On 24 March 2021, the Arbitral Tribunal in Eugene Kazmin v. Republic of Latvia (ICSID case No. ARB/17/5),[1] an arbitration conducted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID), the World Bank’s dispute resolution facility, issued its Award discontinuing the arbitration and ordering the Claimant, Ukrainian citizen Eugene Kazmin, to bear the costs of the proceeding.
Following Mr Kazmin’s failure to comply with the Tribunal’s order that he submit security for Latvia’s costs, Latvia requested the discontinuance of the arbitration and the reimbursement by the Claimant of the costs incurred Latvia in the arbitration.[2]
Should Mr Kazmin fail to reimburse Latvia’s costs, Latvia will consider taking further measures to enforce the Award.
Pursuant to paragraph 16 of Cabinet Regulation No.228 "Procedure for Ensuring the Representation in International Investment Dispute Settlement" of 3 May 2017, the State Chancellery publishes the English original of the Award of the Chairman of the ICSID Administrative Council dated 14 October 2020.
The Republic of Latvia was represented in the arbitration proceedings by the State Chancellery and LALIVE, an international law firm headquartered in Switzerland.
[1] The arbitration proceedings were initiated by Mr Kazmin and relate to the sale of the assets of the insolvent JSC Liepājas Metalurgs to the Ukrainian company KVV Group in 2014.
[2] Press release by the State Chancellery on the decision of the arbitral tribunal of 21 December 2020 (available at: https://www.mk.gov.lv/en/article/latvia-requests-discontinuance-eugene-kazmin-v-latvia-arbitration )