    
  

  


        ,   .           .

              ,      .      ,      .            ,    .    ,    .

      ,        2008.        ,     .        ,     ,  ,          ().      ,   2011.     2012, 2013.      .

    , ,     ,     ,   .





 ,  

    



         , 2013







                  .

          .   ,  ,     ,          . ,   ,   ;  ,     ,   ,   , .. ,         .  ,              ,     .

      ,     ,   ,     ,      ,                 .                    ,            .

                    ,            .                 ,    .         [1 - .: NortonP.M. A Law of the Future or the Law of the Past? Modern Tribunals and the International Law of Expropriation // The American Journal of International Law. 1991. Vol. 85. . 474505.].

              ,    .      - ,                         [2 - .: Veeder V.V.The Lena Goldfi elds Arbitration: The Historical Roots of ThreeIdeas // International and Comparative Law Quarterly. 1998. Vol. 47. . 747792;  ..  . ., 1949. . 200207;  ..   . ., 1962.].

           ,              ,         . ,       ,            .          ,                 .

 ,        ,       :   - .                 ,                   .

        ,  ,         ,  ,       .  -             .

              .   ,         .   ,          ,    .                    .  ,                  .           ,      .            1969.    (  ),      ,        .            ,    ,         .       ,              (,  ,    ),   ,  , ,      , ,        51%.               [3 -    .:  ..        // . 1981. 6. . 8792.].

                   1974.        [4 - .: Declaration for the Establishment of a NewInternational Economic Order; UN General Assembly document A/RES/S-6/3201 of May 1, 1974 // http://www.undocuments.net/s6r3201.htm.] (    ).

         ,              ,                 (. d . 4).  ,         ,    .           (. e . 4).

         ,       .         ,          .

          ,      ,             .                   ,           .             ,    - .

      ,    ,      .   ,      ,        ,          .  ,      ,       .

   .        .        .  80- .     ,    ,             .                (BITs).    BITs     -   ,    .        .

       .              .  1965.                  (   )[5 -    . 1991. 2. . 210229.].        -   .   ,     ,          (  ,      ).   ,   ,        ,             ,  ,     .            () (International Centre for Settlement of Investment Disputes  ICSID)          ,   ,      .

   ,     ,           .   ,                  .  , ,  ,    ,  ,  .    ,   ICSID,         [6 - .: Rowat M.D.Multilateral approaches to improving the investment climate of developing countries: the cases of ICSID and MIGA // HarvardInternational Law Journal. Vol. 33. 1992. 1. P. 103142.].

        1985.           (   )[7 - .: -     :     . ., 1995. . 197276.].            (         ),          .           ,    .         -    .

    -:          ,        .           ,     .  ,  ,    , ,         ,      .       ,            - .

    ,              .       .     ,       - [8 - .:  .     //   . 2007. 3. . 730;     56/83    -  (/56/589  Corr. 1) //  .],          .

 -        .  90- .      .    ,     ,     ,       .  ,      - ,  .        ,  .       1994.[9 -  .],    , , ,       (), , , ,             ().       .        ,     ,   ,      -,   [10 -  . 1998. 16. . 1802.],      1994.  . ,     ,                  .

            .          .    ()              ,  ,          .                  ()     ,   -  ,     ,   .

               .  ,           ,         ,       ,        ,    .                    .        ,      ,     - ,         .        .

              ,             [11 - .  . ., 2002. . 17.].  ,    ,         . , ,            [12 - .  . ., 2002. . 17.].           ,       ,   .    .  .    .                -    .   2008.,      ,         ,      ,   ,      ,     [13 -  .     .    . ., 2010. . 96.].        .

      XXI.            , ,   .    ,    ,   ,   ( ,  )    .      .  ,       ,   .  ,      ,         ,     , ..  ,    ,        .

 ,   ,    .            ( )       , ..   ,      ( )   (  ),      (  ).     ( ),   ,     , ,   ,         ( ). ,  ,      ,   ,           ,        .          ( ). ,       ( )         ( ).   ,          ,     ,       ( ).

