The AIFC Court and the International Arbitration Centre (“IAC”) signed two Memoranda of Understanding with leading arbitration institutions in Russia.
In Moscow, the AIFC Court and IAC Registrar and Chief Executive signed MOUs with the Russian Arbitration Association (“RAA”), which unites legal practitioners, law firms and academics across the Russian Federation.
Earlier the AIFC Court and IAC signed Memoranda of Understanding with the Russian Institute of Modern Arbitration, which develops and promotes professional and independent arbitration in Russia.
The above initiative expands the AIFC Court and IAC's cooperation and international recognition among the legal and arbitration community in Russia and will assist with the positioning of the AIFC Court and IAC as the leading dispute resolution platform in the region. Our cooperation will include joint projects in legal education and training, new dispute resolution research and development initiatives, and cross promotion of events, activities and publications.
The Memorandum of Understanding with the RAA was signed within the framework of a special business breakfast in Moscow, where RAA members and the wider Russian legal and business community learnt about the AIFC Court and IAC as a new option for commercial dispute resolution.
Mr. Campbell-Holt stated:
“Our world-class dispute resolution platform at the AIFC is open for the wider region. We are delighted that our Russian partners have recognised our platform and agreed to cooperate with our initiative. We are confident that our cooperation will assist with the promotion and development of our arbitration services as a cost-effective and efficient alternative method to resolve commercial disputes.”
Mr. Vladimir Khvalei, RAA Chairman of the Board, added:
“What was done in Kazakhstan is amazing. The establishment of the AIFC Court and IAC is an excellent example for the whole post-Soviet area how the state could encourage foreign investments by creating world-class level court and arbitration institution.”