The decision of foreign courts to recognize on the affairs of businessmen in Russia

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The 2019 Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters dated June 2, 2019, may have serious consequences for business owners in Russia. In particular, now if the court decided to recover businessmen’s funds in the Russian Federation, then its decision will be carried out on the territory of the Russian Federation.

As stated in the official statement of the HCCH, the document receives legal force in civil and commercial cases for those countries that have agreed to ratify the document. The ratification of the convention implies that the decision of a foreign court is recognized in the country in the same way as a decision of a court of the national level.

The created document allows many countries to create a single space that allows removing barriers to the implementation of solutions. Also, the document provides particular importance for litigation on investment, financial transactions, assets of foreign origin and so on.

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