellate Body members
WTO Appellate Body chair
Judges
Claimant's counsel
Respondent's counsel
Other counsel
Claimant's expert
Respondent's expert
Claimant's witness
Respondent's witness
Other witnesses
Tribunal secretary
Tribunal assistant
Country
Print reporter
Entities
This summary note is machine-generated. Always consult the original materials.


16 Feb 2026
Decision on Interim Relief Application
Document Details:
PARTICIPANTS
Decision on Interim Relief Application
Participants listed are for this document only and may not include all participants involved in the entire case. Always consult the original documents.
Claimant appointee
Claimant appointee:
Respondent appointee
Respondent appointee:
Tribunal/Panel chair
Chair/President:
Arbitrator(s)
Sole Arbitrator
ICSID Annulment Committee president
ICSID Annulment Committee members
WTO Appellate Body members
WTO Appellate Body chair
Judges
Claimant's counsel
Respondent's counsel
Other counsel
Claimant's expert
Respondent's expert
Claimant's witness
Respondent's witness
Other witnesses
Tribunal secretary
Tribunal assistant
Country
Print reporter
Document Summary
Decision on Interim Relief Application
This summary note is machine-generated. Always consult the original materials.

This document is the Tribunal's decision on the Claimants' urgent request for temporary interim relief, made pending the full determination of their broader Application for Provisional Measures. The Claimants sought an immediate order to prevent Ukraine from interfering with the assets of PJSC Ukrgazvydobutok (UGV), arguing that recent actions by the Respondent created an urgent risk of irreparable harm that could not await the completion of the briefing schedule on the main application.

The Tribunal, while acknowledging its authority under Article 47 of the ICSID Convention to grant such relief in appropriate circumstances, declined to issue the requested temporary order at this stage. It reasoned that the matters raised did not currently warrant granting relief before the Tribunal had the opportunity to consider the Respondent's forthcoming Rejoinder and all other written submissions. The decision was made without prejudice to the Tribunal's ultimate ruling on the main Application for Provisional Measures. However, the Tribunal ordered both parties to immediately inform the Tribunal and each other of any steps taken that might alter the ownership of the assets in question or affect access to evidence, and reminded them of their duty not to aggravate the dispute.



4 Mar 2026
Procedural Order No. 1 (redacted)
Document Details:
PARTICIPANTS
Procedural Order No. 1 (redacted)
Participants listed are for this document only and may not include all participants involved in the entire case. Always consult the original documents.
Claimant appointee
Claimant appointee:
Respondent appointee
Respondent appointee:
Tribunal/Panel chair
Chair/President:
Arbitrator(s)
Sole Arbitrator
ICSID Annulment Committee president
ICSID Annulment Committee members
WTO Appellate Body members
WTO Appellate Body chair
Judges
Other counsel
Claimant's expert
Respondent's expert
Claimant's witness
Respondent's witness
Other witnesses
Tribunal secretary
Tribunal assistant
Country
Print reporter
Document Summary
Procedural Order No. 1 (redacted)
This summary note is machine-generated. Always consult the original materials.

This Procedural Order No. 1, issued by the ICSID tribunal, establishes the comprehensive procedural framework governing the arbitration between Smart Energy B.V. and PJSC Ukrgazvydobutok and Ukraine. The Order was issued following the tribunal's first session on 2 March 2026, and after considering the parties' comments on prior drafts.

Key Procedural Rules

The Order confirms that the proceedings will be governed by the ICSID Arbitration Rules in force as of 1 July 2022. It sets Paris, France, as the place of the proceeding and designates English as the procedural language. The Order details the protocols for all communications, the method for filing pleadings and supporting documents, and the numbering and submission of exhibits and legal authorities. It also confirms the proper constitution of the Tribunal and the appointment of an assistant to the President.

Evidence and Document Production

The Order establishes a detailed framework for the production of documents, incorporating a schedule for requests, objections, and responses, and providing for the submission of disputes to the Tribunal via a Stern schedule. The Tribunal notes it may refer to the IBA Rules on the Taking of Evidence (2020) as guidance. The Order also sets forth the requirements for the content and submission of witness statements and expert reports, and outlines the procedures for the examination and cross-examination of witnesses and experts at the hearing.

Procedural Calendar and Future Steps

A detailed Procedural Calendar is attached as Annex B, setting out the deadlines for all written submissions. The Order also provides for pre-hearing organizational meetings, case management conferences, and the conduct of the hearing itself, which may be held in-person, remotely, or in a hybrid format. Transparency matters are deferred to a separate Procedural Order No. 2.



4 Mar 2026
Procedural Order No. 2 on Transparency and Confidentiality
Document Details:
PARTICIPANTS
Procedural Order No. 2 on Transparency and Confidentiality
Participants listed are for this document only and may not include all participants involved in the entire case. Always consult the original documents.
Claimant appointee
Claimant appointee:
Respondent appointee
Respondent appointee:
Tribunal/Panel chair
Chair/President:
Arbitrator(s)
Sole Arbitrator
ICSID Annulment Committee president
ICSID Annulment Committee members
WTO Appellate Body members
WTO Appellate Body chair
Judges
Claimant's counsel
Respondent's counsel
Other counsel
Claimant's expert
Respondent's expert
Claimant's witness
Respondent's witness
Other witnesses
Tribunal secretary
Tribunal assistant
Country
Print reporter
Document Summary
Procedural Order No. 2 on Transparency and Confidentiality
This summary note is machine-generated. Always consult the original materials.

Procedural Background and Purpose

This Procedural Order No. 2, issued by an ICSID tribunal constituted under the 2022 ICSID Arbitration Rules, establishes the definitive regime governing transparency and confidentiality for the proceedings. The order was finalized following the circulation of a draft to the parties and a discussion of their comments during the first session of the tribunal. It memorializes the parties' agreements and the tribunal's decisions on these procedural matters.

