Russia is the biggest region of Europe and a popular place for investment and trade. Since it is rich in natural gas and raw materials, it is a natural sight for investment from all over the world. It is an appealing investment location due to the numerous opportunities it offers to enterprises in the oil and gas sector.
Investors interested in exploring business and investment opportunities in Russia must know how to come out of a tricky situation and resolve a dispute between them and the state. Although, many investors have struggled in the past to settle matters of dispute between them and the state as most Russian courts are under government control and seeking justice in such a situation is quite difficult.
New York Convention in Russia
Russia is a founding member of the New York Convention since December 29, 1958, by virtue of this, It has to follow convention duties. The state The state’s ratification date was August 24, 1960. THE NEW YORK CONVENTION presently has 169 members, all of whom are required to grant reciprocity.
This means that an award issued by a member arbitral institution and enforced by the Courts should be enforced by the state too. So, the New York Convention in Russia arises a question about its willingness to comply with the convention and how far it has come until now. Also, it is important to know whether Russia follows the obligations that the 1958 New York Convention demands.
Arbitration In Russia
Russia is an arbitration-friendly member of the New York Convention. But still, it can challenge awards that require it to pay investors for damages and for its own “interest”. Therefore, it is essential for investors to seriously ponder over their decision before investing in Russia and leave no room for loopholes in their contracts.
With this being the case, the role of commercial arbitration law firms in Sweden is extremely important.
Why Choose Commercial Arbitration Law Firm in Sweden?
1.Experience – Arbitration firms can be chosen based on their knowledge of pertinent commercial practices, trade usages, and legal frameworks, as well as their ability to apply various national laws and deal with comparative law difficulties.
2.Privacy – Unlike conventional legal proceedings, an arbitration firm keeps arbitration matters secret. A competent arbitrator will ensure to keep privacy throughout the proceedings and keep the decision a top secret. An arbitrator must not say or do anything that jeopardises the proceedings’ confidentiality.
3.Good communicator – An arbitrator is a skilled communicator and a listener. Once the hearing begins, arbitrators should enable both parties to thoroughly describe their issues. Arbitration sessions are held without the formalities associated with court proceedings. This means that a skilled arbitrator should be willing to listen calmly as the parties present their separate cases without interruption.
4.Skilled – Law firms with particular expertise can bring a lot of advantages to the case. For example, an arbitrator with knowledge of the oil and gas industry may be useful in resolving a dispute between two commercial organisations working in the energy sector. This eliminates the need for the disputing parties to discuss essential industry topics during the arbitration process.
5.Flexibility – Seeking arbitration services can be rewarding as they offer services which are more streamlined, flexible, and less complex than most national civil procedures, making them more suitable for parties from different countries.
Seeking the service of a top arbitrator or an arbitration institute can go a long way in ensuring success in arbitration clauses and contracts in Russia. A qualified arbitrator will ensure that your contract clauses include all the important metrics and ensure you do not face an unwanted situation and losses in any way.