Arbitral Digest

Matter

Eurohold Bulgaria AD and Euroins Insurance Group AD v. Romania (ICSID Case No. ARB/24/18)

Case no.
ARB/24/18
Applicable rules
ICSID Arbitration Rules in force as of July 1, 2022
  1. 12 December 2024Arbitration

    12 December 2024Arbitration

    Procedural Order No. 1

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal issued the first Procedural Order, establishing the procedural framework and calendar for the arbitration.

    Supporting details

    3 participants
    Eurohold Bulgaria AD
    Euroins Insurance Group AD
    Romania
    International Centre for Settlement of Investment Disputes

    4 months and 13 days later · 134 days

  2. 25 April 2025Arbitration

    25 April 2025Arbitration

    Procedural Order No. 2: Organisation of the Hearing on the Respondent's Rules 41 and 48 Objections

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal organised the hearing on the Respondent's Rules 41 and 48 objections and set the applicable procedural arrangements.

    Supporting details

    3 participants
    Eurohold Bulgaria AD
    Euroins Insurance Group AD
    Romania
    International Centre for Settlement of Investment Disputes
  3. 25 April 2025Arbitration

    25 April 2025Arbitration

    Procedural Order No. 3: European Commission - Non-Disputing Party Application to Intervene

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal denied the European Commission's application for leave to intervene as a non-disputing party at that stage of the proceedings.

    Supporting details

    1 participant
    European Commission
    International Centre for Settlement of Investment Disputes

    5 months and 5 days later · 158 days

  4. 30 September 2025Arbitration

    30 September 2025Arbitration

    Decision on the Respondent's Rule 41 and Rule 48 Objections

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal upheld the Respondent's Rule 48 objection and dismissed the Claimants' application to supplement their Request for Arbitration; dismissed the Respondent's Rule 41 objection; directed that the EU Termination Agreement issues raised through that objection be addressed in a separate preliminary phase; suspended the proceedings on the merits unless the Parties agreed otherwise; dismissed all other requests for relief; and reserved its decision on costs.

    Supporting details

    2 authorities
    International Centre for Settlement of Investment Disputes

    Authorities cited

    2
    • Romanian Government Emergency Ordinance No. 92 of 30 December 1997 on Stimulating Direct Investment (GEO No. 92/1997)
      statute
    • Romanian Law No. 241 of 14 December 1998 approving Government Emergency Ordinance No. 92 of 30 December 1997 (Law No. 241/1998)
      statute

    2 months and 4 days later · 65 days

  5. 4 December 2025Arbitration

    4 December 2025Arbitration

    Procedural Order No. 4 on ICSID Arbitration Rules 67 and 68 Applications

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal set 30 December 2025 as the cut-off date for applications under Rules 67 and 68 of the ICSID Arbitration Rules and made no order as to an applicable page limit.

    Supporting details

    2 participants
    European Commission
    Republic of Bulgaria
    International Centre for Settlement of Investment Disputes

    11 days later · 11 days

  6. 15 December 2025Arbitration

    15 December 2025Arbitration

    Procedural Order No. 5

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal directed the procedural schedule and related arrangements for the Bifurcated Preliminary Procedure, confined that procedure to the Respondent's EU Termination Agreement Objection, and reserved other aspects for later decision.

    Supporting details

    3 participants
    Eurohold Bulgaria AD
    Euroins Insurance Group AD
    Romania
    International Centre for Settlement of Investment Disputes

    2 months and 1 day later · 63 days

  7. 16 February 2026Arbitration

    16 February 2026Arbitration

    Procedural Order No. 6 on the Rule 67 Application by the European Commission and the Rule 68 Application by the Republic of Bulgaria

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal granted the European Commission and the Republic of Bulgaria leave to intervene in the Bifurcated Preliminary Procedure to make written and oral submissions, subject to the conditions in the Order; directed the applicable procedural schedule and document-access arrangements; and reserved other procedural issues for further decision.

    Supporting details

    1 authority · 2 participants
    European Commission
    Republic of Bulgaria
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Romanian Law No. 18 of 17 March 2017 (Law No. 18 of 17 March 2017)
      statute

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Eurohold Bulgaria AD and Euroins Insurance Group AD v. Romania (ICSID Case No. ARB/24/18) · Matter