GBS Disputes

Yael is or was part of the team advising and/or representing:

Investment Disputes

• The Republic of Peru, Respondent in an ICSID arbitration initiated by Bank of Nova Scotia (ICSID Case No. ARB/22/30), concerning a nearly 15-year long tax dispute relating to a tax claim by Peru’s tax authority. The claims are brought under the Canada-Peru Free Trade Agreement. Peru filed an application under ICSID Arbitration Rule 41, arguing that the Bank of Nova Scotia’s claims were manifestly without legal merit. The majority of the Arbitral Tribunal upheld most of these objections and dismissed the Bank of Nova Scotia’s claims for expropriation and violation of the minimum standard of treatment. The arbitration proceeding continues only in relation to the Bank of Nova Scotia’s national treatment claims.
• The Republic of Colombia, Respondent in an ICSID arbitration brought by Angel Samuel Seda and others (ICSID Case No. ARB/19/6). The dispute arose from allegations of expropriation of a real estate project seized in application of Colombia’s asset forfeiture law, and claims in excess of USD 300 million were brought under the 2012 Colombia-U.S. Trade Promotion Agreement (TPA). In a landmark victory for our client, the Tribunal dismissed all claims and found, for the first time in investment arbitration history, that the essential security interests clause in the TPA invoked by Colombia applied and protected Colombia’s measures designed to fight narcotraffic and money laundering.
• The Republic of Colombia, Respondent in an ICSID arbitration brought by engineering company CB&I UK (ICSID Case No. ARB/22/11). The dispute related to a refinery expansion project and the claims were brought under the Colombia-UK bilateral investment treaty.
• The Republic of Lithuania, Respondent in an ICSID arbitration brought by Veolia Environnement S.A. and others in relation to district heating and power generation systems in Lithuania (ICSID Case No. ARB/16/3). The claims were brought under the Lithuania-France bilateral investment treaty. Veolia initiated the arbitration and pursued numerous individual claims against Lithuania seeking in excess of EUR 120 million. Lithuania introduced counterclaims based on allegations of corruption and collusion. After almost ten years of legal proceedings, Veolia agreed to withdraw all of its claims and pay EUR 35 million to Lithuania in settlement of the dispute, which makes this case the first ever precedent of a State achieving an overall financial win after raising counterclaims in an investor-State arbitration.
• EDF Energies Nouvelles in an UNCITRAL arbitration against the Kingdom of Spain under the Energy Charter Treaty. The dispute related to measures taken by Spain in the renewable energy sector.
• The Arab Republic of Egypt, Respondent in two investment arbitrations concerning alleged violations under the Egypt-Poland, Egypt-U.S. and the Egypt-Germany bilateral investment treaties relating to the performance of a long-term contract for the export of Egyptian natural gas to Israel. Around USD 2 billion was claimed. More than two thirds of the claims were dismissed on jurisdictional grounds and on the merits. Following these decisions, the parties reached a global settlement, under which all claims against our clients were waived without our clients being required to make any payment.

Commercial Disputes

• Subsidiaries of Mubadala, an Abu Dhabi sovereign wealth fund, in two ICC arbitrations in Switzerland against affiliates of the SIGNA group, formerly one of the largest luxury property groups in Europe. The dispute arose from the breach of various finance agreements. Our clients were awarded over EUR 900 million in damages. Austrian law applied.
• Engie Energía Chile, Claimant in an ICC arbitration in Paris against TotalEnergies. The dispute arose from an LNG Sale and Purchase Agreement. The ICC Tribunal awarded Engie damages in excess of USD 100 million. New York law applied.
• A leading European energy company and its Asian subsidiary, Claimants in an ICC arbitration in Singapore against three Asian State-owned nuclear power companies. The arbitration concerned a shareholders’ dispute arising from the unilateral adoption by the Asian companies of corporate measures which would have had the effect of preventing our client from receiving one third of its share of profits to be generated by the nuclear power plant throughout the assets’ technical life. The law of the Respondents’ State applied. The Tribunal found that the measures adopted by the Respondents were in breach of the shareholders’ agreement, issued relief to protect our clients’ share of future profits, and ordered the Respondents to pay 75% of our clients’ legal fees.
• International Petroleum Investment Company (IPIC) (an affiliate of Mubadala Investment Company PJSC), Respondent in an ICC arbitration in Paris initiated by Real Madrid football club. The dispute arose from a sponsorship agreement related to the Santiago Bernabéu stadium. Spanish law applied and over EUR 550 million was at stake. The Arbitral Tribunal, ruling by a majority, dismissed Real Madrid’s EUR 550 million claims in their entirety.
• Two State-owned entities in a USD 6 billion ICC arbitration in Geneva and a USD 4 billion CRCICA arbitration in Cairo arising out of a long-term gas supply contract relating to the export of Egyptian gas to Israel. English law applied to both arbitrations. More than three quarters of the Claimants’ claims were dismissed for lack of jurisdiction or on the merits. Following these decisions, the parties reached a global settlement for less than five percent of the claim.

