Implementing International Commercial Arbitration Principles in the Russian Legislation

Abstract

The arbitration of disputes arising between the parties by the international commercial arbitration courtsis one of the most effective methods of conflict resolution in foreign economic transactions. Significantadvantages of arbitration, including the International Commercial Arbitration, are based on thedeveloped foreign legislation whose implementation in the Russian legal system in the ongoing judicialreform is analyzed by the author through the study of the principles of International CommercialArbitration, such as the principle of promptness, principle of neutrality and internationalism, principleof justice economy, principle of parity of interests and business relations, principle of freedom of expressionwhen choosing the law applicable, principle of confidentiality, principle of professionalism anddisinterestedness of the referee. It was analyzes the main novella of the Federal Law of December 29,2015 No. 382-FZ «On Arbitration (Arbitral Proceedings) in the Russian Federation” and their influenceupon legal doctrine and further practices, including the establishment of the presumption of validity ofan arbitration agreement, the description of new methods of concluding an arbitration agreement, theintroduction of a licensing procedure for the establishment of the permanent arbitral institutions alongwith the establishment of mandatory requirements to them, as well as the strict requirements for thearbitrators’ education and experience. The new law has introduced a clear framework of the arbitrabilityof corporate disputes, which will help to decide on whether it is possible to transfer a particulardispute to arbitration. The author draws the conclusion on the expediency of legislative consolidationof possible including arbitration clauses into the articles of incorporation, which is consistent with NewYork Convention of 1958 “On Recognition and Enforcement of Foreign Arbitral Awards”, as well as ofthe changing the law on the application by International Commercial Arbitration of injunctive remediesand the need for introducing the institution of Emergency Arbitrator. The author notes that the FederalLaw No 382-FZ is not without shortcomings, as some of the legal developments are characterized byhalfway policy, that allows argue the need for its improvement.