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Anastasiya Ugale

ISDS & Commercial Arbitration Counsel for Global Investors

Working out whether you hold a treaty claim, then taking it from first notice through to enforcement.

Leveling the playing field

When your company operates across borders—particularly in Eurasia, the CIS, and emerging markets—your capital faces risk from two distinct directions: host governments and international business partners.

Whether a state abruptly alters a regulatory framework and expropriates your assets, or a multi-million-dollar joint venture collapses due to a breach of contract, relying on unfamiliar local courts is rarely a viable strategy. I help global investors and multinational corporations bypass domestic court systems entirely. Using international commercial arbitration (ICC, LCIA, SCC) and investment treaty arbitration (ICSID, UNCITRAL), I help secure your leverage, protect your assets, and drive disputes toward a favorable settlement or a binding, globally enforceable damages award.

Actionable Breaches & Dispute Resolution

Cross-Border Commercial Disputes

Resolving high-stakes breaches of international contracts, joint venture breakdowns, shareholder disputes, and post-M&A conflicts under the rules of major arbitral institutions (ICC, LCIA, SCC, UNCITRAL).

Expropriation (Direct & Indirect)

Challenging the outright seizure of assets, as well as "creeping" expropriation through crippling regulations, forced sales, or targeted tax penalties by state actors.

Fair and Equitable Treatment (FET)

Holding states accountable when they violate your legitimate business expectations, act arbitrarily, or radically alter the legal framework you relied upon to invest.

State Contracts & Infrastructure

Enforcing stabilization clauses, concession agreements, and state guarantees in complex energy, mining, and telecommunications projects.

From Harm to Global Enforcement

  1. Early Assessment & Funding

    Conducting rapid viability assessments for both commercial and treaty claims, and structuring the case for third-party litigation funding to remove legal spend from your balance sheet.

  2. The "Trigger Letter" & Escalation

    Drafting the formal letter to trigger mandatory cooling-off periods under investment treaties, if relevant, often forcing counter-parties or states to the negotiating table before formal arbitration begins.

  3. Tribunal Advocacy

    If settlement negotiations fail, leading the overarching legal strategy and litigating the jurisdiction and merits before international tribunals, bridging the gap between Western evidentiary standards and regional business realities.

  4. Asset Tracing & Enforcement

    Utilizing international treaties to monetize arbitral awards, as well as rely on local specialists to trace assets and enforce arbitral awards in US Federal Courts and jurisdictions worldwide.

Frequently asked questions

Can a company or individual sue a foreign government for changing the rules after you invest?
Yes — if your investment is covered by an international treaty. The most common frameworks are bilateral investment treaties (BITs), the Energy Charter Treaty (ECT) in the energy sector, and investment chapters in free trade agreements and regional treaties. These treaties let qualifying foreign investors bring claims directly against the host state for breaches like expropriation, denial of fair and equitable treatment, discrimination, or unlawful interference with your investment. The threshold questions are whether you qualify as a 'protected investor' and what you hold qualifies as a 'protected investment.'
How do I know whether my investment is actually protected by a treaty?
Three things need to line up: your nationality or your company's place of incorporation, the host state where the investment sits, and whether those two states have a treaty in force — most often a BIT or the ECT. How the investment is structured matters: the treaty must cover the entity actually holding the investment, not a parent elsewhere. Timing matters too — treaties generally do not apply retroactively. I assess treaty coverage at the outset of every matter before any substantive strategy is built.
What is the cooling-off period, and can I skip it?
Most investment treaties require a waiting period for negotiations and potentially settlement of the dispute — typically three to six months — between formally notifying the host state of a dispute and filing the arbitration. This is the cooling-off period, and it starts when you serve a trigger letter. Tribunals treat compliance with the cooling-off period as a jurisdictional or admissibility issue, which means getting it wrong can result in dismissal of the entire case. Tribunals have occasionally excused strict compliance where the period would have been futile, but that is a high bar. Treat the trigger letter as the first strategic move, not a formality.
How long does investor-state arbitration take?
From the first trigger letter to a final award, most ICSID cases run three to five years, and UNCITRAL Rules cases are similar. Complex matters, or those where the state mounts extensive jurisdictional objections, can run longer. Settlement can accelerate the timeline at predictable points: after the request for arbitration is filed, after memorials are exchanged, and after a significant procedural or evidentiary ruling. I build each case on the assumption it goes to a final award, which keeps leverage in place whenever a settlement conversation happens.
How much does investor-state arbitration cost?
Serious investment claims require serious investment in the case. Typical costs include tribunal and institutional fees, arbitrator compensation, external experts (damages, industry, quantum), and counsel fees. Total legal costs for a mid-size claim commonly run into the low seven figures; high-value or heavily contested matters run higher. Third-party funding is available for strong claims and is disclosed to the tribunal where required. I structure matters to move efficiently — no committee approvals, no billable-hour padding — and will tell you candidly at the outset whether the case justifies the cost.

These answers are general information, not legal advice for any individual case or situation, and reading them does not create an attorney-client relationship. What applies to your dispute turns on the specific treaty, contract, and facts in play. Please review the Disclaimer.

Discuss your dispute

The first consultation is a no-obligation conversation about your situation and the options open to you. I respond within two business days. Consultations are available in English, Russian and Ukrainian.

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Please review the Disclaimer before getting in touch.