Bilateral Investment Treaties in the Russian Federation and the State of Qatar in the wake of Maritime Investment. Part 2: BMIT as a Coherent Solution

Abstract

Bilateral Investment Treaties (BITs) serve as a crucial foundation for investment protection; however, the rapid expansion of maritime investments presents a complex challenge to this established framework. When investors choose to engage in maritime ventures, a thorough understanding of existing investment protection mechanisms particularly through relevant BITs is imperative. It raises a fundamental inquiry: do current BITs effectively establish a coherent and robust protective regime for maritime investments? On the one hand, the current system exhibits a fragmented structure that necessitates examination across four distinct branches of public international law: international investment law, the law of the sea, international environmental law, and international energy law. On the other hand, it is essential to recognize that investment protection must be pursued with due regard for the public interests of the sea. In this study, we conduct a qualitative and quantitative analysis of all BITs concluded by the Russian Federation and Qatar. Our findings indicate that the existing BIT framework is insufficient to address the unique and dual nature of maritime investments that are characterized by both their scattered legal foundations and the necessity for mutual respect between investment interests and maritime benefits. To address these limitations, current paper proposes the creation of a new category of agreements, termed Bilateral Maritime Investment Treaties (BMITs). These treaties would be designed specifically to cater to the intricate dynamics of maritime investments, thereby providing a more comprehensive protective system.