Setting aside and Enforcement

• The majority shareholders in the former Yukos Oil Company in proceedings initiated by the Russian Federation before the Dutch courts to set aside the USD 50 billion awards rendered in the arbitrations brought by the shareholders against the Russian Federation concerning the expropriation of their investments in Yukos.
• The majority shareholders in the former Yukos Oil Company in relation to the recognition and enforcement proceedings initiated in multiple jurisdictions for the enforcement of the USD 50 billion awards rendered in the arbitrations brought by the shareholders against the Russian Federation concerning the unlawful treatment and expropriation of their investments in Yukos.

Advisory

• Advising a Government with respect to the seizure and detention of a vessel suspected of carrying sanctioned products.

Pro bono

Matters in the public domain include:

• Advising and representing Uruguay before the International Court of Justice (“ICJ”) in the proceedings to request the issuance of an advisory opinion on States’ obligations in relation to climate change, under Article 65 of the Statute of the ICJ.
• Member of the legal team advising the Commission of Small Island States on Climate Change and International Law (COSIS) in the preparation and submission of a written statement before the Inter-American Court of Human Rights in the advisory opinion proceedings on the Climate Emergency and Human Rights.
• Advising Afghani asylum seekers in Europe, fleeing persecution for speaking English and suspected of collaborating with the United States.
• Representing a Syrian/Palestinian family located in a refugee camp in Lebanon in proceedings before the UNCHR and advising them on relocation opportunities.
• Research on the impact of laws against female genital mutilation in an African country for the NGO 28 Too Many, which was integrated into a report on “The Law and FGM: An overview of 28 African Countries” published in September 2018
• Advising a company that produced sustainable clothing in Latin America and sold it in Europe.
• Preparing educational material for an African governmental program for law enforcement officers to learn how to identify and assist victims of sexual violence.

Education

• Universidad de Montevideo, J.D.
• Universiteit van Amsterdam, LL.M. International and European Law: International Trade and Investment Law, cum laude

Admissions & Courts

• Uruguay

Languages

• Spanish
• English
• Hebrew
• German

Nationalities

• Uruguayan
• German

• Co-Chair, CIIAM Task Group on Banking and Capital Markets
• Member, IBA Arbitration Committee – ESG Sub-committee
• Member, IBA Water Law Committee
• Member, Global Advisory Board (GAB) of ICDR Young & International (2020–23)
• Member, Working Group for the Revision of the Rules of the Montevideo Center of Conciliation and Arbitration (Corte de Arbitraje Internacional para el Mercosur)
• Founding member and President, Latin American Arbitration Practitioners (EU)
• Founding member, Uruguay Very Young Arbitration Practitioners
• Founding member and member of the Editorial Board (2019–21), Very Young Arbitration Blog
• Member, ICC Young Arbitrators Forum (YAF), Young ICCA, Young ICSID, Young Public International Law Group (YPILG), Young ITA, LCIA Young International Arbitration Group (YIAG), DIS 40
• Mentor, Mentoring Program organised by Young ICCA, MAA, COLVYAP, Young ITA

Teachings

• Co-Chair, International Arbitration Courses and Seminars (IASC) (2024–)
• Lecturer on investment arbitration and workshop on international arbitration, Arbanza Escuela de Arbitraje
• Lecturer on international arbitration, Universidad de Montevideo
• Lecturer on investment arbitration, Colegio de la Abogacía de Barcelona (ICAB)

