Originally from The Swedish Arbitration Act of 1999, Five Years On: A Critical Review of Strengths and Weaknesses

Preview Page

There is a special reason why the regulation of the international commercial arbitration in the Russian Federation has a considerable practical significance in the context of Swedish legislation on arbitration. For many years Stockholm has been treated by the Soviet (and later by Russian) parties to international commercial transactions as the most preferable place for arbitration in a “third country.” Therefore Stockholm had been agreed most frequently as a place of arbitration in their contracts with foreign partners from developed countries.

To a great extent Russian state and private enterprises involved in foreign trade activities are traditionally following this practice at present time. It is submitted that obviously this tendency will continue to take place also in the coming years. Another reason for this relationship that is worth mentioning is the fact that in accordance with a number of bilateral investment agreements (BIT) concluded by the Soviet Union and later by the Russian Federation the reference to the Arbitration Institute of the Stockholm Chamber of Commerce is stipulated as one of the alternatives provided for the settlement of the disputes between foreign investors and the Russian Federation.