The Belgian justice system has ordered the seizure of €482.4 million linked to Eurocontrol payments destined for Enaire, the Spanish state-owned air navigation service provider. This measure serves as a mechanism to guarantee the collection of outstanding compensation owed to investors affected by retroactive cuts to renewable energy subsidies.

The move follows legal actions taken by OperaFund, a fund that obtained a favorable ruling in 2019 from ICSID (the World Bank’s arbitration tribunal). The case is based on the Energy Charter Treaty, which Spain breached by retroactively slashing renewable energy premiums.

Despite a final and binding award, the Spanish Government has failed to pay the €29.3 million recognized in the ruling, a figure supplemented by €7.5 million in interest. In light of this refusal, creditors have turned to various jurisdictions to secure payment through alternative legal avenues.

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