The 2016 survey conducted by the Russian Arbitration Association (RAA) to investigate the effect of sanctions on international commercial arbitration has revealed that the SCC maintained its position as one of the most frequently chosen arbitration centers among Russia-related parties. Stockholm and Swedish law are also among the most preferable choices for seat of arbitration and applicable law.
According to the results of the 2016 survey, the majority of users indicated that the rules, seat and law preferences remained unchanged compared to the pre-sanctions era.
The SCC, alongside with the ICC and LCIA, have remained among the top-3 most frequently chosen arbitration institutions, as well as Stockholm - among the most preferred seats of arbitration by the Russian users during 2014-2015. With respect to the applicable material law, it is notable that respondents rank Swedish law third, after Russian and English law.
The objective of the 2016 survey was to analyze the effect of the sanctions on the users’ attitudes and strategies when it comes to resolving their international commercial disputes. The research was conducted online and included two independent sets of questions; one addressed to users and a second to arbitrators. The research base comprised over 160 participants from various jurisdictions: 62 lawyers (42 law firm practitioners and 20 in-house lawyers) and 99 arbitrators (62% of whom are citizens of countries imposing sanctions on Russia).
The results of the 2016 survey are in line with the statement previously communicated by the SCC that sanctions cannot impair access to justice. Russian is the most common nationality among international users of SCC arbitration: in 2015 Russian parties brought 24 disputes to the SCC.
View the original article here