The Russian Federation has approved an international treaty recognizing foreign court decisions on business cases.
The Ministry of Justice, on behalf of the Russian Federation, signed the Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Cases at the Conference on Private International Law in The Hague.
The Minister of Justice stressed the importance of the document, emphasizing that the treaty is important for the State in order to comply with international legal principles of legality.
The Convention specifies the rules according to which judicial decisions will be subject to recognition in the countries participating in the Convention. This will allow business entities to protect their rights abroad.
The Convention provides for a balance between the free recognition of judicial decisions and the protection of State interests. It is assumed that after signing the Convention, Russia will sign other legal documents prepared by the Hague Conference.
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