The Paper Award Problem: Why Enforcement Risk Now Shapes Arbitration Funding in Claims Against Nation States

Lucas Arnold of Harbour argues that in sovereign and state-owned entity arbitrations the real risk now lies not in winning an award but in enforcing it, with immunity, annulment proceedings, asset tracing, and long delays driving sophisticated claimants to rely on litigation funding not only for enforcement strategy and capital but also for pre-enforcement monetization, judgment protection insurance, and secondary sales to convert paper awards into cash.

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