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 1944.  - ,          .      44.            - ,      .

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   19761978. -      ,       , ..    ,         .

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 1962.      1803,          .

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    20 ,       .      :

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b)                 ,       ,          .          .   ,      ,        ,    ;

c),     .    ,   ,           ,   ,     .   ,      ,           ,                               .

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             ().     1995.         (),  1947.                 .         ,   ,      , ,  ,        ,   ,    ,        .

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1.2.     ;

    


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            , , , ,    ,   ,  ,          ,    ,   ,        ,         [6 - ..    . ., 2010. .13.].

  ,           .

                . ,  ,    ,   Iՠ.   ,          [7 - .: . .  . ., 2008. .192.].          ,     ,           .

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                 (),     .

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                 .




1.3.      


        :  ,  ,  . ,        .      . ,         ,  ,   ,     .

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 2

      





2.1.  .        


        () .              .          [15 - CollinsD.An Introduction to International Investment Law, Cambridge University Press, 2017. P.6.].

     -    ,               ,    ,    .

       ,    .       (, ), ,     ,    .              ,   , , ,  .

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       XVI. .   ,  1569.              ,             [19 - . . , 1896. .16.].

 ,      ,             .           (  )   [20 -  . .17.].

        .   ,      ,     XV.          ,  XVII.   :   -,       .  1770.   ,           ,  1884.   [21 - .: ..     //     . 2013. 24. .92.].

 1602.    ,      ,    - [22 - .: ..-       (17031917.). ., 2004. .22.].         ,          ,     , .. .

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       ,                   ?    ?,         .            [27 - .: ..-   : . . . . ., 2020. .58.].

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          ,    [28 -      .: ..     //    . 2022. .20. No. 2. .140150.].       XVIIIXX.         ,       . ,  ,  ,     ,           ,  ,     ,          .      ,    ,    .

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       ,     ,        ,    .  1791.         (Report on Manufactures),      .              ,  ,   ,       , ,  ,     ,   .       ,       .      ,       ,      .  ,     ,         ,      .

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2.5.   


            ,     .

         ,   .           ,   ,   ,   ,      .         ,      .          ,      .  ,    ,   -,      ( )         ,   .  ,  Iՠ.     ,     -  ,     .                 .

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     ,       ,    ,  ,   /     .      XVIII.    [30 - VattelE. de. The Law of Nations or Principles of Natural Law. Translated by CharlesG.Fenwick Washington, D.C.Carnegie Institution, 1916.],  ՠ.        [31 - Mavrommatis Palestine Concessions. Judgement. 1924. N 2. PCIJ.SeriesA. N2. P.12.],   -  [32 -    . . II; .2.          .   . - . 2014. .23. URL: https://legal.un.org/ilc/reports/2006/russian/chp4.pdf ( : 30.05.2025).].              ,         ,           ,    .

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2.6.  


              (Carlos Calvo).

        (Monroe Doctrine),         .            1823.

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 1868.     :     [33 - CalvoC.Derecho Internacional Teorico y Practico de Europe y America. Paris, 1868.],        ,    .                  ,    -.          .        ,                  ,             -.

      ,        .              .                               .              ,          .

   ,      ,    ,      :

     ;

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2.8.        


      ,     .

      -, , ,       [38 - .: ... . .38.].

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                       .




 3

   





3.1.  



 ,      .  , -     .       ,     .            ,           .

    -       ,     ,       .

     ,        ,  ,     .   ,        ().

        ,       .         : ,  ,  ,  ,    ,  ,    ,    ,  ,   ,   ,  ,      .     ,       .              ,            .                 .

      ,      .        ,   ,              .

           .           ໠       Standart & Poors, Moodys Fitch.          IOSCO[41 - International Organization of securities commissions (IOSCO)      ,   200           ,            .].

     ,  ,  . ,     13.07.2015 222       ,     76.1   Π    ( )          .              ,    ,     , , , ,                               ,       .

     .  ,      ,         .       ,        . ,        50 .,  ,    ,   ,     ..        -   .          ,  .

          .

             .   , ,         .

    :            [42 -    17.12.2015 521-Ϡ        ,        ,             ,   .].

       :     ( ())       (Π );    Π  ,      .

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3.2.1.  


    ,   ,       .

       ,      ,       .

