The Government has reported on progress in fulfilling Presidential Instruction No. Pr-3410 (Subclause 2 of Clause 3) of December 22, 2012 on the establishment of an arbitration court for the Customs Union.

The Government reported, in part, that the establishment in Russia of a new mediation institution for hearing commercial disputes along international standards would ensure the competitiveness of the Russian legal system in relations with foreign countries.

An international commercial disputes centre is to be established in Moscow to promote commercial jurisdiction in Russia, and in particular to create favourable conditions for foreign companies operating in Customs Union countries.

The Commercial Disputes Centre should be incorporated as a foundation, in accordance with the organisational and legal provisions of Russian legislation.

The Commercial Disputes Centre’s rules and other acts will be based on the UNCITRAL Arbitration Rules and the best modern practices, which will guarantee the court’s efficiency and independence and will rule out any conflict of interest during dispute hearings.

The Government has initiated talks with Belarus and Kazakhstan to formalise the special legal status of the Commercial Disputes Centre of the Customs Union, including expanded competence, a simplified recognisance procedure, the enforcement of the court’s decisions in the territory of all Customs Union member states and the enforcement of its injunctions.

The opportunity to review the Commercial Disputes Centre’s rulings by national courts must be strictly limited.

An international treaty is planned to be drafted following the talks. It will be open for signing by all countries.

Experts are considering the involvement of the world’s leading stock exchanges (Hong Kong, London, Singapore and Frankfurt) in the establishment of the Commercial Disputes Centre.