Arbitration analysis: In the decision Libya v Nurol Insaat Ve Ticaret Anonim of 12 February 2025, the French Supreme Court reaffirmed the principle according to which a state’s consent to arbitrate arises from the standing offer to arbitrate contained in a BIT, which is itself addressed to a category of investors defined by the BIT for the resolution of disputes related to investments also defined in the BIT. On that basis, the court then considered that the standing offer to arbitrate is autonomous and independent from the validity of the underlying investment operation, meaning that the investor’s acceptance to arbitrate, materialised by the request for arbitration, is sufficient to establish the arbitral tribunal’s jurisdiction to rule on the legality of the investment. In a parallel decision issued by the court on the same day in a similar case, where Libya sought to annul an arbitral award rendered in favour of another Turkish company, Cengiz Insaat Ve Ticaret Anonim under the Libya-Turkey BIT dated 25 November 2009 on similar grounds, the court clarified that the legality of the investment had no bearing on the applicability of the BIT but rather conditioned the benefit of the substantive protections granted by the BIT to the investment. Regarding the temporal scope of the BIT, the court clarified that the BIT applied to any investment, regardless of when the investment was made (before and after its entry into force) but that however, the BIT does not apply to disputes that arose before its entry into force. On that basis, although it considered that all the disputes were related to the same investment, the court distinguished between disputes that arose before a treaty’s entry into force, which fell outside its jurisdiction, and those that crystallized afterward, which are covered by the BIT. Finally, the court dismissed Libya’s attempt to challenge the BIT’s applicability on the basis that the ratification would not have been notified to Libya’s lawful representative. The court dismissed this argument, confirming that the BIT did not specify which national entity or authority was to receive the notification of ratification, emphasizing the state’s prior conduct, including its own acknowledgments of the BIT’s entry into force. Written by Julie Spinelli, partner at Le 16 Law (with the assistance of Emma Ruby, associate at Le 16 Law).