Reform of civil legislation
Federal Law No. 42-FZ on Amendments to Part One of the Russian
Federation Civil Code of March 8, 2015
The Law entered into force on June 1, 2015 and made sweeping
changes to the general part of the law of obligations, enabling the
use of new flexible approaches to structuring transactions,
including real estate transactions. The Law has enshrined both
mechanisms that were already customary for business but had
previously been recognized only by court practice, and new
institutions borrowed (either entirely or partially) mainly from
English law and whose adoption at the legislative level was timely
and long-awaited.
In particular, new types of contracts (the framework agreement,
the agreement for the option to conclude an agreement, the option
agreement, the subscription (service) agreement) have been
introduced; new provisions concerning so-called legal interest
(interest on a monetary obligation) have been introduced; the
provisions