Governing Legal Framework

The tribunal confirms that the applicable legal framework is the ICSID Convention and the 2022 ICSID Arbitration Rules. It explicitly notes that any departure from the default transparency provisions of the Rules requires the agreement of both parties. Where one party proposed a modification to which the other did not consent, the tribunal has maintained the standard regime provided for in the Rules. The tribunal acknowledges the sensitive nature of the dispute and affirms it will consider this when exercising its discretion regarding the publication of information.

Specific Rulings on Transparency

The order sets forth specific directives for different categories of case materials, largely adhering to the framework of ICSID Arbitration Rules 62-66:

Award (Rule 62): The parties consent to the publication of the final award, subject to redactions to be agreed upon within 60 days of its dispatch. A procedure is established for the ICSID Secretary-General to resolve any disagreements on redactions.

Orders and Decisions (Rule 63): These will be published by ICSID, subject to redactions agreed by the parties or decided by the tribunal.

Written Submissions and Supporting Documents (Rule 64): The parties have not consented to the publication of their written submissions, which will remain confidential. Similarly, supporting documents, including exhibits, witness statements, and expert reports, will not be published.

Hearings and Transcripts (Rule 65): Hearings will not be open to the public unless the parties agree otherwise. Transcripts and recordings of hearings will not be published.

Procedure for Redactions

The order establishes a detailed, time-bound procedure for the non-disclosure of confidential or protected information, as defined under ICSID Arbitration Rule 66. A party has 21 days from the date of an order or decision to request redactions. The opposing party has 14 days to object. If objections are raised, the parties must confer to reach an agreement. Any unresolved disputes over redactions are to be submitted to the tribunal for a final decision, utilizing a 'Transparency Schedule' annexed to the order. The tribunal also recommends that parties redact personal data to the extent possible to protect individual privacy.



7 May 2026
Decision on Claimants' Application for Provisional Measures
Document Details:
PARTICIPANTS
Decision on Claimants' Application for Provisional Measures
Participants listed are for this document only and may not include all participants involved in the entire case. Always consult the original documents.
Claimant appointee
Claimant appointee:
Respondent appointee
Respondent appointee:
Tribunal/Panel chair
Chair/President:
Arbitrator(s)
Sole Arbitrator
ICSID Annulment Committee president
ICSID Annulment Committee members
WTO Appellate Body members
WTO Appellate Body chair
Judges
Other counsel
Claimant's expert
Respondent's expert
Claimant's witness
Respondent's witness
Other witnesses
Tribunal secretary
Tribunal assistant
Country
Print reporter
Document Summary
Decision on Claimants' Application for Provisional Measures
This summary note is machine-generated. Always consult the original materials.

Procedural Background and Relief Sought

This decision addresses an application for provisional measures filed by the Claimants, Smart Energy B.V. and PJSC Ukrgazvydobutok, pursuant to Article 47 of the ICSID Convention. The Claimants sought an order restraining Ukraine from taking actions that could interfere with their investment, including the potential transfer of assets to the Ukrainian National Agency for Detection Search and Management of Assets (ARMA), the invalidation of a December 2022 share transfer, and other related criminal and confiscation proceedings. The Claimants argued that these actions posed an urgent and irreparable risk to their substantive rights under the Netherlands-Ukraine BIT and to the integrity of the arbitral process.

Parties' Principal Arguments

The Claimants contended that the standard for provisional measures required a showing of prima facie jurisdiction and merits, necessity, urgency, and proportionality. They argued that Ukraine's actions, initiated after the arbitration commenced, were designed to expropriate their investment and would prejudice their ability to present their case. Ukraine countered that a heightened standard of “exceptional circumstances” or “bad faith” should apply to measures interfering with its sovereign authority to conduct criminal investigations and protect national security, particularly in a wartime context. The Respondent challenged the Tribunal's prima facie jurisdiction, arguing for piercing the corporate veil to reveal the ultimate beneficial owner and alleging that the investment was tainted by illegality and sanctions evasion. Ukraine asserted that the alleged risks were hypothetical, not imminent, and that any harm was purely economic and reparable by damages.

Tribunal's Analysis and Findings

The Tribunal first confirmed that it possessed a prima facie basis for jurisdiction, deferring complex questions regarding corporate personality and illegality to the merits phase. On the substantive conditions for provisional measures, the Tribunal rejected a mandatory requirement of bad faith but affirmed that caution is necessary when measures could interfere with a state's judicial process or national security. The central test applied was whether the measures were necessary to prevent an urgent risk of irreparable harm to a party's rights or the integrity of the proceedings, and whether they were proportionate.

The Tribunal systematically analyzed the four categories of risk alleged by the Claimants and found that the condition of urgency was not met for any of them. It determined that: (i) the potential transfer of assets to ARMA was not imminent, as the prosecutor's motion had been withdrawn and any future action would be subject to court review; (ii) the SSU proceedings to invalidate share transfers did not pose an urgent risk of irreparable harm to the Claimants themselves, as the direct effect would be on non-parties (trustees and beneficiaries); (iii) potential confiscation proceedings were too remote as no such proceedings were currently underway; and (iv) the ongoing criminal investigation did not, at its current stage, present a sufficient risk to the Claimants' rights.

Decision

The Tribunal dismissed the Claimants' application for provisional measures, having concluded that none of the actions relied upon met the requirement of an urgent risk to the Claimants' rights or the integrity of the arbitration. However, the Tribunal required both parties to keep it informed of any material changes, granted the Claimants leave to file a new application in the event of a material change in circumstances, and reminded the parties of their obligation to litigate in good faith and refrain from aggravating the dispute. The question of costs was reserved for the final award.