The International Court of Arbitration of the International Chamber of Commerce has announced that it has been granted the status of Permanent Arbitration Institution by the Council for the Development of the Arbitration Process of the Ministry of Justice of the Russian Federation.
As a Permanent Arbitral Institution (PAI), the ICC International Court of Arbitration will administer Russian-seated international arbitrations, enabling parties to seek enforcement of ICC arbitral awards in Russia without risk of the enforcement being recognised only as an ad hoc award, or other obstacles.
PAI status also allows the ICC Court to administer Russia-related arbitrations arising from certain categories of corporate disputes as specified by Russian legislation, notably those arising from share purchase agreements and share pledge agreements relating to Russian companies.
ICC joins just a handful of arbitral institutions to hold PAI status which acknowledges ICC as an arbitral institution with a “widely recognised international reputation”, having met the range of criteria required by the Ministry of Justice.
SOURCE: ICC
