Investment Treaty Protections against Conflict-Related Injuries

This chapter analyses the investment treaty provisions most likely to be invoked by investors to redress conflict-related losses, notably the full protection and security provision (FPS) and the armed conflict clause. First, it examines the scope of the FPS standard, focusing on ‘police powers’ and ‘due diligence’ as two concepts that help demarcate the obligation under the provision. Second, it considers different types of armed conflict clauses and addresses the jurisprudential inconsistencies, in particular with regard to their relationship with FPS. Finally, the chapter looks into other treaty provisions (expropriation and fair and equitable treatment), arguing that investors’ expectations as to their protections will be likely assessed in light of the conflict crisis.