國際投資仲裁中的經濟制裁問題研究

Economic Sanctions in International Investment Arbitration

東道國對於特定國家、地區、行業、實體或者個人等制裁對象所實施的經濟制裁措施，可能損害外國投資者在東道國的投資權益，從而引發國際投資爭端。如果外國投資者利用投資者與國家間爭端解決（Investor-State Dispute Settlement, ISDS）機制訴諸國際仲裁，東道國經濟制裁措施的合法性和適當性將可能在ISDS機制下接受國際法層面的審視和考驗。基於這一前瞻性考量，中國有必要以相關ISDS實踐以及經濟制裁實務為基礎，預判在涉及經濟制裁的投資爭端仲裁程序中，外國投資者與東道國對管轄權、經濟制裁的合法性、經濟制裁與投資待遇的關係及仲裁裁決的承認與執行等問題上所可能提出的主張和抗辯，以及中國作為東道國和海外投資者所分別面臨的潛在風險，同時準備相應的立法或者實踐方略。

Economic sanctions imposed by the host state against specific countries, regions, industries, entities or individuals may undermine the investment rights of foreign investors in the host state and give rise to international investment disputes. If a foreign investor initiates the international arbitration through the Investor-State Dispute Settlement (ISDS) mechanism, the legality and appropriateness of the host country's economic sanctions may be examined and tested at the international law level under the ISDS mechanism. Based on the prospective considerations, China should anticipate the claims and defences that may be raised by foreign investors and host countries on issues such as jurisdiction, legality of economic sanctions, relationship between economic sanctions and investment treatment, and recognition and enforcement of arbitral awards in investment dispute arbitration involving economic sanctions, and the potential risks faced by China as the host country and Chinese overseas investors respectively, as well as prepare the corresponding legislative or practical strategies.