On 3 September 2025, the Ministry of Justice of the Republic of Kazakhstan announced that the UNCITRAL arbitration proceedings initiated by Yevgeniy Belavin, a citizen of the Kyrgyz Republic, against the Republic of Kazakhstan had been terminated by the tribunal's decision of 1 September 2025.
As a reminder, the proceedings were initiated under the Agreement between the Republic of Kazakhstan and the Kyrgyz Republic on the Promotion and Mutual Protection of Investments (Kazakhstan – Kyrgyzstan BIT), signed in 1997. In the arbitration, Y. Belavin claimed compensation exceeding USD 34 billion. The case was administered by the Permanent Court of Arbitration (PCA) in The Hague and concerned an investment dispute in the mining and construction sectors.
Under the tribunal's decision, all of the claimant's claims were dismissed. Moreover, the claimant was ordered to pay the fees of the tribunal and the Permanent Court of Arbitration (PCA), as well as to reimburse the legal costs of the Republic of Kazakhstan.
For the Arbitration Centre, this is an example of the effective operation of arbitration procedures, and for Kazakhstan — a signal to bona fide investors of the state's readiness to defend its legitimate interests.
As a reminder, the proceedings were initiated under the Agreement between the Republic of Kazakhstan and the Kyrgyz Republic on the Promotion and Mutual Protection of Investments (Kazakhstan – Kyrgyzstan BIT), signed in 1997. In the arbitration, Y. Belavin claimed compensation exceeding USD 34 billion. The case was administered by the Permanent Court of Arbitration (PCA) in The Hague and concerned an investment dispute in the mining and construction sectors.
Under the tribunal's decision, all of the claimant's claims were dismissed. Moreover, the claimant was ordered to pay the fees of the tribunal and the Permanent Court of Arbitration (PCA), as well as to reimburse the legal costs of the Republic of Kazakhstan.
For the Arbitration Centre, this is an example of the effective operation of arbitration procedures, and for Kazakhstan — a signal to bona fide investors of the state's readiness to defend its legitimate interests.