A Little Threat from My Friends: An EU-based Company Contemplates Taking War-Torn Ukraine to Investment Arbitration

Author: Javier García Olmedo
Published: 07.11.2022
On 18 August 2022, the Bureau of Economic Security of Ukraine (ESBU) seized the assets of one of Ukraine’s largest fuel retailers, AMIC Ukraine, the local subsidiary of AMIC Energy, an Austrian private equity firm. The Ukrainian authorities acted on charges of tax fraud, money laundering, and – above all – the company’s alleged connection with Russia. According to ESBU, AMIC Energy and its local subsidiary have paid “dividends in favor of non-resident companies, the ultimate beneficial owners of which are the Russian Federation and a company from the Russian Federation”. In a confrontational press release issued right after the…