MOSCOW, April 4. /TASS/. The Hong Kong International Arbitration Center has been approved to establish a permanent office in Russia, Russian Deputy Minister of Justice Denis Novak told reporters after a session of the arbitration council.
He confirmed that this is the first international organization that has received a recommendation to establish a permanent arbitration office in Russia. The Russian Ministry of Justice needs the arbitration council’s recommendation in order to create a permanent arbitration center in the country.
Novak pointed out that so far, the Hong Kong International Arbitration Center has decided not to open an office in Russia. However, the council’s recommendation allows the arbitration to execute decisions on the territory of Russia, if the disputes involve Russian companies. The deputy justice ministries also noted that the arbitration center would be able to consider domestic disputes between companies located in special zones – in the Primorsky Region and Kaliningrad Region.
In other media
Article Sourced via TASS