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Mar 4, 2022 · To enforce their investment protection, foreign investors can submit claims against the Russian State to international arbitration at an arbitral institution, such as the Stockholm Chamber of Commerce, or an ad hoc arbitration in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL).
- Do the sanctions affect performance? Economic sanctions may dramatically shift the economics of existing contracts or even render performance impossible.
- Can you go to arbitration? If it is necessary to commence arbitration to enforce rights and resolve a dispute, difficulties may arise when one of the parties to an arbitration is subject to sanctions or controlled by a sanctioned person.
- Can you enforce your award? In the vast majority of cases, recognition and enforcement of foreign arbitral awards - where necessary - takes place under the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, known as the "New York Convention".
- Is there scope for investment treaty claims? Sanctions may breach a number of provisions commonly found in most investment treaties. For example, if a state takes action to freeze the assets of an investor in the state, that could amount to a breach of the ability to repatriate returns on investment or even amount to expropriation if it deprives the investor of the economic use and enjoyment of its investment.
Apr 19, 2022 · Examining Russian Sanctions and Their Effects on Arbitration. While the most important impact of the Russian invasion of Ukraine is unquestionably the humanitarian crisis it has created, the longer-term need for economic recovery in affected areas and the resulting need for a return to reliable and predictable commercial relations in both ...
- Tony Cole
- In Summary
- Discussion Points
- Referenced in This Article
- Introductory Remarks
- Arbitral Institutions
- Arbitration Agreement
- Third Parties
- Arbitration Proceedings
- Interim Measures
- Recognition and Enforcement
International and domestic arbitration has never been a mainstream tool to resolve disputes in Russia. However, after major reforms that happened in 2015–2016 Russian arbitration was given a second life. Despite the fact that the Russian arbitration community embraced the reform with mixed receptions, one cannot deny the constant alterations. This ...
The statutory framework for arbitration in RussiaInnovations and developments in Russian arbitrationCorrelation between sanctions and arbitration in RussiaProfessional athletes’ labour disputes can be submitted to arbitrationRussian Federation Law ‘On International Commercial Arbitration’Federal Law ‘On Arbitration (Arbitration Proceedings) in the Russian Federation’Code of Commercial ProcedureCode of Civil ProcedureIn last year’s edition, we described the major reforms within the arbitration community in the Russian Federation. In continuation of the reform, the past year has brought some new amendments. From a general standpoint, the provisions of international and domestic arbitration in Russia have not changed in a dramatic way. Upon ratifying the New York...
One of the main features of the new arbitration law (most of the eminent practitioners heavily criticise it) was the introduction of the system of licensing for permanent arbitration institution. Even though the reason behind it was to combat the corrupted ‘pocket’ arbitration, the result was dramatic. In the aftermath of the 2015 arbitration refor...
As noted above, an arbitration agreement must be made in writing, whether as a separate agreement or an arbitration clause incorporated into the main contract, and must specify the types of existing or future disputes it covers. It may also be concluded by exchange of letters, faxes, emails and other electronic means or by the exchange of claim and...
As a general rule, neither the International Arbitration Law nor the Domestic Arbitration Law establish any rules or provisions regarding third parties that are willing to join the arbitration proceedings. Some institutional arbitration rules may provide for the regulation of a joinder for a non-party to the arbitration. In this case, all parties s...
The claimant shall file either a request for arbitration or a statement of claim, depending on the rules of a particular institution, albeit filing a full statement of claim is more common. Notably, there is no structured law for legal fees. As for expedited arbitration, the ICAC, MAC and RIMA Rules contain provisions on expedited proceedings, desi...
There is no exhaustive list of interim measures that Tribunal can apply. Under the International Arbitration Law and the Domestic Arbitration Law Tribunal will issue those interim measures that it considers necessary.One should note, however, that while Russian arbitration law does not prohibit such interim measures as security for costs and anti-s...
The grounds for refusal of the recognition or enforcement of foreign arbitral awards and enforcement of domestic arbitral awards are essentially identical and they mirror article V of the New York Convention.Furthermore, article IX of the European Convention of 1961 limits the grounds for refusal of recognition or enforcement of international arbit...
Administer a dispute with a seat of arbitration in Russia. Resolve certain corporate disputes which are otherwise non-arbitrable as a matter of Russian law. Waive certain forms of judicial supervision and interference by Russian state courts. The Vienna International Arbitral Centre (VIAC) also has PAI status for Russian law purposes. However ...
Jun 25, 2014 · Russia’s contract arbitrage. Key points. Russia stands to receive the biggest bond repayment from Ukraine during the term of the newly approved International Monetary Fund programme. Russia’s bonds contain provisions that can be used to exert political power over Ukraine, and give it extra leverage in any debt negotiations.
It declares itself as completely independent from any influence. In 2017, 156 arbitrations worth US$4.7bn were commenced under the HKIAC-administered arbitration Rules. On average, administered arbitration conducted under the HKIAC Rules takes 13-15 months, while the arbitration fees amount to approximately US$110,000.
