Joint Statement: EU Provides Exemption for Arbitration Proceedings in Sanctions Regime
The Milan Chamber of Arbitration (CAM), The Finland Arbitration Institute (FAI), Arbitration Institute of the Stockholm Chamber of Commerce, Vienna International Arbitral Centre of the Austrian Federal Economic Chamber (VIAC), Deutsche Institution für Schiedsgerichtsbarkeit e.V. (DIS) German Arbitration Institute and Swiss Arbitration Centre (former SCAI) have issued a joint statement on the EU’S 7th sanction package.
The EU has with council regulation (EU) 2022/1269 of 21 July 2022 amended regulation 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine. The amended regulation contains an exemption for arbitration proceedings.
Stefano Azzali, General Director CAM: “The new provision – excluding arbitration from the EU sanction regime – aims at providing companies with effective means to enforce their legal rights against companies under sanction, perfectly in line with the intention of the EU legislation. And the joint action of the signatory institutions is a perfect example of how arbitral centers do collaborate for the promotion of arbitration, guaranteeing access to justice, equal treatment of the parties”.
Read the statement enclosed.