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The contribution assesses the international and national legal challenges for investment law in the occupied territories of the Donbas. Investment protection in this area encounters difficulties on several levels. First, the two established de facto entities claiming to govern the territory – the Peoples’ Republics of Donetsk (dnr) and Luhansk (lnr) –are neither internationally recognized states nor do they fulfil the requirements of de facto regimes. Second, Russia denies any involvement although it pulls the strings and has to be regarded as the de facto occupant. Third, Ukraine is unable to exercise control over the occupied territories. After looking into the international law of occupation and attribution, the Ukrainian national laws of investment protection in the Donbas and rules of bilateral investment treaties, this chapter analyses international humanitarian law and the European Convention on Human Rights as possible avenues for investment protection.