   ,  ,            ,             .    2008.       Lehman Brothers[14 - .:  .     .    . . 13.].  Lehman Brothers         (credit default swaps) (  CDS)[15 -  .,  CDS          .             (  ,     ;  ,     ,     .  ,       ,           .   (SWAP),  ,   .       ,          .          CDS   ,      ;  CDS, ,       .      , ,   ,     ,    CDS. (.:  .     .    . . 23.)].        ,       .        ,    ,  ,     [16 -  .     .    . . 79.].

       .        -     .       ,         .    ,               .          ,                .         ,          ,  ,       .

         , ,    ,         , , ,     .               .    ,               (,     ,   ),      .     ,      ,            .

             , ,           -,   - .      ,   ,        ,   - .  ,   ,         ,          ,   ,    .

       ,       .    ,         ,     .    ,            ,             .            ,  ,    ,      .




 1. .        





1.    


 ,               .   ,       ,  , ,     .

         .   . ,    .          . .  ,         ( ),     .       , .        (, , ).

  ,       , .  :           ,     ,     .      ,  ,     -     .  ,      ,  ,    ,    ,     ,  ,     ,    [17 -  .. ., 1970. . 3. . 377.].  ,      ,  , -,     ,  -,    , ..  ,   ,    ,    .  ,       , ..  ,   ,   [18 -                 .  ,  ,  ,    ,   ,  ,           .].

,       ,      ,    , ..   .   ,            , ..  ,      .              ,       (     ),      ,         (,   )      .

   ,         ,   ,           ,  ,    ,     , ;  ,              ,      ; ,        ,       , ..       ,     ,    ,      , -,      , -,    ,    ,     [19 -  .. . . 377.].

       ,    .     ,    ,  ,    ,        ,   .        ,        , -,   ,         ()  ,  -,      ,      .

.,   , :          , , ,    ,           ,  ,     [20 -  . . ., 1959. . 149, 150.].                        [21 -  .. . . 387.].    .,  ,  ,   ,  , ,  ,     ,   ,              .     ,    ,    .             .      ,        ,  ,  ,     .        ,       ,       .  ,        ,       .     ,     [22 -  .. . . 431.].

          . ,    ,     (    ),               ,      ,      .   ,             ,      .  (       )             .

             ,    .       ,    ,     ,  ,        . ,           ,          .  ,     ,   .

            :          ,      ,          [23 -    ..           :  ..,      . ., 1911. . I:            . . 5053.].       ..    XX.     :            .  ,     ,     .         ;          ,   .        ,     [24 -  .    :  .    . ., 2011. . 96.  .        ,  ...].

      ,       (, ,   ..)      ,         .             ,        ,  .

    .   .   ,        .         ,           ,     .     ,     ,        ()    .      ,         ,       .            ,     ,      [25 - .,  . . ., 1997. . 11.].

 ,     ,  .      , ,      ,     , ,        ,     ,                 ,       ,     .

   ,               ,     .        ,     ,   ..,    .        :     ,  ,     ,  ,   .   ,      ,          ,   :     ,        ,      -[26 -  ..- . ., 1924. . 17.].  ,      ,   ,   ,       .         (  ,         )        .          ,  .

               .                  ,           ,       , ,      ,       .




2.       


             :

      ,     (  asset-based model);

      ,      (enterprise-based model);

       (transaction based model).

              ,        [27 - Oxford Handbook of InternationalInvestment Law, edited by P.Muchlinski & Ch.Schreuer. Oxford Univercity Press, 2008. . 51.].

            ,             ,   ,       .      , :

 25.02.1999 39-      ,     [28 -  . 1999. 9. . 1096.] (     );

 09.07.1999 160-      [29 -  . 1999. 28. . 3493.] (     );

 29.11.2001 156-   [30 -  . 2001. 49. . 4562.] (     );

 29.04.2008 57-        ,          [31 -  . 2008. 18. . 1940.] (     );

 28.11.2011 335-   [32 -  . 2011. 49 (. I). . 7013.] (     ).

  ,     ,      ,      .                    ()     (. 1).                         ,   ,                      ,    ,   (       ),  ,  ,          ( ),      (. 2).

       ,         .               04.07.1991 1545-I     л[33 -     . 1991. 29. . 1008.].                   09.06.2001 456                  (    )[34 -  . 2001. 25. . 2578.].         ,        , ,         ,    ,      ,       .. (. 1  ).

