Journal of Arbitration Studies (한국중재학회지:중재연구)

The Korean Association of Arbitration Studies (한국중재학회)
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Arbitration awards against public policy; in regards to economic sanctions

공서양속에 반하는 중재판결: 경제제재에 대한 분석을 중심으로

  • 한수민 (고려대학교 법학전문대학원) ;
  • 김진비 (이화여자대학교 법학전문대학원) ;
  • 이재혁 (한미사이언스)
  • Received : 2024.02.02
  • Accepted : 2024.02.23
  • Published : 2024.03.02
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Abstract

This paper examines issues concerning conflicts between arbitral awards and public interests, particularly with respect to economic sanctions. Sanctions have been widely used by political entities, such as States and organizations, as means to promote public interests and to resolve cross-border disputes. In particular, economic sanctions have been increasingly more visible in recent years due to the accelerating fragmentation of the international communities, and their magnitude and range of the impacts have grown accordingly. For example, the U.S. and the EU have imposed economic sanctions on Russia and related persons in response to Russia's invasion of Ukraine. The U.S. recently re-introduced a comprehensive economic sanction on Iran. One of the notable impacts of the sanctions, particularly economic sanctions, is that on international arbitration. Sanctions are essentially built on the notion of the protection of public interests, and public interests are some of the few grounds upon which recognition and enforceability or arbitral awards may be rejected. However, jurisprudence on such conflict between sanctions and arbitral awards have not been sufficiently addressed in Korea because court case and administrative decision records on this conflict have not been sufficiently accumulated. In this regard, this paper begins with offering a survey of the concept of public interests, economic and trade sanctions, arbitral awards and their enforceability, and the relationships between them. It then examines the mechanism upon which public interests, trade and economic sanctions may lead certain arbitral awards unenforceable. Next, the paper suggests judiciaries' balanced approach toward the public interests protected by trade and economic sanctions and the predictability and fairness in the enforcement of arbitral awards. Finally, this paper concludes with the methods of the implementation of such balanced approach.

Keywords

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