Significant amendments to Russian regulation of financial transactions have been approved as part of the on-going reform of the Civil Code of the Russian Federation.
The said changes (altogether, the “Amendments”) cover various matters, including:
loans and credit facility agreements;
the assignment of rights;
bank accounts and settlement (including new rules on escrow); and
The Amendments will enter into force on 1 June 2018 and will generally apply to contracts entered into after that date.
In this alert we aim to briefly highlight those aspects of the Amendments that are most relevant for financial transactions between legal entities, rather than changes primarily affecting financial arrangements for individuals.
Please click on the file below to read the full Client Alert.