International arbitration News, analytics and practice

9Feb/10Off

Ad hoc arbitration

This is the second post in the Ukraine – arbitration-friendly jurisdiction set of comments after the post dedicated to Ukrainian “perception” of the Arbitration Institute of the Stockholm Chamber of Commerce.

It may sound strange, but in some cases the practice of Ukrainian courts concerning recognition and enforcement of foreign arbitration awards is based not on laws and international treaties that specify international obligations of Ukraine to recognize and enforce the awards, but on domestic currency control rules and even tax legislation. Let the currency control rules be formally interpreted, which was the case during several years, and you may come to a ridiculous result: the monopoly of the International Commercial Arbitration Court and the Maritime Arbitration Commission at the Ukrainian Chamber of Commerce and Industry “on the market” of resolution of disputes where one party is a Ukrainian entity.

ad hoc