5.12. Settlement of Investment Disputes Within BRICS: Legal Perspectives

Friday, May 21
13:45 - 14:45

Channel 4
Open Access Live Stream

Track: 5. Dispute Resolution. Litigation and Arbitration Practice. Criminal Law
Discussion session

The discussion on the legal prospects of investment disputes within the BRICS format has been brought about by the pursuit to reform the mechanism of investment dispute resolution in favor of a more balanced approach in order to eradicate the blatant bias protecting investors' interests, as well as the demand for an institutionally efficient supranational system, which would be unaffected by specific law enforcement procedures of the place of arbitration.

Deliberations about establishing a permanent investment court with a plenipotential appeal body, have long left academic papers and extended into the interstate dialogue. For several years, European countries have been holding such discussions with the US and Canada, trying to reach an agreement and mitigate controversies within the European Union.

Considering the complicated process of consensus in international law, we can sometimes hear that it is possible to implement this idea unless States undertake efforts to establish a small-scale association, based on their shared consensus position to be implemented, in order to present a solution to the international investment community, which has been demanded for a few decades. Without doubt, such reforms would enhance the positive profile of such states on the international arena and will undermine the hegemony of European arbitration centers and the World Bank. Apparently, unless there is a body of appeal, like the WTO Appellate Body, capable of developing a clear and transparent dispute resolution practice, many countries will eagerly join the BRICS Convention and refer disputes with their investors to the BRICS Arbitration, which may also entail far-reaching prospects. Moreover, another impetus to establish a new independent arbitration platform is the necessity to improve and modernize dispute resolution processes, as well as to reduce procedural time and costs for the parties.


Sergey Belov

Dean of the Law Faculty, St. Petersburg State University, Russian Federation


2000 - graduated from the Faculty of Law, St. Petersburg State University (with honors);

2003 - PhD, dissertation titled 'The Electoral System As a Legal Institution';

1999 to 2001 - Executive Assistant to Member  of the Legislative Assembly of St. Petersburg;

2003 - appointed Legal Counsel to the Acting Governor of St. Petersburg;

2004 to 2012 - Voting Member of the St. Petersburg Election Commission;

Since 2017 - Dean of the Faculty of Law, St. Petersburg State University; Head of the Department of Constitutional Law at St. Petersburg State University, Associate Professor, Director of the Research Institute for National Language Issues, St. Petersburg State University;

Since 2018 - Member of the Executive Committee of the International Association of Constitutional Law (IACL-AIDC), Member of the Editorial Board of 'Russian Law Journal' and 'Jurisprudence', Editor-In-Chief of 'Jurisprudence' journal, Member of the Expert Advisory Board of the Constitutional Legislation Committee of the Federation Council of the Federal Assembly of the Russian Federation;

2020 - Member of the Work Group on draft amendments to the Constitution of the Russian Federation.


Zachary Douglas

Queen's Counsel, Matrix Chambers

Mikhail Irzhevsky

Deputy CEO for Legal Affairs, Russian Direct Investment Fund

Noah Rubins

Partner, Freshfields Bruckhaus Deringer

* The Programme may be subject to change