Romania can’t pay $356m price, says Europe’s highest court

By Victoria McKenzie (January 25, 2022, 9:28 PM EST) — Europe’s highest court has ordered the EU General Court to determine once and for all whether a $356 million arbitration award to Swedish investors falls within state aid law, reigniting a long-running dispute over the European Commission’s decision to ban Romania from paying the compensation.

The European Court of Justice ruled on Tuesday that the award was subject to EU law because it was granted by a tribunal at the International Center for Settlement of Investment Disputes in 2013, after Romania became a member state. of the EU.

The High Court also overturned and returned a 2019 EU General Court ruling that Romania could pay the…

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Mary I. Bruner