• “Arbitraje de inversión y cambio climático,” in Segunda Guía de Arbitraje de Inversión (forthcoming, Y. Ribco Borman, S. Espinoza eds., Arbanza Escuela de Arbitraje) (co-author)
• “Arbitraje de inversión en Uruguay,” in Manual de Arbitraje en Uruguay (forthcoming, Y. Ribco Borman, S. Gatica eds., Fundación de Cultura Universitaria)
• “Artículo 36: Idioma del Arbitraje,” in Comentarios a la Ley de Arbitraje Peruana (forthcoming, D. Ortiz Gaspar ed., Palestra Editores)
• World Bank Group’s project B-Ready 2025 – Uruguay – Dispute Resolution (co-author)
• “Working with co-counsel,” in International Arbitration in Practice (C. Lotfi, A. Zielinska-Eisen, V. Sandler Obregon eds., Wolters Kluwer, 2025) (co-author)
• “Anti-Enforcement Actions and the Assignment of intra-EU awards,” 42(1) Journal of International Arbitration 95 (2025) (co-author)
• “Arbitration of Climate Change-related Contractual Disputes: Reflections on the Available Remedies,” in 40 under 40 International Arbitration (C. González-Bueno ed., 2024)
• “Arbitraje y corrupción en Latinoamérica: un análisis de la jurisprudencia arbitral a la luz de la doctrina del profesor Emmanuel Gaillard,” 2023(8) Revista del Centro de Investigación y Estudios para la Resolución de Controversias de la Universidad Monteávila Principia 115 (co-author)
• Guía de Arbitraje de Inversión (Arbanza Escuela de Arbitraje, 2023) (co-editor)
• “Defensas y excepciones a la responsabilidad del Estado,” in Guía de Arbitraje de Inversión (Arbanza Escuela de Arbitraje, 2023)
• “Capítulo 11: Responsabilidad del Estado,” in Derecho Internacional. Conceptos, doctrinas y debates (Biblioteca Jurídica Uniandina, 2023) (co-author)
• “La relevancia de la sede de arbitraje en el arbitraje de inversión,” in La sede y el ordenamiento aplicable en el arbitraje internacional: enfoques cruzados (Biblioteca de Arbitraje del Estudio Mario Castillo Freyre, Vol. 96) (2021) (co-author)
• “International Commercial Arbitration in Latin America: Recent developments and trends,” Young Arbitration Review, Vol. 31 (2018)
• “Mining in Latin America: El Dorado or Pandora’s Pit?,” Transnational Dispute Management, Latin America Special, Vol. 5 (2016) (co-author)
• “Treaty Shopping through Corporate Restructuring of Investments: Legitimate Corporate Planning or Abuse of Rights?,” The Hague Yearbook of International Law, Vol. 24 (2011)

