EN
Article describes significance of human rights norms in international investment arbitration. Firstly, two theoretical issues are analyzed: nature of investor rights in international investment law and methods of importing human rights norm to investment arbitration. As regards the latter three methods were singled – systemic interpretation, analogy and comparative argument. Importance of this part flows from the fact that on the one side investment tribunals seems to consider impossibility of taking into account human rights norm when adjudicating on the basis of investment treaty, and on the other side occasional invocation of human rights jurisprudence by these tribunal without any explanation whether such invocation is legally possible. Secondly, different kind of using human rights in investment arbitration are presented: as a sword when invoked by investor, as a shield when invoked by a host state and as a double shield when invoked by amicus curiae. In conclusion it is stated that there exist legal techniques of bringing before investment arbitral tribunal human rights norm as an applicable law nevertheless often they are not used appropriately by parties and in consequence they are rarely taken into account in jurisprudence.