Giuditta Cordero Moss - PhD (Moscow), Dr. Juris (Oslo). The author is associate professor at the Institute of Private Law, University of Oslo, in charge of International Commercial Law. She is a partner in a major
international law firm and she is admitted to practice law in Italy and in Norway. Her main areas
of practice are: business transactions, financing, international litigation, business projects in Russia.
There are various rules of national law that restrict the ability of the parties to submit to arbitration disputes between them. One of the main effects of submitting a dispute to arbitration is that the parties exclude the jurisdiction of courts of law on the same dispute; the other important effect of arbitration is that the winning party can present the award for enforcement to any court in a country where the losing party has assets.1 Arbitration enjoys such a broad recognition as long as the disputed matters concern areas that national legal systems consider suitable for self-regulation by private parties. As soon as matters of public policy or of special economic or social interest are touched on, however, it can seem less appropriate for a state to waive jurisdiction or to lend its courts’ authority to enforce private awards2. In such areas with