Croatia will pay $255.7 million to Hungarian oil and gas company MOL under a ruling in an arbitration case at the International Centre for Settlement of Investment Disputes.
Croatia has lost an international arbitration case launched by Hungarian oil and gas group MOL over Zagreb’s failure to fulfil obligations under an agreement about the gas business of the jointly owned Croatian oil company INA.
The Croatian government okayed the out-of-court settlement between Croatia and the American Colgate McCallum investment management company, which will see Croatia pay €40m to the company.
Six banks have agreed not to take legal action against Croatia over its conversion of Swiss franc loans into euros in 2015 at the lenders’ expense.
OTP Bank has sued the Croatian government to recover about $34.60 million it lost during a mandatory conversion of Swiss franc-denominated loans to euro-based loans in 2015.
A golf course, free-trade agreements, and the fight for the soul of a city
In September 2017, the investor filed a €500 million ISDS claim against the Republic of Croatia at an arbitration tribunal because the "state [had taken] away their development licences"
The Central European Free Trade Agreement (CEFTA) needs one more country to ratify it before it can take effect.
Croatia, Bosnia-Herzegovina, Serbia-Montenegro, Kosovo, Albania, Macedonia and Moldavia are expected to become a unique free trade zone by the end of 2007.
The European Union will give strong support to efforts by the continent’s southeastern countries, most of them in the Balkans, to sign a regional free trade deal this year, EU officials said on Monday.
The European Commission has proposed replacing the existing web of bilateral trade agreements in the Balkans with a regional free trade agreement — a move it says would boost economic prospects. However, the idea has met with opposition in Croatia.
All Balkans countries are headed for European Union membership, but they are taking different roads, and at differing pace.
Recent moves have raised hopes that the Balkan region may one day join the European Union. Accession negotiations have been launched with Croatia, Serbia-Montenegro is in talks on a "stabilisation and association agreement" and Brussels decided this month to start talks with Bosnia.