Following the Hong Kong International Arbitration Centre, the Vienna International Arbitral Centre (VIAC) will also be entitled to function as a permanent arbitral institution in Russia and will start functioning on approximately 8 July 2019. After this date the VIAC can be included in arbitration agreements.
It will be possible to bring before the VIAC international commercial disputes, corporate disputes (including disputes over the ownership of shares and stocks, disputes arising out of shareholders agreements, disputes concerning the shares and stocks foreclosure) and disputes over the contracts concluded under the terms of 223-FZ (public procurement).
Once a separate subdivision of the VIAC is established in Russia it will be able to administer internal disputes (between the Russian legal entities).
About the VIAC
The VIAC has a widely-acknowledged international reputation, and many well-regarded organisations, such as the Global Arbitration Review, have praised its activity.
The VIAC has been functioning since 1975 and has administered over 1,600 proceedings since its inception. According to statistics, the VIAC mostly considers disputes between parties from Austria, Czechia, Germany and Russia. During the last eight years the VIAC has heard 44 cases involving Russian parties, which demonstrates that Russian business owners must find it appealing.
The appearance of the VIAC in Russia opens up new opportunities for quickly and efficiently resolving commercial disputes with a foreign element.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
