Will changes in the law on arbitration simplify the procedure for setting up arbitral tribunals within not-for-profit organizations and foreign organizations without any additional barriers? / Garant.ru
On 29 March 2019, amendments will come into force regarding the procedure for establishing and operating arbitral tribunals and permanent arbitration institutions in Russia.
The bulk of the amendments concern the process of not-for-profit organizations and foreign arbitration institutions obtaining the right to operate a permanent arbitration institution. The most important amendment is the possibility of applying to a permanent foreign arbitral tribunal in Russia. As distinct from a not-for-profit organization, to obtain the right to operate a permanent arbitration institution a foreign arbitration institution requires a widely recognized international reputation, of which the criteria will be defined by the Russian Ministry of Justice.
Artyom Berlin, an Associate in the Transactions & Corporate Law Practice, and Dispute Resolution Practice at Borenius Russia, spoke about the potential difficulties organizations can face when they apply the above statutory provisions.