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Part III Remedies, 14 Interest

From: Expropriation in Investment Treaty Arbitration

Johanne M. Cox

From: Investment Claims (http://oxia.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved. date: 21 March 2023

Expropriation — Investor — Compensation — Interest

This chapter examines how interest is awarded in investment treaty arbitration. It discusses the main factors that determine the interest awarded by investment treaty tribunals: the date of accrual of the interest; the interest rate; whether to award simple interest or compound interest, or a combination of both or an adjustment of one or the other; and whether to calculate pre- and post-award interest on different bases or the same basis, or award interest without considering pre- and post- award interest separately. It also tackles the question of whether the treaty standard of interest should apply in unlawful expropriation and cites a number of cases that illustrate how tribunals apply customary international law remedies, including interest, if expropriation is illegal. Other cases highlight the application of the legal interest rate as opposed to a commercial rate, as well as the issue of whether to award simple or compound interest.

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