       ,       ,   .       -    ,       [43 - .: ., .  . ., 2002. .377.].   ,            ,    .               .

         .     :

1960- :       ,    ;

1960- :       ;          ;

1970- :           soft law (., ,        (1974)       (1974)).

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         .      ,        .            .      ,      .

             .  ,  ,      ,        .      ,        .   ,                                [44 -    /  . ... ., 2011 (  15).].

            ,    .




3.2.2.     


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              -.          ,         .             ,    ,    ,         .

           .      ,    .                .              ,  , .                ,     ,    , ,           -.

    ,            ,     .       . - ,     ,     , ,  ,    .  ,           ,   . , , Ѡ,    , ,     ,                  .    ,        ,                (     ).       ,  ?     ?             ?  ?    .   ,              ,         [47 -  Ѡ 15.03.2024 305-2322721    40243943/2022.].




3.2.3.     


    (       )               .         , ,   ,        .

         ,      .       ,        .

   ,          .          ,     ,             .

                  ,       ,  ,  ,    .

-         .      ,        ,  .

            ,       :  ,  ,    , ,     ,    ,   .

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3.3. - 





3.3.1.  



3.3.1.1.     Π      ջ

       ,          ,                    .      [48 - .: ..     XVIIIXX. ., 2009. .237238.],     ,                   .          .

       ,             .          ,      .

           ,   .

               1957.                 (Hermann Josef Abc).

   15 .      ,          .  ,                      . , ,         .           30.  ,        ,     .

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      ,        ,          .  ,            ,           .

      .        .      ,       .


3.3.1.2.   - (1959)

               [49 -    .: SchwarzenbergerG.. The Abs-Shawcross Draft Convention on Investments Abroad: ACritical Commentary// Current Legal Problems, Volume 14, Issue 1, 1961. P.213246.],      - (Abs-Shawcross Draft Convention[50 - URL: https://www.international-arbitration-attorney.com/wp-content/uploads/]).     1959.   - .       .

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3.3.1.3.   Π   ,  ( , 19601961)

       ,   ( )   ( )      19601961.

           ,                .-.

  ,             ,           .

,      ,      -    ,            .        ,   ,       ,        .           ?   .             ,              .       -   .


3.3.1.4.    Π  ȠΠ   (19621967)

              (Organization for Economic Cooperation and Development).     1948.             .                   .

 1962.         .             .

           .             .        ,  .       ,             ,       .             .            ? .  ,                .




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   ՠ.     ,    ,  .

       1975.      ,        .     .  19951998.  ,       ,      ,       .

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3.3.2.1.  

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-,    ,       .  ,    ,    .

-,      1965.    - ,      (     -)               (  )[52 -             International Center for Settlement of Investment Disputes (ICSID)       (). ., : ..      //       . 1999. 3.].                (  )    ,             .

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       ,      ,     ,    ,    ,     ,       .   ,                                    [56 - .    //   . 2002. 6. .108.].

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     .1                                   .   ,       ,         - [59 - .: .., ..              Ѡ//   . 2018. 2. .6970.].  ,       ,                      .

       1965      : 1),    ; 2),     .

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        .   ,     ,          .

   ,           (. III),       ,     (. IV).

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3.3.2.2.  

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 .11        .      ,    ,    ,    ,         .  ,                  , :

                      ;

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       ,   : 1)     ,            ; 2)         ,      .

       ,        [62 -   (MIGA). URL: https://www.miga.org/investment-guarantees/overview/ terms-and-conditions/ ( : 01.05.2025).] (,       (Contract of Guarantee for Equity Investments);       (Contract of Guarantee for Shareholder Loans);        (Contract of Guarantee for Non-Shareholder Loans) . ).

   ,             .   , , ,    () [63 - .: .. . , 2015. .480.].

        ,        .       (),        . C        .         ,  , -   -,       ,      ,  ,    ,  ..        ,               (.15  ).

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3.3.2.3.     -. , Ѡ. 

 ,   ,       () (1994).      ,   ,    .           ,       .     ,  ,    ,     .

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         (),    23 1947.     ,      .  ,      ,    ,           ( ).              .  ,      ,  .                (),     .

      ,          .  1994.       ,     ()    .

        ,          .

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              .       ,  ,   ,        .   ,              ad hoc      .

