Some more foreign arbitration institutions are recognized on the territory of Russia

Two foreign arbitration institutions, the International Arbitration Court at the International Chamber of Commerce and the Singapore International Arbitration Center were included by the Ministry of Justice of the Russian Federation in the list of foreign arbitration institutions on May 18, 2021. And now, they are recognized as permanent arbitration institutions in Russia.

In 2019, the status of the permanent arbitration institutions was also granted to the Hong Kong International Arbitration Center and the Vienna International Arbitration Center.

Thus, if it is necessary to conclude an arbitration agreement in сase of a dispute, it can be submitted for consideration to these arbitration courts on the territory of the Russian Federation and not to the state court of the Russian Federation.