The year 2016 saw a host of legislative changes with clear and
immediate implications for the finance market. Russian legislators
targeted a wide range of topics, from factoring to debt collection
and beyond. Dentons Banking and Finance lawyers have compiled this
brief overview of the changes we expect to have the greatest impact
this year.
Default and statutory interest accrual at the Central Bank key
rate
Federal Law No. 315-FZ on Amendments to Part One of the Civil
Code of the Russian Federation and Certain Legislative Acts of the
Russian Federation of July 3, 2016
Lawmakers reinstated the old interest-accrual procedure in
connection to a party's unlawful use of another's funds
(so-called "default interest"). Though 2015 amendments to
the law had pegged default interest to local average retail deposit
interest rates, following the 2016 changes, default interest once
again accrues at the effective Central Bank key rate for the
relevant period. The law also
