International Commercial Arbitration Court department will be established in Ufa

UFA, 16 December 2016. /Bashinform News Agency, Olga Murtazina/. In Bashkortostan, a branch of the International Commercial Arbitration Court (ICAC) will be established at the Chamber of Commerce RB. Today it is one of the largest and most reputable arbitration courts of the world recognized by both domestic and foreign entrepreneurs.

A decision to open in Ufa a pilot department of the ICAC was adopted at a meeting of the Russian Chamber of Commerce in Moscow on December 15. Presumably, the activity of the Ufa branch of the International Commercial Arbitration Court will cover the entire Volga Federal District. This will resolve disputes arising under foreign trade transactions not in Moscow but in Ufa.

Also, ICAC pilot departments will be opened in Rostov-on-Don and Irkutsk.

ICAC is the leading in Russia and Eastern Europe arbitral court for resolution of international business disputes, the successor to the Foreign Trade Arbitration Commission formed at the All-Union Chamber of Commerce in 1932. ICAC is one of four arbitration centres in the world. Since 1999, this court is a member of the International Federation of Commercial Arbitration Institutions.