The Russia-Ukraine
conflict has triggered an unprecedented wave of unilateral sanctions by Ukraine
and its allies, significantly impacting businesses run by investors that are
directly or indirectly affected by these measures. In response, investors are
turning to international investment agreements (IIAs) to seek compensation for
losses. This article examines the ratione personae issues that may arise in
sanctions-based investment disputes, including whether holding the home state’s
nationality alone is sufficient for protected investor status, or whether
tribunals should look to the corporate claimant’s shareholders to determine its
nationality. It also proposes treaty reforms that states can adopt to clarify
and resolve the challenges posed by nationality requirements in the context of
such disputes.