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Stockholm Arbitration Report (SAR)

Preview Page SAR 2003 - 1

I. INTRODUCTION

On September 1, 2002, a new Arbitrazh Procedural Code entered into effect in Russia, superseding the 1995 Arbitrazh Procedural Code. The new Code is a substantial piece of legislation consisting of seven sections, thirtyseven Chapters and 332 articles. The present commentary focuses only on Chapter 31, entitled Proceedings in Cases on the Recognition and Enforcement of Foreign Court Decisions and Foreign Arbitral Awards and, even more narrowly, addresses only the treatment of Foreign Arbitral Awards provided for therein.

The Soviet Union was a party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards and the European Convention on International Commercial Arbitration. Following the dissolution of the Soviet Union, the Russian Federation, as its legal successor, assumed these treaty obligations. In 1993, Russia also adopted a Law on International Commercial Arbitration based closely on the UNCITRAL Model Law. By virtue of participation in these treaties and the adoption of the Law on International Commercial Arbitration, the Russian legislative framework regarding international arbitration largely conformed to international standards.

In accordance with these standards, international arbitral awards are entitled to recognition and enforcement, subject to very few exceptions specified in Article V of the New York Convention and in corresponding provisions of the Law. None of these exceptions permit local courts to review foreign arbitral awards on the merits.