The last two years have seen considerable development of Russian arbitration law and practice, with changes to Russian arbitration law intended to enhance Russia’s market reputation as an arbitration-friendly jurisdiction. In a further development, it was recently announced that the Singapore International Arbitration Centre (SIAC) and the Institute of Modern Arbitration (IMA) of the Russian Federation have entered into a Memorandum of Understanding intended to support and promote the development of international arbitration in Singapore and Russia.
Alexei Panich, partner in Herbert Smith Freehills’ Moscow Office, comments: “It is always welcome that people in arbitration community cooperate with each other throughout the world. As for Russia, it is crucial to use foreign experience, including that of the arbitration centre in Singapore, especially in the context of the recent Russian arbitration reform whereby the regulatory environment has been significantly remodelled. It would be indeed useful if the SIAC and other recognised international arbitration centres would enter into similar agreements and share their experience with the well-established Russian arbitral institutions such as the ICAC – the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation. As far as we know, the ICAC, whilst being the most popular arbitration institution throughout the CIS, has no such memoranda concluded between itself and any other arbitration institution.”
Alastair Henderson, partner in Herbert Smith Freehills’ Singapore Office, adds: “The SIAC is well-placed to deal with Russia-related arbitration work, with a multilingual secretariat and a staff with both civil law and common law backgrounds. This has the prospect to be a fruitful partnership for both organisations.”