HKIAC to Become First Foreign Arbitration Institution Permitted to Administer Disputes in Russia
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- The Hong Kong International Arbitration Centre (“HKIAC”) will become the first foreign arbitration institution, after the Russian arbitration reform, to have the right to administer a number of arbitrations in Russia.
- HKIAC will have the right to administer international commercial arbitrations, as well as certain types of corporate disputes with respect to Russian companies.
- The anticipated grant of PAI status to HKIAC will most likely result in an increased interest in Hong Kong and HKIAC from the legal and business community in Russia, in particular, amongst foreign investors, with more Russian disputes being submitted to HKIAC.