The Impact of International Sanctions on the Functioning of International Commercial Arbitration : Legal Aspects

A.I. Belegova The Impact of International Sanctions on the Functioning of International Commercial Arbitration : Legal Aspects. This master dissertation is aimed at examining the UN Security Council’s and EU’s sanctions against Russian entities in terms of their impact on the functioning of international commercial arbitration. The master dissertation consists of an introduction, three chapters, eight paragraphs, a conclusion and a bibliography. Chapter I is devoted to the analysis of the normative regulation of sanctions in the context of arbitration, including analysis of the legal nature of the sanctions. Chapter II is devoted to the assessment of sanctions with regard to their effect on the functioning of international commercial arbitration, the analysis of the risks and challenges faced by the arbitration institutions and arbitrators in light of the sanctions. Chapter III is devoted to the place of arbitration and its impact, particularly, on the perspectives of arbitration in the light of the sanctions for Russian entities. Based on this research the following conclusions were made: as a result of sanctions the international commercial arbitration faces a number of problems, in particular, connected with the financial transactions, the making of the awards in favor of persons in respect of which the sanctions were introduced, responsibility of the arbitrators for violation of sanctions prohibitions. In some cases the problem can be solved by obtaining a license for arbitration in light of sanctions, but in some cases, the resolution can be found in transfer of disputes in the country, where the sanctions restrictions were not intriduced. Academic Supervisor: Dmitrij Zenkovich, Candidate of Legal Sciences, Senior Lecturer of the Department of Public and Private International Law, Faculty of Law, National Research University “The Higher School of Economics”.