The Court held that Spain could not claim sovereign immunity and that the Court could therefore hear petitions to confirm two awards rendered in Sweden in arbitrations under the Energy Charter Treaty, even though the awards had been annulled by the Swedish courts. The Court held that the FSIA arbitration exception applied, because the awards “existed” for jurisdictional purposes. Whether the fact that they had been annulled prevented their recognition and enforcement was a matter for the merits stage of the proceedings.