- ECCI Court of Arbitration continues to process disputes related to the sanctioned person or the sanctioned fields of activity on the basis of submitted applications
ECCI Court of Arbitration continues to process disputes related to the sanctioned person or the sanctioned fields of activity on the basis of submitted applications
According to the 7th package of sanctions of the European Union (COUNCIL REGULATION (EU) 2022/1269 of 21 July, 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine) transactions, which are strictly necessary to ensure access to judicial, administrative or arbitral proceedings in a Member State, as well as for the recognition or enforcement of a judgment or an arbitration award rendered in a Member State if such transactions are consistent with the objectives of this Regulation and Regulation (EU) No 269/2014, were excluded from penalties.
According to its regulations, the Court of Arbitration of the Estonian Chamber of Commerce and Industry (EKTK) as a permanent arbitration court settles disputes arising from private law relationships, including foreign trade, and other international business relations.
Based on the aforementioned regulation, the EKTK Court of Arbitration continues to process disputes related to the sanctioned person or the sanctioned fields of activity on the basis of submitted applications. At the same time, it should be noted that in this case additional requirements apply to the proceedings. Above all, they concern transfers of funds to the EKTK account (registration fee, arbitration fee) related to the arbitral proceedings, which may require the prior consent of the Money Laundering Office (on the basis of article 4(1)(b) of Regulation (EU) 269/2014). The EKTK Court of Arbitration may also request from the parties at the beginning of the proceedings, as well as during the proceedings, additional information about the persons related to the parties and the beneficial owners.
In the presence of the relevant information and the necessary consents according to legislation, the arbitral proceedings will take place in accordance with the regulations of the EKTK Court of Arbitration.
Lahendame vaidlusi arbitraažikohtus | Eesti Kaubandus-Tööstuskoda