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Russia: Nothing lasts forever: further amendment of the rules on interest calculation, July 2016

A year ago, on 1 June 2015, amendments to the Civil Code of the Russian Federation (RF Civil Code) went into effect regarding statutory interest (Article 317.1 of the RF Civil Code) and new rules for calculating interest for the breach of a monetary obligation (Article 395 of the RF Civil Code). These amendments provoked mixed reactions from business and the legal community.

Statutory interest under Article 317.1 of the RF Civil Code, which was accrued automatically for the use of monetary funds without any late payment, caused a hostile reaction: the vast majority of companies voted against this norm, excluding it in their contracts. (...)


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Newsletter Russia Practice - Amendment of the rules on interest calculation, July 2016.pdf

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Newsletter Russia Practice - Amendment of the rules on interest calculation, July 2016 RUS.pdf

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