The present and future of arbitration in light of economic sanctions
In what ways does economic sanctions affect international arbitration, and how can we deal with the situation going forward? SCC Secretary General Annette Magnusson and SCC Board Member Jacob Ragnwaldh will speak on the topic in a conference on 24 September in Zurich.
Economic sanctions are increasingly interacting with international business, and the lack of a consistent international sanction policy creates uncertainty in the world trade. Among the things causing concerns - both to arbitrators and to the parties in international arbitration – are for example the extraterritorial aspects of some sanction regulations, the uncertainties of foreign sanctions, and the dissonance between international arbitration institutions regarding their policy in administering sanction-related proceedings. The issue is particularly acute in international commercial arbitration, but is also becoming relevant on investment arbitration.
The conference is organized by ICC Switzerland together with several ICC National Committees and will be attended by arbitrators, counsel, academics, arbitral institutions and government officials who will speak on the following subjects:
I. Economic Sanctions as Claims or Defences: Elements of facts, of law, mandatory rules, public policy, international public policy.
II. How do Foreign Sanction Regimes become relevant in Arbitral Proceedings?
III. How is the Arbitral Institutions’ Approach to Administering International Disputes involving the application of economic sanctions? Open debate.
IV. Sanctions and Contracts: contracts purporting to neutralize the impact of sanctions, contracts seeking to prolong the scope of sanctions.
V. The Way Forward: What can be done?
SCC Secretary General Annette Magnusson will speak in the open debate on the approach of Arbitral Institutions when administering disputes involving application of economic sanctions. In the following panel, SCC Board Member and Partner at Mannheimer Swartling Jacob Ragnwaldh will discuss contracts and economic sanctions.
There will also be a Welcome cocktail on the evening before the conference 23 September 2015.