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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
Enforcement of Arbitral Awards and International Sanctions

3rd DIS Baltic Arbitration Days

Dr. Marc D. Veit

Riga, 26 June 2014

international t rade s anctions
Enforcement of Arbitral Awards and International SanctionsInternational trade sanctions
  • Increasing number of countries affected
  • Sanctions are becoming more restrictive and extensive
switzerland x ltd vs z 2 1 january 2014
Enforcement of Arbitral Awards and International SanctionsSwitzerland: X Ltd.Vs. Z (21January 2014)

X. Ltd (Switzerland)

Z (Iran)

Sale and Purchase Contract (1977) for delivery of crude oil to Israel

slide9
Enforcement of Arbitral Awards and International SanctionsUSA: 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)

sanctions as obstacles to enforcement
Enforcement of Arbitral Awards and International SanctionsSanctions 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?
lessons learnt
Enforcement of Arbitral Awards and International SanctionsLessons 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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