I am pleased to announce the publication of Héctor Sbert’s article, Piercing the Sovereign Veil: Spanish Law in Comparative Perspective, in volume 11, issue 1, of the European Investment Law and Arbitration Review (2026).

The article examines one of the most challenging issues in cross-border enforcement: collecting on judgments and arbitral awards against sovereign states, especially where assets are held through state-owned enterprises or other entities with separate legal personality. Focusing on Spanish law, and in particular on the 2015 Organic Law on Privileges and Immunities, the article explores how the doctrine of piercing the corporate veil may help address situations in which formal separateness is used to shield state assets from enforcement.

Its main contribution is a structured analytical framework for identifying when a state-owned entity may be treated as the sovereign’s alter ego. The article proposes four relevant factors: control and governance, patrimonial boundaries, functional purpose, and evasive conduct. It also offers a comparative perspective, drawing on the United States, France, and the United Kingdom, to show how different legal systems approach the tension between sovereign immunity, legal certainty, and effective enforcement.

The article is an attempt to contribute to the ongoing debate on sovereign enforcement and creditor protection, and it may be of interest to practitioners and scholars working in arbitration, litigation, and asset recovery.

The article can be accessed here: link to the publication.