Roman Zykov and Alexander Zojer moderated a roundtable discussion on the Impact of Economic Sanctions on International Arbitration. The roundtable took place during the World Cafe at the Vienna Arbitration Day 2020.
The representatives from Austria, England, Germany, Switzerland, and the USA discussed various contemporary issues of economic sanctions and arbitration, such as:
THE NATURE OF ECONOMIC SANCTIONS:
- Types and forms of sanctions (international, regional, unilateral, sectoral, personal, primary, secondary)
- Current examples (EU, Russia, Switzerland, United Nations, USA, etc.)
THE IMPACT OF SANCTIONS ON THE APPLICABLE SUBSTANTIVE LAW:
- Nullity / Voidability of Contracts (Impossibility, Hardship, Force Majeure – Foreseeability, Beyond parties’ control, self-inflicted, avoidance etc.)
- Application of sanctions regulations as material law.
THE IMPACT OF SANCTIONS ON ARBITRATION PROCEEDINGS
- Institutions (joint statement by SCC, LCIA, ICC)
- Counsel and Experts
- Payments and banks
THE IMPACT OF SANCTIONS ON THE RECOGNITION AND ENFORCEMENT OF ARBITRAL AWARDS
- Violation of due process
- Ordre public
- Is there a sanctions free law and arbitration venue?