The Right of State-Owned Enterprises to Bring Claims in International Investment Arbitration: ICSID Jurisdiction and Admissibility Criteria

This article identifies legal criteria for assessing whether state-owned enterprises may bring claims in international investment arbitration, with particular focus on proceedings under the ICSID Convention of 1965. It argues that state ownership or control, taken alone, does not automatically determine claimant standing; the assessment should be grounded in the relevant investment treaty wording and in the legal nature of the conduct underlying the claims. The study systematizes arbitral approaches to distinguishing purely commercial conduct from conduct linked to the exercise of governmental authority or to specific State direction and control, which may affect jurisdictional and admissibility determinations. Particular emphasis is placed on legal certainty and procedural predictability when defining claimant status, and on preventing scenarios in which an investor–State dispute is effectively transformed into an indirect inter-State controversy. The conclusions support a balanced understanding of investment protection and public interests, including the preservation of State sovereignty and the national interests of the Russian Federation.