Revue - Les Cahiers de l'Arbitrage N°1-2023 - 35

DOCTRINES - DÉBATS
US-based property for listed individuals and entities. 16
In certain instances, the US
also employs " secondary sanctions " that extraterritorially target non-US persons
acting contrary to US sanctions. 17
9. While Switzerland (home to the Swiss Arbitration Centre) has adopted
sanctions measures in alignment with the EU, 18
several other jurisdictions in which
key arbitral institutions are based have only enacted minimal measures, or have not
taken any action at all. Singapore, home to the Singapore International Arbitration
Centre (SIAC), has introduced limited sanctions against Russia, including export
control measures and financial restrictions targeted a limited number of designated
Russian banks and entities. 19
Hong Kong, home to the Hong Kong International
Arbitration Centre (HKIAC), and the United Arab Emirates, home to the Dubai
International Arbitration Centre (DIAC) have not enacted such measures. 20
2. The impact of recent sanctions on the administration
of arbitral cases
10. The following section outlines the key issues that arise for arbitral institutions
when administrating arbitration cases as a result of the recent EU and UK sanctions
measures targeting Russia. It also examines how key arbitral institutions in the EU
and the UK have responded.
2.1 Commencing proceedings: due diligence and compliance
screening procedures
11. Major arbitral institutions in the EU and the UK have continued to accept to
administer cases involving Russian parties to the extent permitted under applicable
law, even if such cases involve listed persons. Ideally, listed persons seeking to
file arbitrations will inform the arbitral institution prior to filing a Request for
Arbitration 21
so that any requisite licences and/or exemptions can be obtained from
competent national authorities. 22
16. For an overview of the key legal instruments, see " Legal Framework for the Ukraine-/Russiarelated
Sanctions " , US Department of the Treasury, available here: https://home.treasury.gov/policyissues/financial-sanctions/sanctions-programs-and-country-information/ukraine-russia-related-sanctions.
17.
Countering America's Adversaries Through Sanctions Act (CAATSA).
18. Ordonnance instituant des mesures en lien avec la situation en Ukraine (SR 946.231.176.72),
as of 21 December 2022, available here: https://www.fedlex.admin.ch/eli/cc/2022/151/fr.
19. See Targeted Financial Sanctions, Monetary Authority of Singapore, last updated 14 March 2022,
available here: https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions.
20. See United Nations Sanctions Ordinance (Cap. 537). For an overview of the United Arab
Emirates' legal framework, see " United Arab Emirates and United Nations Legal Framework for
Economic Sanctions " , Executive Office for Control and Non-Proliferation, available here: https://www.
uaeiec.gov.ae/en-us/un-page?p=0.
21. Also referred to under certain arbitral rules as a Statement of Claim. See, for example, VIAC
Rules of Arbitration 2021, Article 7.
22. ICC, LCIA, SCC, " The potential impact of the EU sanctions against Russia on international
arbitration administered by EU-based institutions " , 17 June 2015, available here: https://www.
europeansanctions.com/wp-content/uploads/2022/11/ICC-LCIA-and-Arbitration-Institute-TheLes
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https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/ukraine-russia-related-sanctions https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/ukraine-russia-related-sanctions https://home.treasury.gov/policy https://www.fedlex.admin.ch/eli/cc/2022/151/fr https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions https://www.fedlex.admin.ch/eli/cc/2022/151/fr https://www.uaeiec.gov.ae/en-us/un-page?p=0 https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions https://www.uaeiec.gov.ae/en-us/un-page?p=0 https://www http://uaeiec.gov.ae/en-us/un-page?p=0 https://www.europeansanctions.com/wp-content/uploads/2022/11/ICC-LCIA-and-Arbitration-Institute-The-potential-impact-of-the-EU-sanctions-against-Russia-on-international-arbitration-administered-by-EU-based https://www.europeansanctions.com/wp-content/uploads/2022/11/ICC-LCIA-and-Arbitration-Institute-The-potential-impact-of-the-EU-sanctions-against-Russia-on-international-arbitration-administered-by-EU-based https://www http://www.europeansanctions.com/wp-content/uploads/2022/11/ICC-LCIA-and-Arbitration-Institute-The

Revue - Les Cahiers de l'Arbitrage N°1-2023

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