The agreement allows for the admission of capital investments by investors from Venezuela or Russia into the jurisdiction of the other party. In this respect, investors shall be given fair and equitable treatment with respect to the possession, use and disposal of such investments.
The agreement provides that investment disputes may be settled through UNCITRAL ad-hoc arbitration or before the Arbitration Institute of the Stockholm Chamber of Commerce.
The next step will be the reciprocal notices, after which the BIT will come into force.
For more information on the agreement, please contact Hernando Diaz-Candia, +58.212.953.4006 from Squire, Sanders & Dempsey S.C. in Caracas or Ivan A. Trifonov, +7.495.258.5250 from our Moscow office.