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Social, economic and political developments in recent years are having a knock-on effect on international arbitration. For one, the coronavirus (COVID-19) pandemic had a significant impact on processes, forcing parties to conduct arbitration hearings virtually – a practice expected to remain a more permanent fixture going forward.

Russia’s invasion of Ukraine was also a landmark moment. Subsequent sanctions drove many companies worldwide to withdraw from Russia, unwinding years of contractual relationships and laying the groundwork for potential claims.

Environmental, social and governance (ESG) issues have also come to the fore, climbing the agenda of governments, investors and businesses. These issues are an emerging battleground sure to give rise to related disputes, many of which are likely to end up in an international arbitration setting.

Uncertain economic conditions, not least hyperinflation and rising interest rates, are causing ongoing financial hardship for many businesses. Such conditions increase the risk of disputes with third parties, whether in the supply chain or through other business relationships. Commercial contracts are more likely to be scrutinised, reviewed, renegotiated or even breached, perhaps leading down a path to international arbitration.

As a means of resolving a wide range of disputes, due to its procedural flexibility, specialisation of arbitrators and the possibility of executing awards in practically any country in the world under the New York Convention, the popularity of international arbitration endures.

Against this backdrop, Financier Worldwide turns to some of the leading lights in their field, who share their stories…

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