POSSIBILITIES OF ENFORCEMENT PROCEDURE OF FOREIGN ARBITRAL AWARDS IN RUSSIAN FEDERATION AND PEOPLE'S REPUBLIC OFCHINA

Awarding procedure is not only limited with the final decision of a court of stipulated country, likewise the People's Republic of China and the Russian Federation but also its significant procedural aspect for enforcing the arbitral decision. Practically parties should enforce foreign arbitration awards without exception unless it violates the country's internal and external policy. Economic growth in both countries demonstrates remarkable changing on legal behavior on mentioned countries' private parties as well. Dispute resolution has passed a long way in the trade relations between Russian and Chinese companies. Referring to complex social approach to the legal nature of both countries, it is not a surprising fact that they apply the private international law demands in practice. Both governments seek a modern transparent approach to finalize and enforce international arbitral awards without limiting the freedom of activities of companies in domestic and cross border transactions. All the features of legal nature and enforcement procedure on foreign arbitration awards in the Russian Federation and the People's Republic of China are not very harsh at first glance since both countries adequately adhere to New York Convention 1958 on Enforcement of Foreign Arbitration Awards, however, likewise in any jurisprudence, there are several weak points while applying the procedure. This article analyses and compares legal possibilities and challenges on the application of foreign arbitral awards in the People's Republic of China and the Russian Federation. The findings reveal the essential procedural points for the enforcement of foreign arbitral awards and their complexity from the theoretical point of approach. The goal is achieved by solving a number of problems: - Research the procedure of enforcement of foreign arbitral awards in People's Republic of China and Russian Federation. - Identify the problems of procedural matters while enforcing the foreign arbitral awards - Highlight the possible solutions and pathway for making easier the enforcement procedure of foreign arbitral awards in China and Russia The results of the study can be used in determining the key goals and objectives of procedural character, improving the functioning of judicial and extrajudicial institutions, law enforcement, research activities, as well as in teaching activities, in particular, in lectures and seminars on courses of civil procedure, arbitration process, and international private law.