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HKIAC releases updated 2024 Rules
On 3 May 2024, the Hong Kong International Arbitration Centre released the updated 2024 Administered Arbitration Rules, which will take effect on 1 June 2024.
Appeals court partially supports the declarer in a dispute on the inclusion of dividends in customs value
On 25 April 2024, the Twelfth Arbitration Appeals Court issued a ruling partially upholding the importer’s petition to annul decisions of the Astrakhan Customs House that served as a basis for including dividends in customs value and charging additional customs payments.
Direct ban imposed on setoff of obligations owed to creditors and company shareholders from “unfriendly” states
Russian investors allowed to receive funds payable in respect of securities from Type C accounts
On 19 March 2024, the President of the Russian Federation signed Decree No. 198 “On additional temporary measures of economic nature related to the performance of obligations under certain securities”. Decree 198 establishes the procedure for receiving securities related payments owed to certain categories of holders from funds blocked in Type C accounts.
Disputes continue regarding the application of anti-suit injunctions and force majeure due to sanctions
Russian courts continue to consider disputes related to sanctions restrictions imposed by foreign states. In March 2024, further rulings were adopted which developed the existing practice of applying the provisions of article 248.1 of the Arbitrazh Procedure Code of the Russian Federation (exclusive jurisdiction of Russian courts), article 248.2 of the Arbitrazh Procedure Code of the Russian Federation (anti-suit injunction) and article 401 of the Civil Code of the Russian Federation (force majeure) in connection with the imposition of sanctions. Read further in our legal update.