ICSID registers Solfy and Maxim Poletaev’s claim against Uzbekistan: investors seek over $100 million

The International Centre for Settlement of Investment Disputes (ICSID) has registered a claim against Uzbekistan by Russian entrepreneur Maxim Poletaev and Solfy RUS LLC. According to the claimants’ representatives, the claim exceeds $100 million.

What is known about the case

• Case — Maksim Vladimirovich Poletaev and Solfy RUS LLC v. Republic of Uzbekistan (Case No. ARB(AF)/26/5)
• The request for arbitration was registered on 23 September 2026; the registration became public on 26 September
• Respondent — the Republic of Uzbekistan, represented by the Ministry of Justice
• The tribunal has not yet been constituted and the case is pending

Legal basis

The dispute is heard under the ICSID Additional Facility Arbitration Rules on the basis of the 2013 Uzbekistan–Russia agreement on the promotion and reciprocal protection of investments. Russia is not a party to the ICSID Convention, so this mechanism is used.

The claimants are also seeking urgent interim measures. They concern the criminal case against, and detention of, Uktam Khasanov, director of Solfy’s Uzbek business.

Background to the conflict

The conflict stems from an interest-free instalment card project run jointly with the National Bank of Uzbekistan. According to published rulings of the economic courts, a total of 21.32 billion soums has already been awarded against Solfy in favour of NBU.

What this means in practice. The case shows that foreign investors can take disputes with the state to international arbitration, beyond national courts, where a bilateral investment treaty allows it. Companies with foreign capital should:

• Find out in advance which treaty protects their investment
• Keep written records of arrangements with state partners
• Follow the pre-arbitration settlement procedures set out in the treaty

Photo: ajay_suresh, Wikimedia Commons (CC BY 2.0)