A tribunal hearing BIT claims against Venezuela has ordered the third-party funded claimants to post US$1.5 million in security for costs – only the second known time such an order has been made in an investment arbitration. In support of this measure, GST LLP Partner Ignacio Torterola representing Venezuela tells GAR: “States should not be perceived as the ones footing the bill in investment arbitration, especially in cases that do not belong before the jurisdiction of international tribunals, as those brought by dual nationals with the dominant nationality of the State party in the dispute. Those cases belong to the municipal law.”