Russia, Sanctions

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Over the past few weeks, Russia has announced a “partial mobilisation,” has illegally annexed the Donetsk, Luhansk, Zaporizhzhia and Kherson regions of Ukraine, and has repeatedly threatened to use weapons of mass destruction, thereby ruthlessly escalating its war of aggression against Ukraine. In response, the EU has imposed its eighth package of sanctions against Russia…

European Law, Russia, Sanctions

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On 21 July 2022, the European Council adopted Decision (CFSP) 2022/1271 amending Decision 2014/512/CFSP and Council Regulation (EU) 2022/1269 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine. One of the amendments introduced by the European Council appears to have assuaged the concerns of arbitral institutions…

Russia, Sanctions

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The commencement of the war in Ukraine triggered the imposition of unprecedented sanctions affecting almost all sectors of the Russian economy. Many foreign companies operating in Russia ceased or temporarily put on hold their business activities. In response, the Russian government adopted several retaliatory measures. This post offers an overview of these measures and their…

Russia, Sanctions, United States

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This entry is the last in a series of three regarding issues faced by arbitral and financial institutions as a result of restrictions on transfers of funds under primary and secondary sanctions programmes. In the first post, the authors addressed the impact of asset freezes on arbitral institutions and their banks, while the second post…

Iran, Sanctions, United States

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This post, which follows up on a recent submission in respect of the impact of asset freezes on arbitral and financial institutions, addresses some of the issues that may be faced by such institutions as a result of restrictions that form part of the United States’ secondary sanctions against Iran. A third and final post…

Advance on Costs, asset freeze, Sanctions

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This post is the first in a series of three regarding the potential impact of economic sanctions on arbitral and financial institutions. The series addresses critical issues faced by such institutions as a result of restrictions on transfers of funds under primary and secondary sanctions programmes. This first entry discusses the potential effects of asset…

Applicable Law, Arbitration, Economic Sanctions, Sanctions

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As mentioned in a prior entry (Brussels’ Sanctions Against Russia and Moscow’s Retaliatory Measures Through the Eyes of the Arbitrator), under certain conditions, arbitrators have the authority to give effect to economic sanctions that are external to the applicable law. These, just like exchange control regulations and antitrust laws, fit into the category of overriding…

Arbitration, Arbitrators, Public Policy

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On the ground that arbitration is a consensual and neutral means of dispute resolution, it has been suggested that arbitrators ought to be wholly and exclusively at the service of the parties and that they are not entrusted with a mission to defend public interests. There may be reasons to call this view into question….

Arbitral Tribunal, Arbitration, Russia, Sanctions, UN and Int’l Organizations

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By Resolution of 27 March 2014, the United Nations (UN) General Assembly condemned the violation of Ukraine’s territorial integrity (A/RES/68/262). The Security Council remained, however, powerless to impose against Russia economic sanctions which all UN member States would have had to implement. In the absence of such “multilateral” sanctions, the European Union (EU) and the…