Partner Ramūnas Audzevičius starts 2024 as a board member of the SCC Arbitration Institute along with Knud Jacob Knudsen, Anna-Maria Tamminen, Ioana Knoll-Tudor and Sven Lange. A new Vice Chairman at the SCC Board is Barton Legum, a founding partner at Honlet Legum Arbitration with over 30 years of expertise in international arbitration.
Ramūnas is the first Lithuanian member of the SCC Arbitration Institute board in the history of the institution. Members of the board are appointed for a 3-year term.
Since 1917, the SCC Arbitration Institute – a non-profit and independent entity within the Stockholm Chamber of Commerce – is considered to be one of the most solid and reliable commercial arbitration courts in the world, alongside London, Paris, Singapore, Hong Kong and Vienna.
“I take this as a recognition of my professional activity, but also as a huge responsibility. It is important to note that the SCC board is not a symbolic entity, it is active, it works, it meets once a month and it has a very significant influence on the activities of the whole institution. The fact that a member from the Baltic States has joined the Stockholm Arbitration Institute demonstrates not only an appreciation of the experience and qualifications of a particular individual but also the weight and maturity of our market,” said Mr Audzevičius.
According to him, the Stockholm Arbitration Institute was chosen by the US and the Soviet Union in 1977 as a neutral platform for resolving disputes, and for more than a decade the institution often became a platform for legal entities representing Western and Soviet ideologies, and later became a reliable arbitral tribunal for resolving disputes between Western and Eastern businesses. “Today, the geopolitical shift is once again dividing the Eurasian continent into two camps, and I am sure that the importance of the Stockholm Arbitration Court will only increase,” added Mr Audzevičius.
According to the SCC Arbitration Institute, in 2022 it handled 143 disputes, more than 50% of which were international. The total amount of disputed cases in SCC during 2022 exceeded €1.6 billion. It is estimated that 51% of disputes are settled by Stockholm Arbitration within 6-12 months. More than 45 countries apply to the Institute every year.