           ,     (       ),    (..     ).    1        ,     ,  ,        ,       .

       ,  ,    .

     :

-,            ,       ,      ;

-,         ,      ,       , (,   ,           CDOs);

-,          ,     (, , ,       );          ,     ,    ,     ,   , ,    ,   ;

-,     :            ,    ,        .

 ,   ,     ,           . ,        (Framework Agreement on the ASEAN Investment Area) 1998.    [35 - . : Oxford Handbook of InternationalInvestment Law, edited by P.Muchlinski & Ch.Schreuer, Oxford Univercity Press, 2008. . 56.]    .            (,   19971998.        - ;          1998.).

  ,      .        2008.,      ,          (.   . 7 ).   ,  ,     :

1)         ,        ,  ,     ,       ;     ,   ()    ,     ,             ;         ;

2)        ;       (, , ,   )    (    ())     ;                 ;    ,        ,                ;

3)  ,            (, )       ,          [36 -  2011.     ,              .     :  21.11.2011 325-    ( . 2011. 48. . 6726)   07.02.2011 7-      ( . 2011. 7. . 904).].

            ,   ,    . ,  . 1   ,    ,                         ,       ,     ( )   , ,          .

                 22.04.1996 39-     (      )[37 -  . 1996. 17. . 1918.].             ,       ,    .  . 2                     ()        (),   , ,    ,        .




 2.   .  





1.        





1.1.      


        .        (      )   (, )         [38 -      ,   () /  . ..  ... ., 2004. . 338.].  -         [39 -            ,     ,     ,    ,       ,      .]   , .. ,         .   -                    .

               .        ,   . 1186    (   ).            ,    ,       ,    .   . 1186      ,                   .       ,       .

      ,          .          ,     .                  ,         [40 -      ,   () /  . ..  ... . 338.].         .     .       1979.          .          , ,       ,        ,              [41 - .: ..,  ..-  -     //    . 1983. 3. . 108.].

        ,           ,   .   ,             ,   .  ,    ,      . ,  . 1222        ,    ,          .       ,    ,   ,     ,         .    , ,           (       ()   ),       ,      .

               .         - ,    , , , ,      ,   .   ,     ,  ,    .   ,   -      ,     ,    ,       .   ,  ,                      ,      ,   .

             , ,  () .              - .      .               ,      - .

    ,  ,              ()     ,          , , ,      ,   [42 - ., : Agreement between the European Communities and the Government of United States of America on application of positive comity principles in the enforcement of their competition law // Official Journal. L. 173. 18/06. 1998. P. 2831.].

         ,            ,           .        ,               .

                  ,  - .    , .. ,       ,    , ..      .                    .    ,     ,   ,           .             - ,     (substance) , ,       ,    [43 - ., : Shihata I.F.I. & Parra A.R.Applicable Substantive Law in Disputes Between States and Private Foreign Parties: The Case of Arbitration under the ICSID Convention // ICSID Review. ForeignInvestment Law Journal. 1994. Vol. 9. 2. P. 183.].    ,   ,     .           ,     ,    , ,                .

                      ( ).  , ,              ,        .       л 1991.            .    26.06.1991 1488-I     л[44 -     . 1991. 29. . 1005.]           .       ,  ,   .  1999.             .      ,   ,     , ..      ,        .

 1999.,      1991.,       .        ,       ,            .                   .                   ,       ,                .

        ,        .        ,    ,         .

   1999.               .               .           (,      ),                    ,          ,       .       (       )     ,            .

                 ,   1999.,        [45 - .:  ..        . ., 2004.].           (  )       ,    .    ,   ,   ,      ,          ,                .    ,                 .        ,   ,   .             ,     [46 - .:  ..   . ., 2005. . 2735.].         [47 - ., :  ..      // . 1999. 6. . 8;  ..  :  -  //  . 2001. 23;  .  ?      //  . 1997 3. . 36, 37.].

       ,                     .     ,        ,           ,          ,     .




1.2.              


             .              ,          ,      ,     ,             .              ,     [48 - .: ..,  ..        //   . 2005. 9. . 66.].

         .       ,               - .     ,     - ,      ,      - .                  ,            ,    - ,         .

       ,         ,    .             ,          ,      (       ),    ,      .




