Partner Content 10 July 2026 The highest court in the United States has sent an unequivocal message to Spain and, indirectly, to Brussels: a state cannot escape an international arbitral award by invoking the internal rules of the European Union. On 29 June 2026, the U.S. Supreme Court declined to rehear the case Spain v. Blasket Renewable Investments, leaving in place Madrid's obligation to compensate the investors it had harmed. The decision is final. Context Several years ago, Spain abruptly cut subsidies that had been promised to investors (similarly to the Micula case), and the investors sought compensation and prevailed in ICSID arbitration under an international treaty that Spain had voluntarily joined. When Madrid refused to pay, the investors turned to U.S. courts to recover the m