Decision of Economic court of the Commonwealth of Independent States

of May 15, 1997 No. C-1/19-96

(extraction)

The interstate economic committee of Economic union appealed to Economic Court of the Commonwealth of Independent States with request about interpretation of part four of article 31 of the Agreement on creation of Economic union of September 24, 1993 providing for state members of Economic union possibility of settlement of matters of argument in other international judicial authorities in addition to Economic Court.

In this regard the Interstate economic committee asks to explain to what interstate judicial authorities the State Parties of the Commonwealth of Independent States can address and with what finance costs such address can be connected.

The economic Court came to the following conclusions.

Interpretation of part four of article 31 of the Agreement on creation of Economic union shall be performed in interrelation with provisions of parts one and the second mentioned Article.

The provision of part one of article 31 of the Agreement determines that "Contracting parties shall resolve the matters of argument connected with interpretation and accomplishment of this Agreement by negotiations or by the appeal to Economic Court of the Commonwealth of Independent States".

The obligation of the State Parties of the Agreement on creation of Economic union provided in this regulation to resolve the matters of argument which arose between them connected with interpretation and agreement performance in Economic Court of the Commonwealth of Independent States was assumed by all states which signed and ratifying the Agreement.

According to depositary, the Agreement was signed and ratified by the Azerbaijan Republic, the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Moldova, the Russian Federation, the Republic of Tajikistan, the Republic of Uzbekistan.

All specified states, and also Georgia and Turkmenistan which joined the Agreement acquired the status of state members of Economic union.

As the associated member Ukraine joined Economic union.

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