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3.3.2.4.  ʠ 

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 1991.,       ,    ,    ,     .    ,       1994.      ().   ,      .         ,  , ,     .

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     ,      ,     .

     ,        ,       .

      .

           ,       .

          ,           -.

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        ,       ,      .               .  ,      ,            .                 .


3.3.2.5.  . USMCA

     (, . North American Free Trade Agreement NAFTA),    1992. ,  ,           .  ,     ,    ,        .    ,         ,            [76 - .: ..     //  :   . 2015. 29. .35.].

  [77 - Investment, services and related matters. URL: https://www.nafta-sec-alena.org/Home/Texts-of-the-Agreement/North-American-Free-Trade-Agreement?mvid=1&secid=539c50ef-51c1489b-808b-9e20c9872d25 ( : 01.12.2024).]       11 ,    .      .

 A,    ,     ,   , ,      ,    ,     .    ,                ,         ,     .

 B,          ,  ,    (),      ,     (, ).     ,     ,  ,   .

            .   ,  : 1);

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7)    ,   ,           ;

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  ,   ,     ,     , , ,    [78 - .: ... . .36.].

     1 2020.,      USMCA,    ,   (United States, Mexico, Canada).

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      ,  ,       ,         . USMCA   ,   ,      ,          .

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    USMCA          .        ,           .            .

   ,    USMCA,          .         ,   -       .        ,       .

 , USMCA         ,          .                , ,   ,     .

  USMCA      ,      .        ,  ,     ,           . USMCA          .       USMCA   ,         .      ,             .


3.3.2.6.    2019/452(THE EU REGULATION 2019/452) (   )

            2019/452,      2019.    2020.                    .

  2019/452,       ,       .          ,      ,       .            ,         ,    .

    ,   ,    ,   .   ,      ,        ,        .  ,      ,        .

   ,        ,           .     2019/452            ,          ,      .

                .             ,      ,           .           ,        .

      .            ,         .     ,    ,            .

      (  )       -,        . ,      ,     ,     ,        .

             ,           .          ,           .

   2019/452  , :

(1)           -         ;

(2)           .

                          .       ,            .   ,   ,             .

           ,                   ,  ,      .          .


3.3.2.7.  Π Ƞ        

                12 2008.         10 2000.

                ,          .        ,       .      ,         .              ,        .

 ,                      , ,   ,         .  ,           ,     ,    .                    .               .

              .             ,       ,   .  ,           ,       .        ,        , ,    .

          ,       ,  ,   .            .    -     , ,   ,    .             .         ,       .      ,        .

  ,           ,    .             ,            .     ,             .          .    -     ,          -,  ,  ,     ,     ,         (),     .                         ,          :

) -,    ;

)       ,   ;

)  ad hoc, ,       ,         ;

)          ( ,          )       ( ,              ).            .             .


3.3.2.8.  Π   ( 15 ȠŠXVI)

       ,           ,       XVI.

            ,    .

         ,         .  ,            .

         (  ).          .          ,[79 -       ,          . :    16.04.2007 166-// Ǡ.2007. 17. .2032.]           [80 -      (  04.03.2002 84-).].              .

                    ()      ,    , , ,   .       ,        .       29 2014.

     ( 15  , ,     XVI)     .         , ,       .

 [81 -  16    .]        ,                     ,   : 1)  (),  ,  ; 2)    ,          , ,  ,   , ,     ; 3)   ,   .

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          .     -   :

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4)        , ,    ,      -   ,   :

                ,        ,  ,   ;

  , ,    ,     , ,    ;

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3.3.2.9.   Π

   ,  1988.,            .    10 ,   .       1 1995.        ʠ     .            , ,   ,       .      ,     ,     .

         ,    ,         .  ,         ,       .

          ,         .             ,     ,       .

 ,       ,       .        ,    ,    .         -.

       ,       .         ,    .      ,       ,           ,       .

 ,    ,             .              ,        ,        .

  ,      ,        .        , ,   ,        .

 ,             ,              .

 ,         ,     .           ,         ,  .  ,     ,       .

,       -    ,           .                     .




3.3.3.   


  ( (bilateral investment treaty/ BIT))[82 -        (  ). .: ..       . .:  , 2008. .212.]    , ,           ,    [83 - ,             : 1)   2) . .: ..   . .:  , 2002. .12.].  ,   XVIII.          ,   ,     ,       [84 - .: ... . .12.].        .

