MOSCOW, April 3 - RAPSI, Sergei Feklyunin. Experts doubt that the establishment of commercial arbitration tribunals employing foreign lawyers will increase Russia's investment attractiveness, although such a step may be an efficient PR effort.
Earlier the idea of setting up arbitration courts was voiced by Justice Minister Alexander Konovalov.
"We can develop our own institution of arbitration courts, and improve our justice system. And one way to attract foreign investments in the country, which may actually seem unorthodox, is the establishment of a comprehensive arbitration court employing prominent, credible foreign lawyers," he said.
Head of Kachkin & Partners corporate and arbitration practice Kirill Saskov called the minister's statement "populist". In his view legal market players do not consider it too convincing.
"Our commercial courts are professional and competent and enjoy investors' confidence," Saskov said. The Supreme Commercial Court is adopting IT, video-conferencing and expands the possibilities for disputing parties, he noted.
"Foreign arbitrators will not change anything in principle, although some would like to refer their dispute to a panel of five or six arbitrators known for their impeccable reputation," thinks Alexander Bolomatov, a YUST law firm associate partner.
According to him such arbitration court will not be a cure-all, but will be able to take care of about one percent of the caseload.
"It would be rather a PR effort. If highly reputed arbitrators come to Russia, then it must be trustworthy. If such people arrived they would stake their name on the success of arbitration in this country," concluded the lawyer.