On March 5, 2020, Ukraine signed the Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters.
The Convention was concluded on July 2, 2019, following the results of the 22nd Diplomatic Session of the Hague Conference on Private International Law.
Ukraine became the second state after Uruguay which signed the Convention.
The Convention is a universal multilateral document fixing general rules for signatory states under which mutual recognition and enforcement of court decisions in civil or commercial matters is guaranteed.
Together with the Hague Convention of 2005 on Choice of Court Agreements, the Convention on the recognition and enforcement of court decisions is designed to facilitate access to justice for market participants, create certainty, predictability, reduce costs, time and risks in the course of doing business.