Chapter 12: Unilateral and extraterritorial sanctions and international investment law
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International investment agreements offer foreign investors legal protections that may enable them to defend themselves against the harmful effects of sanctions decided by their host state, by invoking, for example, fair and equitable treatment or protection against expropriation. Alternatively, by introducing investment restrictions to protect their national security, in particular through the use of national screening mechanisms for foreign direct investments, states may also be tempted to adopt disguised sanctions against certain investors, in a perspective of economic warfare. This chapter explores these two main avenues by examining the extent to which investment law, in its internal and international dimensions, can be a lever for protection against unilateral sanctions that do not respect the rule of law or, on the contrary, a vector for the adoption of new forms of economic sanctions, ordered by the defence of the industrial and commercial interests of the sanctioning state.

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