ICC, LCIA and SCC on EU sanctions
The issue of EU sanctions and their possible impact on arbitration administered by EU-based institutions and involving Russian parties has generated debate. A joint article by the ICC, LCIA and SCC seeks to address some of the most commonly asked questions.
Since March 2014, the EU has imposed restrictive steps and economic sanctions directed against a number of Russian individuals and organizations.
Following this, a debate on the sanctions’ potential effect on the work of EU-based arbitral institutions has emerged in Russia and elsewhere. Questions have been raised about the intended scope of the sanctions, and the current debate has also included politicized arguments, which at times has led to misconceptions and uncertainties.
This joint articleby ICC, LCIA and SCC aims to address some of the most commonly asked questions about the sanctions, for example:
- What persons and entities do the EU sanctions apply to?
- Are some nationalities prevented from referring their disputes to European institutions?
- Are there any changes in the arbitral procedure?
- Have any administrative measures been added?
The article was first published in the Russian legal journal Legal Insight (№ 5 (41) 2015), and is re-published here with the kind permission of the Legal Insight.
SCC have previously addressed the topic of sanctions: