Impartiality and independence of arbitrators, standing right at the forefront of the arbitration and, essentially, ensuring its legitimacy, have always attracted attentions of scholars and practitioners. A major breakthrough in terms of development of internationally recognized standards in the area took place in 2004, when the Guidelines on Conflicts of Interest in International Arbitration were published by the IBA. Nevertheless, despite the optimistic expectations of the drafters, the IBA Guidelines had not facilitated the conflicts of interest resolution practice of the courts and tribunals in the Russian Federation. In order to fill the lacuna, in late August 2010 the “Russian version” of the Guidelines – Rules on Impartiality and Independence of the Arbitrators – were adopted by the Chamber of Commerce and Industry of the Russian Federation. Th e present article is aimed at analysing the reasons underlining the adoption of the Rules, their structural peculiarities, and, most importantly, at scrutinizing the content of the instrument in making an attempt to find explanations for the inclusion of certain provisions thereto, be that by virtue of reference of pre-existing precedents, regional cultural heritage or legal realities. Th e study proceeds on the comparative edge, contrasting the approach adopted by the Rules with that finding its reflection in the text of the IBA Guidelines.