Western companies contracting with Russian parties should not feel safe relying on arbitration clauses in favour of Russia-friendly or neutral forums. In a number of recent cases Russian courts have disregarded arbitration clauses in favour of the Hong Kong International Arbitration Centre (HKIAC) and the Singapore International Arbitration Centre (SIAC). On 1 December 2023, in the case of VTB Bank PJSC v VTB Bank (Europe) SE (No. А56-84760/2023) the Arbitrazh Court of Saint Petersburg and Leningrad Region recognized as unenforceable due to anti-Russian...

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The Inflation Reduction Act (IRA) included dozens of tax credits for green energy initiatives. It is an example of policies meant to incentivize businesses and organizations — including in health care and life sciences — to advance sustainable energy practices. While it is a great opportunity to consider on its own, taking advantage of these IRA incentives also lends itself to the emerging ESG movement. In health care regulations and policy, we could view the Biden administration’s efforts on health equity as ESG-esque. For example,...

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October 2023 not only provided amazing Halloween costumes but big updates to the United States and global immigration. The Cozen O’Connor catch-up this month highlights these changes and provides the details you need to determine how or if these changes impact you and your business. In the United States, the Department of State (DOS) has a proposal to enable H-1B visa holders to renew their visas in the United States (this program had been discontinued in 2004). The U.S. Citizenship...

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Digital assets are moving fast — so fast, that our start-of-the-year predictions are now ripe for an update. The big picture is not to let skeptics discourage you. “Crypto winter” hasn’t ended, but many crypto natives and traditional financial institutions aren’t hibernating. They’re building, laying the foundations for an upturn. Here’s how the five trends we called out at the start of 2023 are looking so far — and what to expect next. 1. Trust is the new killer app Digital asset companies have...

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On July 20, 2023, UK’s Employment Relations (Flexible Working) Bill 2023 received Royal Assent and is currently expected to come into force in Summer 2024, though a precise date has not yet been confirmed by the government. Despite campaigning from industry groups and recommendations from the government’s own Flexible Working Taskforce to make flexible working the default position for workers back in May 2021, the new Act does not make flexible working a “day 1” right, and the eligibility requirements...

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Psychological fitness is no longer a fringe concept in business; it's a vital organizational concern and a determining factor in the high-stakes arena of modern leadership. In a world where billions of dollars can rely on split-second decisions, psychological strength has become the cornerstone of executive success. It's the armor that shields against the unforeseen and enables leaders to guide their organizations through crisis, while preserving or even enhancing value.  The dark days of the pandemic has brought about a...

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A barometer for investors’ expectations of eurozone inflation – the 5-year, 5-year forward inflation swap – has reached a 13-year high at 2.66%, as reported by Financial Times. This greatly exceeds the European Central Bank target of 2% and has been somewhat attributed to the rising oil prices. Although interest rates were projected to remain constant for at least a year, as reported by Trepp last week, approximately 50% of investors anticipate one more rate hike this year. Furthermore, additional...

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In a market that is becoming more conscious of the environmental (and social) impact of corporate activities, businesses in a vast array of sectors are keen to capitalise on this new trend by actively promoting their 'green' credentials. This incentive can lead to an increased risk of 'greenwashing' claims, as echoed by the recent international press. The present article is the first of the series that we want to dedicate to ESG (litigation) issues. As a starter, we discuss the...

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On 3 May 2022, the 18th Regulation Amending the German Foreign Trade and Payments Regulation (18. Verordnung zur Änderung Außenwirtschaftsverordnung – AWV) entered into force. This law defines new administrative offences that are subject to fines so that penalties can be imposed for violations of sanctions entailing restrictive measures against Belarus, Russia and the regions of Ukraine not controlled by the Ukrainian government, Donetsk and Luhansk. As regards Belarus, this concerns prohibitions of transactions in connection with reserves and assets of...

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