Russia on July 2 adopted a convention meaning it will recognise the decisions of foreign courts in some civil and commercial matters, the Hague Conference on Private International Law said in a statement.
The Convention on Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters, signed by a group of trading partners that includes the United States, allows for the decision of a foreign court to be recognized along with the decision of a national court. It is the first universal mechanism that fully regulates the cross-border enforcement of court decisions.
“I’m certain that this convention, by offering certainty and legal security in cross-border transactions and litigation, will have a positive economic effect for Hague Conference members. Not least, because it will inspire confidence in civil court judgments handed down in other member states,” said Netherlands Minister of Foreign Affairs Stef Blok at the signing ceremony.
The convention does not include family disputes, bankruptcy cases, intellectual property cases or those involving the transportation of passengers and goods, nor does it apply to income, customs or administrative issues, the RBC news website reported.