RUSSIA STARTS RECOGNISING DECISIONS OF FOREIGN COURTS IN THE RUSSIAN BUSINESS CASES

HomeNewsRUSSIA STARTS RECOGNISING DECISIONS OF FOREIGN COURTS IN THE RUSSIAN BUSINESS CASES

The Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters adopted earlier on June 2, 2019 may have serious consequences for businesses in Russia. In particular, from now on, should the court decide to recover assets in Russia, this decision will be implemented anywhere on the Russian territory.

As the official statement of the HCCH (the Hague Conference on Private International Law), the document is legally binding on civil and commercial cases for those states that have agreed to ratify it. The ratification of this convention assumes that the decision of a foreign court is recognized in the country, as well as the decision of a court of transnational jurisdiction.

The new document allows numerous countries to create a common space, which will remove barriers to the implementation of court decisions. The document also pays special attention to the litigations on investments, financial transactions, foreign assets and other matters.