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Enforcement of Arbitral Awards and International Sanctions

Enforcement of Arbitral Awards and International Sanctions. 3 rd DIS Baltic Arbitration Days Dr. Marc D. Veit. Riga, 26 June 2014. International t rade s anctions. Increasing number of countries affected Sanctions are becoming more restrictive and extensive.

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Enforcement of Arbitral Awards and International Sanctions

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  1. Enforcement of Arbitral Awards and International Sanctions 3rd DIS Baltic Arbitration Days Dr. Marc D. Veit Riga, 26 June 2014

  2. Enforcement of Arbitral Awards and International Sanctions International trade sanctions • Increasing number of countries affected • Sanctions are becoming more restrictive and extensive

  3. Enforcement of Arbitral Awards and International Sanctions Example: Trade sanctions against Iran • Oil/gas • Shipping equipment/steel • Financial transactions • Blacklist

  4. Enforcement of Arbitral Awards and International Trade Sanctions Trade sanctions impact international arbitration at different stages Institution?

  5. Sanctionsimpact international arbitrationat different stages Arbitrability

  6. Trade sanctions impact international arbitration at different stages Illegality Impossibility

  7. Sanctionsimpact international arbitrationat different stages Enforcement stage

  8. Enforcement of Arbitral Awards and International Sanctions Switzerland: X Ltd.Vs. Z (21January 2014) X. Ltd (Switzerland) Z (Iran) Sale and Purchase Contract (1977) for delivery of crude oil to Israel

  9. Enforcement of Arbitral Awards and International Sanctions USA: Ministry of Defense and Support for the Armed Force of the Islamic Republic of Iran vs. Cubic Defense Systems (9th Cir. 2011) Cubic Defense Systems (USA) Ministry of War (Iran) Contract on sale and service of air combat maneuvering range (1977)

  10. Enforcement of Arbitral Awards and International Sanctions Sanctions as obstacles to enforcement • Complete prohibition of coal-export: COSID v. Steel Authority of India, AIR 1986 Del. 8 (22) (Delhi High Court, India) • Public policyexception?

  11. Sanctionsimpact international arbitrationat different stages Institutions?

  12. Enforcement of Arbitral Awards and International Sanctions Lessons learnt • Disputes involving international sanctions are arbitrable • International trade sanctions generally do not belong to transnational publicpolicy • Awards will be enforced in many jurisdictions, despite international trade sanctions • Even if award is enforced, actual payment may require approval • Difficult situation for institutions

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