Volume 26, Issue 4 (2022)
CLR 2022, 26(4): 1-29 |
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Rezvanian O, Khosro khakpour E. The Effect of Economic Sanctions on International Commercial Arbitration in light of European :union: Approach. CLR 2022; 26 (4) :1-29
URL: http://clr.modares.ac.ir/article-20-65412-en.html
URL: http://clr.modares.ac.ir/article-20-65412-en.html
1- Assistant Professor, Department of Law, Faculty of Law, Institute for Management and Planning Studies, Tehran, Iran , o.rezvanian@imps.ac.ir
2- Department of Law, Faculty of Law, Theology and Political science, Science and Research Branch, Islamic Azad University, Tehran, Iran
2- Department of Law, Faculty of Law, Theology and Political science, Science and Research Branch, Islamic Azad University, Tehran, Iran
Abstract: (1633 Views)
Consent and party autonomy, along with the neutrality of arbitral tribunal, are the most featured distinction of arbitration vis a vis other dispute resolution methods. These fundamental features, however, might be affected by the application of unilateral economic sanctions of regional organizations (i.e. European Union) which is indeed for protecting their foreign security policy frameworks and fundamental interests.
In one hand, the arbitral tribunals have to respect the parties’ choices, namely the applicable law (which might be against the sanctions), and in the other hand, the courts are obliged to recognized the European Union sanctions as public policy and overriding mandatory provisions and accordingly, set aside or annul the arbitral awards contrary to these provisions.
Therefore, the main aim of this research project is to study of the effect of European Union economic sanctions on commercial arbitration disputes, as well as the approach of pertinent courts. The key result is that arbitral tribunals in confrontation with such sanctions as jus cogens, rely on their authorities particularly in term of applicable law, recognition and enforcement of the arbitration award.
In one hand, the arbitral tribunals have to respect the parties’ choices, namely the applicable law (which might be against the sanctions), and in the other hand, the courts are obliged to recognized the European Union sanctions as public policy and overriding mandatory provisions and accordingly, set aside or annul the arbitral awards contrary to these provisions.
Therefore, the main aim of this research project is to study of the effect of European Union economic sanctions on commercial arbitration disputes, as well as the approach of pertinent courts. The key result is that arbitral tribunals in confrontation with such sanctions as jus cogens, rely on their authorities particularly in term of applicable law, recognition and enforcement of the arbitration award.
Keywords: Economic sanctions regime, European Union, International commercial arbitration, Public policy.
Article Type: Original Research |
Subject:
Comparative Law
Received: 2022/11/13 | Accepted: 2023/02/9 | Published: 2023/05/30
Received: 2022/11/13 | Accepted: 2023/02/9 | Published: 2023/05/30
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