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The following table shows a total of 36 international arbitration procedures channelled by Spanish companies through the World Bank and its International Centre for Settlement of Investment Disputes (ICSID). All the cases filed have been settled and closed.

Invoking various multilateral treaties and conventions, the companies turned to the World Bank tribunal to assert their rights and protect themselves against all kinds of situations of legal uncertainty.

For example, the claim filed by Abertis against the Republic of Argentina refers to a 2003 government decision that froze tolls on two highways operated under concession by different companies in which the Spanish company has a stake. The claim filed amounted to 1.2 billion euros. The process came to an end with an agreement signed by Abertis with the Argentine government, whereby the contract was rebalanced with an extension of terms and a payment of 800 million.
As can be seen, the claims filed are linked to large companies such as BBVA, Repsol or Telefónica, although there are also other cases, such as, for example, those of some individual investors. By country, the largest number of claims is concentrated in Argentina.
At the same time, there are currently at least 17 claims filed by Spanish companies before the ICSID. All these proceedings, which are still open and ongoing, are presented in the following table:
Again, the list includes large companies, such as Enagás or Sacyr, as well as individual investors. In this list, Venezuela stands out as the country with the highest number of pending proceedings. As an example, we can once again cite the case of Abertis in Argentina, since the concessionaire has once again filed a complaint against the country before the World Bank tribunal, as a result of the reversal of the new operating schedule that had been granted to the company as part of the compensation agreed in the previous litigation.
The complaints filed are concentrated in emerging markets, which are characterized by greater legal uncertainty. Adding proceedings that have already concluded and litigation that is still ongoing, Argentina and Venezuela would be the two countries that have suffered the highest number of complaints from Spanish companies before the ICSID, with 11 and 8 proceedings, respectively.
Implications for Spain
From the point of view of the complainant companies, the existence of tribunals such as the the ICSID is a guarantee for their operations abroad, especially in those cases in which business is carried out in countries where legal uncertainty is the order of the day. The aforementioned case of Abertis is illustrative, since it has had to go twice to the World Bank tribunal in relation to the same business project.
Most of these proceedings have ended with agreements that have halted the progress of the proceedings or with agreements between both parties that seek to comply with the awards issued by the ICSID, either through the payment of the compensation decreed, or by combining this type of compensation with some other economic right that may be of interest. Again, the case of Abertis is illustrative: the company asked for $1,200 million and finally received $800 million as well as an extension of the operating times of its highway concessions.
As is well known, Spain has become the country that has accumulated the highest number of international claims before organizations such as the ICSID. All this is happening as a result of the retroactive withdrawal of renewable premiums. Invoking the Energy Charter Treaty, more than fifty companies, investors and individuals have filed their respective claims against Spain. Although more than 20 awards have already been issued condemning Spain to pay compensation amounting to 1.2 billion euros, the government has refused to compensate those affected, placing itself on a level of non-compliance only comparable to that of countries such as Russia or Venezuela, which have been perpetrating this type of behaviour for years.
It is important to understand that in the same way that Spanish companies rely on the ICSID to safeguard their investments in other countries, the companies that operated "green" energy plants and infrastructure in our country have been forced to do the same and litigate against Spain in search of fair compensation for what has happened.
This situation of legal uncertainty leads to rejection by international investors and makes it very difficult to attract and retain foreign capital, especially in a sector such as the energy sector, where projects require a great deal of legal certainty and very long-term commitments.
Spain must fulfill its obligations and respect its commitments under international law. The seizure of sovereign assets and the declaration of technical default that have arisen from the government's non-payments to the affected companies are an embarrassment that Spain cannot afford any longer, since the credibility of the country as an investment destination is increasingly undermined.