Case Details

Vasilisa Ershova and Jegor Jeršov v. Republic of Bulgaria (ICSID Case No. ARB/22/29)

Subject of Dispute:

Oil and gas enterprise
Economic Sector:

Oil, Gas & Mining
Instrument(s) Invoked:

ECT (Energy Charter Treaty)
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Vasilisa Ershova (Lithuanian), Jegor Jeršov (Lithuanian)
Respondent(s):

Republic of Bulgaria (Bulgarian)
Date Registered:

November 11, 2022
Date of Constitution of Tribunal:

May 4, 2023

Composition of Tribunal

President:

Juan FERNÁNDEZ-ARMESTO (Spanish) - Appointed by the Parties
Arbitrators:

Jan PAULSSON (Bahraini, French, Swedish) - Appointed by the Claimant(s)
Toby LANDAU (British) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Rumen Cholakov, London, U.K.
International Arbitration Chambers New York, NY, U.S.A.
Respondent(s):

Ministry of Finance of the Republic of Bulgaria, Sofia, Bulgaria
White & Case, Washington, D.C., U.S.A.
Tomov & Tomov, Sofia, Bulgaria
Language(s) of Proceeding:

English
Status of Proceeding:

Pending
Latest Development:

October 7, 2025 - The Respondent files a request for security for costs.

(a) Original Proceeding

Published Decisions

Procedural Order No. 1

Decision on the Respondent’s objections pursuant to ICSID Arbitration Rule 41(5)

Procedural Order No. 2

Procedural Order No. 3

Available on the ICSID Website

Procedural Order No. 1 (July 18, 2023) English (Original)

Decision on the Respondent’s objections pursuant to ICSID Arbitration Rule 41(5) (July 25, 2023) English (Original)

Procedural Order No. 2 (September 22, 2023) English (Original)

Procedural Order No. 3 (October 13, 2023) English (Original)

(a) Original Proceeding

Date	Development
November 11, 2022	The Secretary-General registers a request for the institution of arbitration proceedings.
January 12, 2023	Following appointment by the Claimants, Jan Paulsson (French/Swedish/Bahraini) accepts his appointment as arbitrator.
February 21, 2023	Following appointment by the Respondent, Toby Landau (British) accepts his appointment as arbitrator.
May 4, 2023	Following appointment by agreement of the parties, Juan Fernández-Armesto (Spanish) accepts his appointment as presiding arbitrator.
May 4, 2023	The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Juan Fernández-Armesto (Spanish), President, appointed by agreement of the parties; Jan Paulsson (French/Swedish/Bahraini), appointed by the Claimants; and Toby Landau (British), appointed by the Respondent.
May 30, 2023	The Respondent files preliminary objections pursuant to ICSID Arbitration Rule 41(5).
June 18, 2023	The Claimants file a request for provisional measures.
June 23, 2023	The Tribunal holds a first session by video conference.
June 30, 2023	The Claimants file observations on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5).
July 18, 2023	The Tribunal issues Procedural Order No. 1 concerning the rules applicable to the proceeding.
July 25, 2023	The Tribunal issues decision on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5).
September 22, 2023	The Tribunal issues Procedural Order No. 2 concerning procedural matters.
October 13, 2023	The Tribunal issues Procedural Order No. 3 concerning procedural matters.
October 23, 2023	The Claimants file an amended request for provisional measures.
November 15, 2023	The Claimants file an amended request for provisional measures.
December 8, 2023	The Tribunal issues Procedural Order No. 4 concerning the Claimants’ request for provisional measures.
April 15, 2024	The Claimants file a memorial on the merits.
January 27, 2025	The Respondent files a counter-memorial on the merits and a memorial on jurisdiction.
April 17, 2025	Following exchanges between the parties, each party files a request for the Tribunal to decide on production of documents.
May 5, 2025	The proceeding is suspended for non-payment of the required advances pursuant to ICSID Administrative and Financial Regulation 16(2)(b).
August 12, 2025	A non-disputing party files an application to file a written submission pursuant to ICSID Arbitration Rule 37(2).
August 12, 2025	The proceeding is resumed following payment of the required advances.
October 6, 2025	The Tribunal issues Procedural Order No. 5 concerning production of documents and the procedural calendar.
October 7, 2025	The Respondent files a request for security for costs.