The White & Case Sovereign Focus provides brief updates on the latest issues and trends related to sovereigns, public sector clients and their counterparts.
2025
Explore Trendscape Our take on the interconnected global trends that are shaping the business climate for our clients.
White & Case secures a second total victory for Georgia in the long-running dispute concerning the Anaklia Port project
04 August 2025 - On 30 July 2025, an ICSID tribunal chaired by Bernard Hanotiau and including Klaus Sachs and Charles Poncet as co-arbitrators issued an award unanimously dismissing all claims brought by Dutch businessman Bob Meijer against Georgia under the Georgia-Netherlands BIT.
Lexology Panoramic: Sovereign Immunity 2025
02 July 2025 - White & Case partners Nicole Erb and Claire DeLelle, along with Counsel Celia McLaughlin and Danielle Tarin, were contributing editors for the eighth edition of the Lexology Panoramic: Sovereign Immunity 2025 guide, as well as co-authors of the US chapter. This guide provides timely updates and is a user-friendly reference guide for anyone facing questions of sovereign immunity.
Key considerations for stakeholders as Europe’s defence industry faces “once-in-a-generation moment”
29 May 2025 - In recent months, the European Commission has led a concerted effort to coordinate and bolster European defence spending. The ongoing war in Ukraine and the US's current position under President Trump have coalesced to give rise to what Commission President Ursula von der Leyen has called a "once-in-a-generation moment" for Europe, as she has highlighted the estimated EUR 500 billion in defence investment EU states require over the next decade.
English Court issues landmark decision on state immunity and enforcement
30 April 2025 - In a landmark victory for the Republic of India, the Commercial Court has held that India did not waive its state immunity in relation to the enforcement of two bilateral investment treaty awards solely by reason of its ratification of the New York Convention. The judgment was handed down by Sir William Blair on 17 April 2025 (CC/Devas et al. v The Republic of India [2025] EWHC 964 (Comm)). White & Case represents the Republic of India in these proceedings.
US Supreme Court Rejects Application of Commingling Theory in Holocaust Expropriation Case
14 March 2025 - On February 21, 2025, the US Supreme Court issued a unanimous decision in Republic of Hungary v. Simon,1 further narrowing the scope of the Foreign Sovereign Immunities Act's exception to sovereign immunity for expropriation clams, 28 U.S.C. § 1605(a)(3), and requiring plaintiffs to trace directly to the United States either the specific expropriated property itself or "any property exchanged for such property.
ERA Loans for Ukraine Initiatives
10 January 2025 | United States funds first eligible bilateral loan to Ukraine under Ukraine Loan Cooperation Mechanism / the G7's "ERA Loans for Ukraine" Initiative.
2024
Debt-for-nature swaps – a promising alternative to traditional financial sources
17 December 2024 - On 16 October 2024, the Republic of El Salvador ("El Salvador") announced the financial close of a US$1 billion debt-for-nature ("DFN") swap, which was both the world's largest conservation-focused operation of this kind to date and the world's largest DFN conversion for river conservation.
Critical Minerals Supply Chains: The Minerals Security Partnership and Trade-Related Challenges
07 October 2024 | Insight - Critical minerals have become one of the most sought-after commodities in recent years. Since critical minerals are essential for the development of clean energy and other modern technologies, demand for those minerals is expected to further increase in the future.
Ukraine concludes historic restructuring of US$20.5 billion of international bonds
10 September 2024 - On 3 September, 2024, Ukraine announced that it successfully concluded the restructuring of approximately US$20.5 billion of Ukraine's international bonds and the sovereign-guaranteed debt obligations of the State Agency for Restoration and Development of Infrastructure (Ukravtodor), exactly three months from the date Ukraine first entered into restricted negotiations with the representative bondholder committee.
The Government of Georgia defeats an ICC arbitration claim of US$ 1.5 billion at its highest over its termination of an investment agreement for the development of the Anaklia Port
05 August 2024 - On 29 July 2024, an ICC arbitration tribunal, chaired by Stephen Drymer and including Jean Kalicki and Charles Adams as co-arbitrators, issued, by majority, an award in favour of the Government of Georgia in a high-profile ICC dispute initiated by Anaklia Development Consortium (ADC).
The Republic of Mozambique wins multibillion-dollar corruption case in the English High Court against Lebanese shipbuilding group, Privinvest
31 July 2024 - Five years since the Republic of Mozambique issued its claim in the English High Court against Privinvest and other participants in one of the largest sovereign corruption scandals of modern memory – the so-called "Tuna Bond" scandal – the Court has handed down its judgment in favour of the Republic.
White & Case means the international legal practice comprising White & Case LLP, a New York State registered limited liability partnership, White & Case LLP, a limited liability partnership incorporated under English law and all other affiliated partnerships, companies and entities.
This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.
© 2024 White & Case LLP