  ,        -       [85 - .: ..    . .143.].

           XXXXI.   [86 - .: ..   . .:  , 2002. .18.] 1996.     1160,        158.   2000.     ,    ,    1800,     ,          .         [87 - URL: https://icsid.worldbank.org/sites/default/files/publications/ICSID_Primer_].        ,         .

    ,    ,       ,     .       , , ,    [88 - .: .. : . .: , 2015. .834.].

             .    ,        ,        .

    .        ,       ,       .           .            .         .

   ,  ,   ,    .     ,     ,   : - 蠫-.

  -    ,      ,   ,  ,       ,    .      ,     ( ,   )   .

  ()         ,        ,  .       ,  ,     ,   [89 - ., .  . :  , 2002. .353.].

     ().     ,              ,  1960-        ()[90 - The Organisation for Economic Co-operation and Development (OECD). URL: http://www.oecd.org/ ( : 01.12.2024).].                 [91 - ., .  . .:  , 2002. .354355.].

    1983. .            ,    , ..        ,    [92 - ., .. . .362.].

     ,     1959. ( 1962.). C        ,        ,    .

   ,          ,      ,   , ,             - ,   [93 - ..   . .:  , 2002. .17.].

         .     ,   ,         ,  ,         ,        .      ,                          [94 - ..       . .:  , 2008. .216217.].

              .          .  ,    :

  ;

 ;

        - ;

       ;

         ,     .

        ,         ,               .        (),        ,          ,         [95 - .: .. : . ., 2015. .83.].

    ()    ,               .

             ,       .

-,         ( ,  ,  ,    .),         . -,    ,   ,     ,     ,        .

    ,      .  ,         ,        (ICSID)      (ICC).           ,           .

        ,   ,      .          ,   ,      .        ,    .

 ,              .            ,      .               .

,               .

                ,             .      ,    .

               .   ,           . ,        ,     ,   .

 ,         .             ,    .

,           .               .  ,               .

       ,            .           ,    .       , ,   ,       .

              .               .              ,     .

            . ,   ,   ,         .             ,         .

   ,   84   ,         .

 2016.        .   ,                 [96 -     30.09.2016 992             (            )// Ǡ. 2016. 41. .5836.].            ,     .  ,                     [97 - ,          ,       ,        (,     09.06.2001 456                 ,               30.09.2016 992// Ǡ. 2016. 41. .5836).       ,         .].    :

)          ,          ,    ,                ;

)   ,          ;

)      ,    ,      ;

)       ,     ,     .

 ,  992       :      ,   .




3.3.4.     


            .

        (1843),  (1845),  (1845)[98 - .: ..       : /  . ... ., 2016//  .].

         .      ,     .      ,    ,       [99 - .: ..  :    . ., 2014. .9.].

   ,        ,  ,       , ,   ,     ,       [100 - .: .       //  . 2014. 1. .35.].

                           , ,             ()   [101 - Glossary of Tax Terms. URL: http://www.oecd.org/ctp/glossaryoftaxterms.htm.].

      [102 - Glossary of Tax Terms. URL: http://www.oecd.org/ctp/glossaryoftaxterms.htm ( : 01.05.2025).].                 .   ,                  .

   ,          .        ,               ,      . -,   ,         ( ,      ..)[103 - .: .., ..       廠//    . 2016. 11. .203204.].

       .

     [104 - OECD Model Tax Convention. URL: http://www.oecd.org/tax/treaties/tax-treaties-2017-update-to-oecd-model-tax-convention-released.htm ( : 01.05.2025).] .         .

     ()              (1980),[105 -  ()             . URL: http://www.un.org/esa/ffd/documents/UN_Model_2011_UpdateRu.pdf ( : 01.05.2025).]     .

     ,         ,    ,                     [106 - .: ..       : /  . ... ., 2016//  .].

       24.02.2010 84                  [107 -     24.02.2010 84                  // Ǡ. 2010. 10. .1078.],                   .       ,     ,   ,    ,  ,         .

                                 [108 -                        ( . 28.06.1993)// Ǡ. 1997. 44. .5021.],                       [109 -                        ( . 27.05.1994)// Ǡ. 2003. 9. .806.],                 [110 -                  ( . 15.11.1995)// Ǡ. 1997. 23. .2666.].

