On February 1, 2016, the State Commercial Court for
Moscow determined case No. A40-83845/15 involving a complaint filed
by public joint stock company Vimpel-Communications
("VimpelCom") against public joint stock
company Tizpribor ("Tizpribor")
regarding a lease agreement between VimpelCom as tenant and
Tizpribor as landlord (the "Lease"). The
full text of that decision (the
"Decision")1 was
published on February 4, 2016.
Background
VimpelCom's complaint included (a) a claim for terminating
the Lease and (b) a claim for amending the Lease in order to change
a calculation basis for rent (which is expressed in US dollars) and
to apply limits (i.e., a currency band) to the RUR/USD exchange
rate used for the purposes of such calculation. The claims were
based on a substantial change in circumstances (within the meaning
of Article 451 of the Civil Code of the Russian Federation (the
"Civil Code")) due to a change in the
exchange rate policy of the Central Bank of