  .


   .

   ,     (https://www.litres.ru/natalya-semilutina/mezhdunarodnoe-chastnoe-pravo-i-investicii/?lfrom=236201804&ffile=1)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes








1


.: NortonP.M. A Law of the Future or the Law of the Past? Modern Tribunals and the International Law of Expropriation // The American Journal of International Law. 1991. Vol. 85. . 474505.




2


.: Veeder V.V.The Lena Goldfi elds Arbitration: The Historical Roots of ThreeIdeas // International and Comparative Law Quarterly. 1998. Vol. 47. . 747792;  ..  . ., 1949. . 200207;  ..   . ., 1962.




3


   .:  ..        // . 1981. 6. . 8792.




4


.: Declaration for the Establishment of a NewInternational Economic Order; UN General Assembly document A/RES/S-6/3201 of May 1, 1974 // http://www.undocuments.net/s6r3201.htm.




5


   . 1991. 2. . 210229.




6


.: Rowat M.D.Multilateral approaches to improving the investment climate of developing countries: the cases of ICSID and MIGA // HarvardInternational Law Journal. Vol. 33. 1992. 1. P. 103142.




7


.: -     :     . ., 1995. . 197276.




8


.:  .     //   . 2007. 3. . 730;     56/83    -  (/56/589  Corr. 1) //  .




9


 .




10


 . 1998. 16. . 1802.




11


.  . ., 2002. . 17.




12


.  . ., 2002. . 17.




13


 .     .    . ., 2010. . 96.




14


.:  .     .    . . 13.




15


 .,  CDS          .             (  ,     ;  ,     ,     .  ,       ,           .   (SWAP),  ,   .       ,          .          CDS   ,      ;  CDS, ,       .      , ,   ,     ,    CDS. (.:  .     .    . . 23.)




16


 .     .    . . 79.




17


 .. ., 1970. . 3. . 377.




18


                .  ,  ,  ,    ,   ,  ,           .




19


 .. . . 377.




20


 . . ., 1959. . 149, 150.




21


 .. . . 387.




22


 .. . . 431.




23


   ..           :  ..,      . ., 1911. . I:            . . 5053.




24


 .    :  .    . ., 2011. . 96.  .        ,  ...




25


.,  . . ., 1997. . 11.




26


 ..- . ., 1924. . 17.




27


Oxford Handbook of InternationalInvestment Law, edited by P.Muchlinski & Ch.Schreuer. Oxford Univercity Press, 2008. . 51.




28


 . 1999. 9. . 1096.




29


 . 1999. 28. . 3493.




30


 . 2001. 49. . 4562.




31


 . 2008. 18. . 1940.




32


 . 2011. 49 (. I). . 7013.




33


    . 1991. 29. . 1008.




34


 . 2001. 25. . 2578.




35


. : Oxford Handbook of InternationalInvestment Law, edited by P.Muchlinski & Ch.Schreuer, Oxford Univercity Press, 2008. . 56.




36


 2011.     ,              .     :  21.11.2011 325-    ( . 2011. 48. . 6726)   07.02.2011 7-      ( . 2011. 7. . 904).




37


 . 1996. 17. . 1918.




38


     ,   () /  . ..  ... ., 2004. . 338.




39


           ,     ,     ,    ,       ,      .




40


     ,   () /  . ..  ... . 338.




41


.: ..,  ..-  -     //    . 1983. 3. . 108.




42


., : Agreement between the European Communities and the Government of United States of America on application of positive comity principles in the enforcement of their competition law // Official Journal. L. 173. 18/06. 1998. P. 2831.




43


., : Shihata I.F.I. & Parra A.R.Applicable Substantive Law in Disputes Between States and Private Foreign Parties: The Case of Arbitration under the ICSID Convention // ICSID Review. ForeignInvestment Law Journal. 1994. Vol. 9. 2. P. 183.




44


    . 1991. 29. . 1005.




45


.:  ..        . ., 2004.




46


.:  ..   . ., 2005. . 2735.




47


., :  ..      // . 1999. 6. . 8;  ..  :  -  //  . 2001. 23;  .  ?      //  . 1997 3. . 36, 37.




48


.: ..,  ..        //   . 2005. 9. . 66.


