Arbitration proceedings which the Hungarian energy group MOL has launched against Croatia before the ICSID in Washington are still ongoing and a ruling is pending, and Croatia has contested the jurisdiction of the arbitration tribunal.
Many see the withdrawal of the lawsuit as a tactical move whereby MOL wants to additionally strengthen its position in ongoing arbitration proceedings it launched in Washington in 2013.
In September 2017, the investor filed a €500 million ISDS claim against the Republic of Croatia at an arbitration tribunal because the "state [had taken] away their development licences"
Switzerland’s top court has rejected Croatia’s request to annul an arbitral award by the United Nations Commission on International Trade Law (UNCITRAL) in the INA-MOL case, the government said.
Croatia has lodged a request with the Federal Supreme Court of Switzerland for the annulment of an arbitral award in the case INA-MOL
Croatia’s government said it will appeal the ruling of the Arbitral Tribunal which dismissed Croatia’s claims against Hungary’s MOL in a case concerning Croatian oil and gas company INA
Unfavourable arbitration ruling means that Croatia will have to cover most of the costs.
In the landscape of international investment arbitration the allegations of corruption have become more and more common.
The Croatian government is facing a lawsuit for forcing local banks to convert Swiss franc loans into euros.
The Central European Free Trade Agreement (CEFTA) needs one more country to ratify it before it can take effect.
Croatia, Bosnia-Herzegovina, Serbia-Montenegro, Kosovo, Albania, Macedonia and Moldavia are expected to become a unique free trade zone by the end of 2007.
The European Union will give strong support to efforts by the continent’s southeastern countries, most of them in the Balkans, to sign a regional free trade deal this year, EU officials said on Monday.
The European Commission has proposed replacing the existing web of bilateral trade agreements in the Balkans with a regional free trade agreement — a move it says would boost economic prospects. However, the idea has met with opposition in Croatia.
All Balkans countries are headed for European Union membership, but they are taking different roads, and at differing pace.
Recent moves have raised hopes that the Balkan region may one day join the European Union. Accession negotiations have been launched with Croatia, Serbia-Montenegro is in talks on a "stabilisation and association agreement" and Brussels decided this month to start talks with Bosnia.