Economics, trade and finance — Investment protection — Fair and equitable treatment — Sweden–Romania Bilateral Investment Treaty, 2002 — Article 2(3) — Whether Romania breaching fair and equitable treatment protection under Treaty — Whether Romania breaching investors’ legitimate expectations — Whether Romania acting reasonably with respect to investors’ investment — Whether Romania affording investors adequate levels of transparency — Article 2(4) — Umbrella clause — Whether Romania breaching umbrella clause protection under Treaty

Arbitration — Jurisdiction — Investment protection — ICSID Convention, Article 25 — Distinction between objection to jurisdiction and objection to admissibility — Factual findings — Burden of proof — Jurisdiction ratione personae — Jurisdiction ratione materiae — Jurisdiction ratione temporis — Temporal application of bilateral investment treaty — Whether applicable to acts occurring before entry into force if dispute arose after entry into force

Arbitration — Remedies — Standard for bringing a claim for lost profits — Sufficient certainty — Whether investors would have made profits but for the international wrong — Whether trend among investment tribunals to award compound rather than simple interest — Whether a tribunal having power to issue definitive injunctive relief — Res judicata effect

Arbitration — Enforceability of Award — Whether appropriate for Tribunal to base its decisions on matters of EU law applying after Award rendered — ICSID Convention, 1965, Articles 53 and 54

Nationality — Individuals — Claimants renouncing nationality of respondent State and acquiring new nationality — Whether new nationality purely a matter for national law — Whether role for international law — Whether new nationality opposable to State of former nationality — Whether “genuine link” with State of new nationality required — Standing to being investment claim under bilateral investment treaty

Treaties — Interpretation — Sweden–Romania Bilateral Investment Treaty, 2002 — Treaties established under European Union law to which Romania and Sweden parties — Whether conflict of treaties — Whether EU law having role in interpretation of BIT — Whether EU law applying after Award rendered relevant to Tribunal’s decision making — ICSID Convention, 1965, Articles 53 and 54