19 May 2021:
The International Court of Arbitration of the International Chamber of Commerce has announced that it has been granted the status of Permanent Arbitration Institution by the Council for the Development of the Arbitration Process of the Ministry of Justice of the Russian Federation.
As a Permanent Arbitral Institution, the ICC International Court of Arbitration will administer Russian-seated international arbitrations, enabling parties to seek enforcement of ICC arbitral awards in Russia without risk of the enforcement being recognised only as an ad hoc award, or other obstacle.
PAI status also allows the ICC Court to administer Russia-related arbitrations arising from certain categories of corporate disputes as specified by Russian legislation, notably those arising from share purchase agreements and share pledge agreements relating to Russian companies.
ICC joins just a handful of arbitral institutions to hold PAI status which acknowledges ICC as an arbitral institution with a “widely recognised international reputation”, having met the range of criteria required by the Ministry of Justice.
ICC Court President Alexis Mourre said:
“This recognition marks our latest achievement in bringing the gold standard services of the ICC Court closer to arbitration users and professionals. As the world’s preferred arbitral institution we are delighted to provide recourse to our trusted and efficient process as a recognised Permanent Arbitration Institution of Russia.”
This latest development advances ICC objectives to meet the needs of international trade today and further bolsters ICC’s global expansion and outreach efforts – achieved through the establishment of case management offices of the ICC Court’s Paris-based Secretariat in New York, Sao Paolo, Hong Kong, Singapore and most recently in Abu Dhabi.
An autonomous institution supervised by independent and impartial decision-makers, the ICC Court has resolved over 26,000 cases since it was established in 1923. ICC’s 2020 case filings in 2020 involved a total of 2,507 parties from 145 countries and independent territories worldwide. Of those, 21 cases filed to be managed under ICC’s globally recognised Rules of Arbitration involved parties from Russia.