Published on 29 November 2024 in Newsletters
E-Newsletter – Autumn 2024
Firm news
Volterra Fietta is pleased to announce that in the most recent rankings released by Legal 500 and Chambers and Partners, that the firm and its team have yet again been highly ranked and commended by these world-leading legal directories.
Volterra Fietta and its partners were once again ranked Tier 1 for Public International Law in the Legal 500 UK Solicitors 2025 rankings. Volterra Fietta was also ranked for International Arbitration. Robert Volterra retains his “Hall of Fame” status, and partners Gunjan Sharma and Ahmed Abdel-Hakam are both recognised as “Next Generation Partners”. Counsel Angela Ha and associate Magdalena Kowalczuk Asher are also recognised as “Leading Associates”.
Volterra Fietta continues to retain its Band 1 status in Chambers and Partners’ 2025 UK-wide rankings for Public International Law. The firm was also ranked in the category of International Arbitration: Investor-State Arbitration. Partner Robert Volterra is once again recognised as a Band 1 “Star Individual” in Public International Law, and in the Band 1 and Band 2 tiers for International Arbitration and International Arbitration: Arbitrators, respectively. Partner Gunjan Sharma is also ranked as an “Up-and-Coming” lawyer in Public International Law.
Volterra Fietta is proud to be recognised by the leading directories for its expertise as a global player in Public International Law and International Dispute Resolution.
Recent developments in Public International Law
On 4 October 2024, the Court of Justice of the European Union (“CJEU”) concluded in a judgment that the 2019 EU-Morocco trade agreements regarding fisheries and agricultural products, to which the people of Western Sahara did not consent, were concluded in breach of the principles of self-determination and the relative effect of treaties.
On 9 October 2024, the French Cour de cassation overturned the enforcement in France of a treaty award in Etrak v. Libya. In the treaty award, Libya was found to have breached the Libya-Turkey Bilateral Investment Treaty (“BIT”) by failing to honour a settlement agreement. However, the Cour de cassation reasoned that if the settlement agreement pertained to an investment and a dispute that existed before the BIT came into effect, the new dispute over the settlement agreement could not be considered to “directly relate” to the investment as required by the treaty.
On 18 October 2024, an ICSID ad hoc committee was constituted to hear Peru’s request for partial annulment of an award in the IC Power and Kenon Holdings v. Republic of Peru case. In an award issued on 3 October 2023, an ICSID tribunal upheld its jurisdiction under the Free Trade Agreement (“FTA”) with Singapore and found that Peru had violated the FTA by retroactively altering the conditions of a tender for secondary frequency regulation. However, the tribunal dismissed a second claim related to the introduction of a new methodology for calculating transmission tolls. The claimants were awarded approximately USD 110.7 million in damages, along with interest and costs.
Below, Volterra Fietta also highlights key recent developments in investment law, trade and sovereignty. Volterra Fietta continues to be engaged in many of these developments on behalf of our government and private clients around the world.
Saudi Arabia’s New Investment Law: A Key Shift Towards Inclusivity and Global Standards
Enacted in August 2024 and set to take effect in February 2025, Saudi Arabia’s updated Investment Law marks a major shift in its regulatory landscape. The new law applies equally to both local and foreign investors, underscoring Saudi Arabia’s commitment to fostering an inclusive and transparent business environment aligned with Vision 2030.
UK’s Office of Trade Sanctions Implementation (OTSI): A New Chapter in Trade Compliance
The UK Office of Trade Sanctions Implementation (“OTSI”) was launched in October 2024 and signals a transformative shift in the enforcement of trade, aviation and shipping sanctions. The formation of OTSI comes at a time where economic sanctions have emerged as powerful tools in international diplomacy.
What’s Next for Argentina’s New Investment Act?
The new law introduces several tax and regulatory incentives for investors and establishes a new dispute resolution framework with aims of attracting capital in key industry sectors. At the same time, it attempts to address the potential risks usually associated with an unstable economy by providing greater legal certainty and favourable regulatory and dispute resolution frameworks.
Return of Chagos Islands to Mauritius
After 13 rounds of negotiations over two years, the UK and Mauritius have finally reached a deal on the Chagos Islands following decades of dispute. However, some Chagossians have pushed back against the UK’s decision and are campaigning for self-determination, including demands to draft a treaty agreement.
Burkina Faso’s New Mining Code: Increased State control and domestic participation
Burkina Faso’s government intends to use this new framework to enhance sector oversight, generate long-term revenue for the population and support national priorities. The new mining code also introduces provisions for the treatment of mining tailings, aligning with broader goals of regulatory reform and resource management.
The Court of Justice of the European Union (“CJEU”) has recently resolved two long-standing issues surrounding trade agreements between the EU and Morocco, as well as the provision of legal advice to Russia and Russian entities. These changes are expected to have a significant impact on the EU’s legal framework.
Recent and upcoming firm events
Recent:
- On 10-11 September 2024, Partner Ahmed Abdel-Hakam spoke at the International Society of Military Sciences Annual Conference 2024 in Stockholm, Sweden.
- On 1-2 October 2024, Partner Ahmed Abdel-Hakam spoke at the Istanbul Arbitration Week (ISTAW) conference in Istanbul, Turkey.
- On 14 October 2024, Partner Robert Volterra spoke on the panel “Boundary Disputes: Legal, Commercial & Geopolitical Issues” at the AEIN/ICDR conference Dispute Resolution in the International Energy Business in Houston, USA.
- On 17 October 2024, Partner Gunjan Sharma and Houston-based firm AZA Law Offices hosted a hybrid seminar entitled “Domestic and International Climate Change Litigation: What Oil and Gas Companies Need to Know” in Houston, USA.
- On 30 October – 1 November 2024, Partner Ahmed Abdel-Hakam spoke at the CPR Africa Arbitration Day conference in New York City, USA.
- On 13 November 2024, Associate Ben Burnham delivered a guest lecture to the LLM class at Durham University, UK.
- On 21-22 November 2024, Counsel Angela Ha spoke at Utrecht University and the Netherlands Institute for the Law of the Sea’s conference, “The Scope of Litigation under UNCLOS – Where are we now and where may we be going?”, in Utrecht, Netherlands.
- On 22 November 2024, Partner Ahmed Abdel-Hakam spoke at the Dublin International Arbitration Day conference in Dublin, Ireland.
In the coming months, Volterra Fietta plans to offer seminars on the following topics:
- Protecting your investments in the MENA region
- State-to-State maritime boundary disputes
- Obtaining the best outcomes in international arbitrations
If you would like to be added to Volterra Fietta’s invitation list for future events, please email your name and affiliation to info@volterrafietta.com.
