The state arbitrazh (commercial) courts in St-Petersburg have refused to execute the final arbitration award on the large concession project – construction of the Orlovsky automobile tunnel under the Neva. According to the award the St-Petersburg Government had to pay 1,2 bln rub. damages to the concessionaire, the newspaper “KommersantЪ”
has reported today. The state courts decided
that the arbitration formed by the International Chamber of Commerce in Paris by the UNCITRAL Rules is not “the arbitration of the Russian Federation” in terms of the Law on concession agreements. Infralex analyst Olga Pleshanova in her comments to “KommersantЪ” has noticed that the state is strengthening its economic empact.