ICAC welcomes Ukrainian Parliament's first reading of international arbitration expansion law

Article summary

The International Commercial Arbitration Court (ICAC) has announced that the Ukrainian Parliament has adopted Draft Law No. 12141 in its first reading. The draft law amends Ukraine's international commercial arbitration framework by expanding the definition of international disputes, implementing UNCITRAL Model Law provisions and enabling Ukraine to serve as a seat for investment arbitration. The amendments aim to enhance legal certainty for arbitral awards and broaden the scope of arbitrable disputes through new criteria for determining international status.