Georgia lost two arbitration disputes with Inter RAO. According to Bpn.ge, on the one hand, this is an arbitration dispute for $76 million, which has been going on since 2017 at the International Center for Settlement of Investment Disputes (ICSID) at the World Bank, and Georgia lost the second dispute in the Stockholm Arbitration Tribunal. We are talking about a parallel investment dispute with Inter RAO, in which the country was entrusted with the payment of $112 million.
According to the clarification, Georgia will have to pay the amount of not both, but one of the disputes, since in the case of arbitration, addition does not occur.
In December 2021, the Stockholm arbitration ordered Georgia to pay compensation in favor of the Russian company. According to the Ministry of Justice, then Inter RAO demanded 200 million, but after presenting arguments, the amount was reduced to 80 million.
According to the information of the Georgian government, 2 years ago, the dispute continues, however, as can be seen from the latest decision, the Stockholm Arbitration increased the amount of the payment.
Recall that the dispute with Inter RAO began in 2017. The company owns 2 Georgian HPPs, which, in turn, owns 75% of the Telasi energy company. The plaintiffs demanded compensation from the Georgian authorities for the damage caused by the depreciation of the lari. The case concerned the issue of tariffs. The Georgian authorities believed that the tariffs were determined correctly.