ST. PETERSBURG, May 18 (RAPSI) – Russian Justice Minister Alexander Konovalov said at the VIII Saint-Petersburg International Legal Forum (LF) on Friday that investment arbitration needs to be reformed.

According to Konovalov, investment arbitration established about 20-30 years ago was set to be an “effective, flexible and operational tool for resolution of economic disputes.” However, by now the institution has been reduced to a tool for “hybrid, pseudojudicial wars,” he noted.

Therefore, this very important institution is to be revalued and reformed, the minister said.

The VIII Saint-Petersburg International Legal Forum (LF) began on May 15. The conference annually brings together heads of the leading legal firms, chief legal officers from major companies, judges, representatives of state regulators, international organizations, legal schools and entrepreneurship from different countries. Over 4,200 participants representing 90 countries will take part in the Forum in 2018. The conference organized by Russia’s Justice Ministry will be held until May 19.