On June 21, 2011, the City of Moscow Commercial Court (the “City Court”) annulled an award of the International Commercial Arbitration Court at the Russian Chamber of Commerce and Industry (the “ICAC”) rendered on March 31, 2011. According to that award, Novolipetsk Steel JSC (“NLMK”) was ordered to pay 9.5 billion roubles (approximately 237 million […]
Russian courts are frequently criticized for being arbitration-unfriendly. Practitioners however acknowledge that most awards are recognized and enforced. In fact, the Russian courts are increasingly adopting pro-arbitration stance, which in some instances goes further than that adopted by the jurisdiction traditionally considered arbitration-friendly. In three recent cases Russian courts took the view, that the respondent […]
On 1 July 2011 the Supreme Court of Sweden refused sovereign immunity protection to the trade mission of the Russian Federation. The decision opens a new page in a long battle between the Russian Federation and a German investor Franz Sedelmayer who won in arbitration against Russia in 1998. In early 1990s, Franz Sedelmayer, a […]
Domestic arbitration institutions established by various commercial entities have become widespread in the Russian Federation. Their existence and perceived lack of impartiality have long been criticized by many. They were also presented as an example of why arbitration should not be used to resolve private disputes. The situation is particularly problematic where the rules of […]
The case illustrates a pro-arbitration approach of the Supreme Commercial Court of the Russian Federation (hereinafter referred to as “SCC”) in their interpretation of arbitration clauses. OJSC “Kuznetskbusinessbank” (hereinafter referred to as “the Bank”) applied to the Arbitrazh Court of Saint-Petersburg and Leningradskaya Region for a writ of execution to enforce an award to recover […]
20th Anniversary ICAL Conference in Stockholm on 31.08 and 01.09
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