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Determining the law applicable to the merits of a dispute is one of the most critical aspects of international arbitration. It plays a key role in ensuring that disputes are resolved in a predictable and fair manner and that the arbitral award is ultimately enforceable.

The Olin v. Libya dispute centres on what once looked like a promising investment, a dairy and juice factory established in Libya’s capital, Tripoli during a window of economic openness in Libya. But all that was only temporary optimism. With an environment of mounting political instability, the Government of Libya in 2006 saw fit to expropriate this investment. This was the prelude to a lengthy and complex legal battle spanning years and jurisdictions.

The annexation of Crimea in 2014 and the invasion of Ukraine in 2022 by Russia triggered the expansion of unilateral sanctions, particularly by the EU and the US. These sanctions, designed to exert political and economic pressure, had significant repercussions for global commerce, extending their effects beyond sanctioning and sanctioned states to third-country nationals. In a globalized economy, no actor remains immune from the disruptions caused by armed conflict and sanctions. This reality raises complex questions for arbitration, especially in third States such as Türkiye, regarding the enforceability of contracts, applicability of foreign mandatory rules, and potential enforcement challenges.