Member Article

Clarifications of the Supreme court on application of general provisions of the Russian Civil Code on obligations and their performance

Dear colleagues,On November 22, 2016 the Plenary Session of the Supreme Court of the Russian Federation adopted the Ruling No. 54 "On application of general provisions of the Russian Civil Code on obligations and their performance", which contains clarifications of the Plenary Session related to the provisions of the general part of obligations law.

The Ruling focuses on new institutes of the Russian Civil Code, which entered into force on 1 June 2015, namely: intercreditor agreement on procedure of fulfillment of claims to the debtor, unilateral repudiation of an obligation and alteration of terms of an obligation, performance of an obligation by a third party, currency of monetary obligations, statutory interest in monetary obligations.

We would like to inform you on the most important provisions of the Ruling.

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