The procedural history and the answers given to the issues raised in the arbitration proceedings between the Republic of Moldova and the Ukrainian company Energoalians are emblematic of the ills from which investment arbitration currently suffers and which have earned it so much criticism, to the point that the EU now seeks to replace it with another mode of investor-state dispute settlement. The preliminary decision issued by the Paris Court of Appeal on 29 September 2019 in this case - as well as the Opinion of the Advocate General of the Court of Justice of the European Union issued on 3 March 2021 in this same case - which serve as the basis for this article, are nothing more than additional twists in a dispute the outcome of which is not yet known.