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18.05.2021

ICC and SIAC were granted the status of permanent arbitral institution in the Russian Federation.

May 18, 2021 Russian Ministry of Justice put the International Court of Arbitration at the International Chamber of Commerce (ICC International Court of Arbitration) and the Singapore International Arbitration Center (SIAC) on the list of foreign arbitral institutions recognized as permanent arbitral institutions in Russia.

Some time earlier, in 2019, the analogous status was granted to the Hong Kong International Arbitration Centre (HKIAC) and the Vienna International Arbitration Centre (VIAC).

If a dispute is administered by a permanent arbitral institution:

• parties to the dispute or the arbitral tribunal may request a competent Russian court to assist in obtaining evidence;

• parties to the arbitration may directly agree on finality of the arbitral award which now cannot be reversed by a Russian national court;

• parties may refer corporate disputes for arbitration (subject to the limitations and exceptions of the Russian Arbitration Procedure Code and the Arbitration Law). Arbitration under SIAC Rules is most popular with Asian parties, while arbitration under ICC Rules is preferred throughout the world.

The same refers to the nationalities of arbitrators appointed under SIAC or ICC Rules.

Worth noting that the ICC International Court of Arbitration is set up under the French law and governed by French regulators. Consequently, payments to ICC International Court of Arbitration or in arbitral proceedings may be affected by the EU or US sanctions. No such obstacles exist when an arbitration is administered by SIAC.


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