Recognize Not Execute: “Sanctioned” Status and International Commercial Arbitration
Main article of October issue Publication of “YURIST & ZAKON” (LAWYER and LAW) №40 (30.10.2020 – 05.11.2020)
By: Attorney-at-law at Law Firm “ANK” Yelena Koch
The article is devoted to the assessment of the impact of economic sanctions on the recognition and enforcement of foreign arbitral decisions in Ukraine. In particular, the article considers the peculiarities of the sanctions legislation of Ukraine, the procedure for recognition and enforcement of an award with a subsidiary element in Ukraine, provides an analysis of recent Supreme Court practice, as well as some findings from international experience.
Special attention is paid to such discussion issues as:
– is the application of sanctions against the claimant in itself a ground for refusal to recognize and enforce the arbitral award?
– are the sanctions against the claimant a basis for suspension of the limitation period and/or a basis for their reinstatement after the sanctions are terminated?
– can the application of sanctions be considered a circumstance of force majeure?
– should the court satisfy the request to postpone the execution of the decision on recognition and enforcement for the period of validity of sanctions?
– does the moment of occurrence of contractual relations or the moment of occurrence of a dispute depending on the moment of inclusion of the claimant in the sanctions list affect the possibility of recognition and execution of the arbitration award after the cancellation of sanctions?
The full content of the article can be found under the following links: