“On the one hand, the new legislation addresses existing issues in arbitration in Russia. On the other, it offers new opportunities to arbitration institutions, whose aim is to develop an arbitration system in Russia, which is at par with international standards and best practices. In any case, the new legislation requires careful study, as some of the changes introduced are of considerable significance” – comments Vladimir Khvalei, partner, Backer & McKenzie and Chairman of Board, Russian Arbitration Association.
There is no doubt that the new law on Arbitration is one of the more significant developments towards a modern Russia. The proposed changes will results in higher standards of arbitration, making Russia an attractive jurisdiction for dispute resolution, in particular, for Russian companies” – comments Roman Zykov, General Secretary, Russian Arbitration Association.