Since 2022, Nikos has been publishing the REPORT on Compliance with Investment Treaty Arbitration Awards.
This REPORT tracks the level of compliance by States regarding the payment of adverse investment treaty awards.
The REPORT on Compliance with Investment Treaty Arbitration Awards 2024 (3rd edition) (published November 2024) is available here.
He compiles and analyzes the data for the top 20 countries, which are presented in the International Rule of Law Compliance Index.
International Rule of Law Compliance Index 2024
| Ranking | Country Name | Number of unpaid awards | Total amount of unpaid Awards in USD |
| 1 | Spain | 24 | 1.6 billion USD |
| 2 | Venezuela | 20 | 17.1 billion USD |
| 3 | Russia | 10 | 60.7 billion USD |
| 4 | Mexico | 9 | 386.4 million USD |
| 5 | Argentina | 5 | 728 million USD |
| 6 | Peru | 5 | 693.5 million USD |
| 7 | Poland | 5 | 686.8 million USD |
| 8 | Libya | 5 | 178.2 million USD |
| 9 | Ukraine | 4 | 142 million USD |
| 10 | Ecuador | 4 | 76.6 million USD |
| 11 | Kyrgyzstan | 4 | 61.8 million USD |
| 12 | Kazachstan | 3 | 215 million USD |
| 13 | Czech Rep. | 2 | 415 million USD |
| 14 | India | 2 | 206 million USD |
| 15 | Croatia | 1 | 184 million USD |
| 16 | Italy | 1 | 16 million USD |
| 17 | Canada | 1 | 7 million USD |
| 18 | Romania | 1 | 3.5 million USD |
| 19 | Georgia | 1 | amount unknown |
| 20 | Columbia | 1 | 9.4 million |
Ranking on the basis of number of unpaid Awards in 2024 worldwide
| Ranking | Country Name | Number of unpaid Awards |
| 1 | Spain | 24 |
| 2 | Venezuela | 20 |
| 3 | Russia | 10 |
Ranking on the basis of number of initiated ECT disputes
| Ranking | Country Name | Number of initiated ECT disputes |
| 1 | Spain | 52 |
| 2 | Italy | 14 |
| 3 | Romania | 8 |
Ranking on the basis of outstanding amounts of unpaid Awards in 2024 worldwide
| Ranking | Country Name | Total amount in USD |
| 1 | Russia | 60.7 billion |
| 2 | Venezuela | 17.1 billion |
| 3 | Spain | 1.6 billion |