• “Need for Speed: Innovating International Arbitration for Maximum Efficiency,” SCC Arbitration Institute, Frankfurt, 9 June 2026 (moderator)
• “Debate: Esta casa considera que la reacción en contra del arbitraje de inversiones carece de fundamento y se basa en propaganda e información incompleta,” IV Comillas Arbitration Day, Madrid, 3 June 2026 (debater)
• “Arbitraje en el sector bancario: panorama y tendencias,” IV Meeting of CIIAM Task Groups, Madrid, 29 May 2026 (panellist)
• “Third Party Funding: Retos para los peritos,” Webinar organised by CIIAM as part of the “Ciclo de Peritos 2026”, 13 May 2026 (moderator)
• “Inestabilidad política y económica en LATAM: Impactos en el arbitraje internacional,” Paris Arbitration Week, 24 March 2026 (moderator)
• “Witnesses and experts,” Specialised course on “Arbitration for the Legal Defense of the State” organised by the State Attorney General’s Office of Peru and Paris International Arbitration Chamber (CAIP), 10 March 2026 (lecturer)
• “Written testimony cross examination at the hearing,” 17th International Arbitration Congress in Costa Rica, 12 February 2026 (panellist)
• “La figura del árbitro,” Congreso Internacional de la Biblioteca de arbitraje: entre la academia y la práctica profesional (2025), 13 November 2025 (moderator)
• “Global counsel and local counsel – How to make the cooperation work?,” Arbitration Day organised by Young Arbitrators Sweden, Stockholm, 6 November 2025 (panellist)
• “Debate: This House Believes That Investor-State Dispute Settlement (ISDS) No Longer Serves the Interests of Either Investors or States,” Global Disputes Summit, Paris Edition, 16 September 2025 (moderator)
• “Confidentiality and privilege in document production,” III Arbanza Conference, Lima, Peru, 6-7 February 2025 (panellist)
• “Efficient Dispute Resolution in European-Latin American Business Transactions,” European-Latinamerican Arbitration Center in Hamburg seminar, 5 November 2024 (panellist)
• “Transforming the practice of arbitration through technology,” Colombia Arbitration Week 2024 webinar, 1 November 2024 (panellist)
• “Transparencia@10 – Challenges, strengths and threats to transparency in arbitration between investors and States,” UNCITRAL LAC Day webinar organised by the Universidad de Montevideo, 30 October 2024 (panellist)
• “Exploring the Practical Realities of Buying Out and Enforcing Arbitration Awards,” The International Arbitration and Enforcement Forum 2024, ThoughtLeaders4 event, London, 8 October 2024 (panellist)
• “How to deal with the increasing complexity of disputes efficiently?,” Co-Chairs’ Circle Conference (CCC24), Frankfurt am Main, 17 May 2024 (moderator)
• “Arbitration v. other alternative dispute resolution methods: supplementary or complementary mechanisms?,” Club Español e Hispanoamericano de Arbitraje, Frankfurt am Main, 18 January 2024 (moderator)
• “Novel Issues Related to Enforcement and Responses,” Conference on Enforcement of Arbitral Awards Against Sovereigns, University of Luxembourg, Luxembourg, 10 January 2024
• “The attractiveness of Germany as arbitral seat in view of recent developments,” ICDR Y&I, Frankfurt am Main, 31 August 2023
• “Climate change and commercial arbitration,” ICC-YAF Climate change Conference, Geneva, 9 March 2023
• “Ethics in Arbitration,” Tel Aviv Young Arbitral Forum Workshop, 26 February 2023
• “The end of investment arbitration in Europe? Achmea, Micula and the modernisation of the Energy Charter Treaty,” Arbanza Escuela de Arbitraje Congreso de Arbitraje, 9–10 February 2023 (moderator)
• “Essential security and investment arbitration,“ Mute‐Off Thursdays, 8 September 2022
• “Jurisdiction and admissibility in investment arbitration,” GoArb Madrid 2022, 4 July 2022
• “The European Union and investment arbitration,“ Congreso Internacional de Arbitraje: Entre la academia y la práctica profesional, 10–12 May 2022 (panellist)
• “Corruption and public policy,” Hamburg International Arbitration Days, 4 April 2022
• “The use of technological tools in arbitration and its impact on virtual hearings,” First Congress of the Central American Young Arbitrators (CAYA), 27 October 2021 (panellist)
• “FTI Consulting Expert Witness Debating Series 2021, Session 1: Hot tubbing of quantum experts improves the quality and efficiency of witness testimony,” 28 January 2021 (panellist)
• “Perfect strangers: less used mechanisms in investment arbitration,” Webinar organised by Arbanza Escuela de Arbitraje, 10 November 2020 (moderator)
• “The role of Third Party Funding in the resolution of disputes during and after the COVID-19 pandemic,” IX Costa Rica International Arbitration Congress, 23 October 2020 (panellist)
• “Digital State? Rethinking the arbitral defense in the public sector,” webinar, Peruvian Young Arbitrators, 24 April 2020 (panellist)
• “How to build a career in international arbitration?,” webinar, Uruguay Very Young Arbitration Practitioners, 23 April 2020 (panellist)
• “International arbitration in the time of COVID-19: Challenges and opportunities,” webinar, ICDR Young & International, 14 April 2020 (moderator)
• “Investment Treaty Arbitration as a Norm-Generating System in Latin America,” Latin American Arbitration Practitioners, London, England, 31 October 2019 (moderator)
• “Enforcement of International Commercial and Investment Awards,” II Conference of the Network of Latin American Young Arbitration Lawyers (Red Latinoamericana de Jóvenes en Arbitraje), Lima, Peru, 14–16 August 2019
• “Cyber Security and Data protection in the Resolution of Transatlantic Disputes,” Y-ADR – DIS40 Seminar, Frankfurt, Germany, 6 March 2019 (moderator)
• “The Post-Hearing Phase in Arbitral Proceedings,” DIS40, Frankfurt, Germany, 27 November 2018
• “Young Practitioners and the Future of International Investment Law,” Investment Arbitration in Colombia: Challenges for the Country and Region, Bogotá, Colombia, 21–22 March 2018