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Newsletter Russia: New rules on revoking powers of attorney from 1 January 2017, January 2017

Amendments to legislation on powers of attorney entered into force in the beginning of the year 2017. It is essential to keep up to date about such amendments owing to frequent use of powers of attorney during the conclusion of contracts.

In general a power of attorney should be revoked in the same form in which the power of attorney had been issued. Pursuant to the new version of the provision of the law on revoking a power of attorney, any power of attorney may be revoked through a notary.

As in the past, if a power of attorney is being revoked, the principal is required to notify the agent and also third parties known to him of the revocation of the power of attorney.

Information on revoking the power of attorney through a notary is entered in a special register, in respect of which information is publicly available online at the website: www.reestr-dover.ru. If a power of attorney is revoked through a notary, it is held that third parties have been notified of the termination of powers on the next day after the entry of corresponding information in the register.

If the power of attorney is revoked in writing, the principal, as well as notifying the agent, may publish information on the revocation in the official mass media that publishes information on bankruptcy. At present this is the newspaper Kommersant. In this case it is held that third parties have been notified of the revocation of the power of attorney on the expiry of one month from the publication date.


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NL_Vollmacht_Jan 2017_EN.PDF

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