Civil Code Reform: New Provisions on Contracts and Obligations

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On 8 March 2015, the President signed Federal Law No. 42-FZ "On Amending Part 1 of the Russian Civil Code."

The amendments aim at increasing the stability and predictability of contractual relations under Russian law at all stages: from the pre-contractual stage to parties' relations after the termination of the contract, as well as developing the competitiveness of Russian law and attracting business to the Russian jurisdiction. The amendments also offer new instruments essential to work conveniently with contracts concluded under Russian law.

The amendments are based, among other things, on the Principles of International Commercial Contracts elaborated by the International Institute for the Unification of Private Law (UNIDROIT), and the advanced practice of Russian commercial courts, especially the Supreme Commercial Court of the Russian Federation (the SCC).

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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