         ,        .     ,    [111 -   Ѡ 05.04.2018 305-1720231   40176513/2016 ,                    ,       ,       .  ,       (     )               ,     . : Ѡ 05.04.2018 305-1720231   40176513/2016//  ;  Ѡ 06.03.2018 304-178961   2725564/2015//  .], [112 - ,   Ѡ 11.01.2002 3646/01   4036632/0014551    ,     ,                 .  ,                   . .:   Ѡ 11.01.2002 3646/01   4036632/0014551//  Ѡ. 2002. 5.],    [113 - ,     ,     ,   Ѡ 12.07.2017, ,            ,   ].

 ,                     38  [114 -   08.08.2023 585              .].




3.4.   


          ,  ,             .        ,     .       ,             .

     ,   ,          ,    ,       .     ,       ,          .

 ,           ,              .

         ,    ,    ,     .

           ,   .

, ,                     .       ,          .       , ,   ,         .       ,         .          ,        .             ,       ,     ,    .          .      ,       .

      ,         ()[115 -       1961.       ().                ] 1961.    ,          -.         ,    ,         .

          ,   .   ,    ,         ,        .               , ,   ,      .       ,            .  ,           ,      .

    ,             ,      . ,  ,          ,  ,           ,     .

        -   ,        .

    ,    ,         , , ,          .      ,       : (1)    ,    ,    ,       ; (2)      ; (3)         .




3.5.  


  ,            .            .          .

        ,   .        .

 ,    ,         ,    .  , ,        ,    ,    ,       .

       .  , ,    22.05.2006 302        -     ,   06.07.2008 510 Π        Ի.

        992.       ,           .                   .

          ()     ( 80    ,     [116 -              38  .]).          ,       (1963).             ,   24.02.2010 371                   .




3.6. 


        ,                   ( ,   )  .  -      ,         (      ).    ,     ,        ,    .

 ,        .     ,     .

   ,      .  ,    ,   ,  ,  ,  , , ,    , , ,     .

       ,    ,  ,        .

           , ,  ,     .

            [117 - ..   ,                 . ..   :  //    . 2009. 4. .164.].             .            ,    ,        .

       ,   ,  ,              .        ,    .      ,    () ,  ,        .      ,               .




3.7.  


        ,        .

              .        ,          .          ,       .

            ,   ,    .

      .     ,             .        ,     .

,    ,       ,    .        ,        [118 -                     (   ). URL: http:// www.uncitral.org/uncitral/ru/uncitral_texts/arbitration/2014Transparency.html ( : 01.12.2024).].

        ,        ,   ,       .       ,            .

,      .   ,    (    ,    ,      )       .     ,  ,     .                 .

    ⻠       ,         ,       .     ,   ,               .

,                ,      . ,       ,        ,        .                      . ,       .           ..,          ,       -   [119 - .: ..      Ϡ.  19961997. ., 1998;  .       Ϡ 1998. ., 1999;  .       Ϡ 19992000. ., 2002;  .       Ϡ 20012002. ., 2004;  .       Ϡ 2003. ., 2004;  .       Ϡ 2004. ., 2005;  .       Ϡ 2005. ., 2006;  .       Ϡ 2006. ., 2008;  .       Ϡ 20072008.].

            ,             ,   ,   ,       [120 - .: .., ..   :    //  . 2015. 6 (102). .91.].

  ,      .              (,  ,  ,  ).  ,      ,     .      ,  .      .




 4

 ,        





4.1.       


  , ,           .

                ,      .

          ,            ,    ,    ,    .   ,    ,   (Aron Broches),        ,           ,  ,     [121 - ChristophH.Schreuer, Loretta Malintoppi, August Reinisch and Anthony Sinclair. THE ICSID CONVENTION: acommentary. ACommentary on the Convention on the Settlement of Investment Disputes between States and Nationals of Other States. Second edition. Cambridge: Cambridge University Press, 2009. P.114.].

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             38  .




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121


ChristophH.Schreuer, Loretta Malintoppi, August Reinisch and Anthony Sinclair. THE ICSID CONVENTION: acommentary. ACommentary on the Convention on the Settlement of Investment Disputes between States and Nationals of Other States. Second edition. Cambridge: Cambridge University Press, 2009. P.114.




122


Ibid. P.115.


