ICSID has announced receipt of notification, under article 25(4) of the ICSID Convention, that Ecuador will no longer refer to ICSID any disputes relating to investments in natural resources (including petroleum, gas and minerals). The notification, which has been widely flagged, takes place against the background of the nationalisation, earlier this year, of oil, gas and mining production contracts; and also the existence of several pending ICSID arbitrations against Ecuador. However, the legal effect of such notification is the subject of some uncertainty, some experts arguing that states would in any event be bound by arbitration provisions referring disputes to ICSID arbitration in BITs or contracts, regardless of any unilateral declarations made to ICSID.

The notification can be viewed on the ICSID website