Gustavo Topalian

Gustavo is the partner in charge of our Buenos Aires office. He has broad experience in institutional and ad hoc international arbitrations, with a particular focus in the mining, energy and infrastructure sectors.

He worked in the Energy and Arbitration department of Pérez Alati, Grondona, Benites, Arntsen & Martínez de Hoz (Jr.) in Buenos Aires between 2004 and 2011. In 2012 he joined the international arbitration group of Freshfields Bruckhaus Deringer in Washington D.C., where he was promoted to senior associate in 2015. In early 2019 he joined Dechamps International Law as partner. He has been recognized by Who’s Who Legal 2022-2024 as a “Global Leader” in international arbitration.

While studying for his LL.M at New York University, Gustavo was research assistant to Prof. José Álvarez on investment arbitration matters. He is a frequent speaker and lecturer on arbitration topics and has published several articles on energy and arbitration, including two award-winning monographic studies focused on commercial arbitration issues.

• Representing Latin American Regional Aviation Holding S. de R.L. in an ICSID arbitration against Uruguay (ICSID Case No. ARB/19/16) under the Panama-Uruguay BIT. Claim related to measures taken by Uruguay that affected the claimant’s investment in Pluna Líneas Aéreas Uruguayas S.A., a local airline. TThe arbitral tribunal rendered an award of damages in favour of our client for over US$50 million.
• Representing Glencore International A.G., C.I. Prodeco S.A. and Sociedad Portuaria Puerto Nuevo S.A. in an ICSID arbitration against Colombia (ICSID Case No. ARB/19/22) under the Colombia-Switzerland BIT. Claim related to measures taken by Colombia that affected the claimants’ investments in the infrastructure sector. The arbitral tribunal rendered an award of approximately US$10 million in favour of the investors, plus interest.
• Representing Diamante Trading Investments Ltd. and others in an UNCITRAL arbitration against Venezuela (PCA Case No. 2019-49) under the Barbados-Venezuela and Spain-Venezuela BITs. Claim related to measures taken by Venezuela that affected the claimants’ investments in the food distribution sector. The amount in dispute is over US$100 million. The arbitration is ongoing.
• Representing an Argentine company in an arbitration under the ICC Rules against a Dutch company concerning disputes related to fraudulent behaviour within the framework of a share sale and purchase agreement (New York law).
• Representing EcuadorTLC, Cayman International and Teikoku Oil Ecuador in an UNCITRAL arbitration against Ecuador, an Ecuadorian State entity and a State-owned company. Claim related to the early termination of two oil contracts (Ecuadorian law). The arbitral tribunal rendered an award in favour of the claimants for over US$500 million.
• Representing Repsol and Repsol Butano in an ICSID arbitration against Argentina (ICSID Case No. ARB/12/38) under the Spain-Argentina BIT. Claim related to Argentina’s expropriation of YPF, the largest energy company in the country. The dispute was successfully settled for an amount of over US$5 billion.
• Representing Rusoro Mining Ltd. in an ICSID arbitration against Venezuela (ICSID Case No. ARB(AF)/12/5) under the Canada-Venezuela BIT. Claim related to measures taken by Venezuela that affected the claimant’s investments in the mining sector. The arbitral tribunal rendered an award of around US$1.2 billion in favour of the investor.
• Representing Glencore International A.G. and C.I. Prodeco S.A. in an ICSID arbitration against Colombia (ICSID Case No. ARB/16/6) under the Colombia-Switzerland BIT. Claim related to measures taken by Colombia that affected the claimant’s investments in the mining sector. The arbitral tribunal rendered an award of over US$20 million in favour of the investors.
• Representing four subsidiaries of a Swiss multinational in a multi-party ICC arbitration regarding disputes arising from two long-term contracts for the transportation of coal by rail (Colombian law). The amount in dispute was over US$1 billion. The result of the arbitration is confidential.
• Representing Romania in an ICSID arbitration initiated by Fin.Doc S.r.l. and others (ICSID Case No. ARB/20/35) under the Energy Charter Treaty. Claim related to measures allegedly taken by Romania in the renewable energy sector. The arbitral tribunal dismissed all the claims on the merits and ordered the claimants to reimburse half of Romania’s costs.
• Representing Romania in an ICSID arbitration initiated by Clara Petroleum Ltd. (ICSID Case No. ARB/22/10) under the Energy Charter Treaty. Claim related to measures allegedly taken by Romania in the oil and gas sector. The amount in dispute is confidential. The arbitration is ongoing.
• Representing EcuadorTLC in an UNCITRAL arbitration against Ecuador. Claim related to the early termination of two oil contracts (Ecuadorian law). The amount in dispute is confidential. The arbitration is ongoing.
• Representing Petaquilla Minerals Ltd. in an ICSID arbitration against Panama (ICSID Case No. ARB/24/12) under the Canada-Panama Free Trade Agreement. Claim related to measures taken by administrative and judicial entities in Panama that affected the claimant’s investments in a mining project. The amount in dispute is confidential. The arbitration is ongoing.
• Representing a group of Argentine companies in two parallel ICC arbitrations against their contractors arising out of the termination of EPC contracts for photovoltaic projects in Argentina. The arbitrations are ongoing. The amount in dispute is confidential.

• Las cláusulas de denegación de beneficios en los tratados de inversión y su debate en la jurisprudencia, Revista Argentina de Arbitraje, 26 April 2024, co-authored with Horacio Risso.
• The Paradoxical Argentina Cases, World Arbitration and Mediation Review, Vol. 6, No. 3, 2012, co-authored with José E. Álvarez.
• Incentives for Renewable Energy Projects: A Comparative Analysis, Comparative Energy Law, Oil, Gas & Energy Law 2, 2011, co-authored with Pablo Rueda.
• Análisis sobre el Marco Regulatorio de los Biocombustibles en la República Argentina, Revista Jurídica La Ley, November 2010, and Revista del Colegio de Abogados de la Ciudad de Buenos Aires, December 2010, co-authored with Tomás Lanardonne.
• Arbitraje y medidas cautelares, El Dial.com, Edición Especial sobre Derecho Internacional Privado, November 2009.
• Una reforma legislativa necesaria: cuando la falta de compromiso (arbitral) es positiva, Revista del Colegio de Abogados de la Ciudad de Buenos Aires, July 2009, co-authored with Ignacio Zapiola.
• El compromiso arbitral a la luz de los tratados internacionales de los que la Argentina es parte, El Dial.com, Edición Especial sobre Derecho Internacional Privado, October 2008, co-authored with Ignacio Zapiola.