International Arbitration In Central And Eastern Europe: An Overview And Key Developments

In 2015, the legal and business communities witnessed a progression towards local pro-arbitration laws in a number of countries in Central and Eastern Europe.  Russia adopted a new law "On Arbitration (Arbitral Proceedings) in the Russian Federation" (the "New Law") and amended a number of other arbitration-related laws on 31 December 2015 that will enter into force on 1 September 2016.¹  The New Law entirely replaces the current rules on domestic arbitration and amends the regulations related to international commercial arbitration.²  The reasons for the reform include, in particular, the previous lack of consistency in Russian arbitration regulations, the existence of so-called "pocket arbitration tribunals", and the presence of sham arbitration institutions.  The reform thus aims to promote the stability and transparency of the arbitration system.³