Article 8 of the UK-Soviet BIT, the Tribunal concludes that there
can also be no doubt that Article 8 of the Denmark-Russia BIT provides such a binding consent to arbitration. The
language in its second paragraph, under which “the investor shall be entitled to submit the case either to”, and which
then once again offers several options for the applicable arbitration rules, leaves no room for any interpretation other
than that the investor can initiate the arbitration, without the need for further agreement by the Host State