Changes to the RF Civil Code with respect to the financial deals have entered into force since June 01, 2018

The principal changes relate to the loan agreement, credit agreement, factoring agreement, banking deposit agreement, banking account agreement, settlements, etc.

So from the abovementioned date the loan agreement can be consensual; the exception is provided only for the loan agreement under which the lender is a person. The subject of the loan agreement can be any money including non-cash funds, as well as securities. The courts will have the possibility to reduce interests under the loan agreements in a number of cases.

In respect of the credit agreements the RF Civil Code has been added by a new provision establishing that the credit can be used by the debtor fully or partially for the purpose of paying the debt under the credit agreement earlier concluded with the same creditor without transferring the credit amount to the debtor’s bank account.

Also there have been other significant changes.

The Federal Law of July 26, 2017 No. 212-FZ “On introducing amendments to parts one and two of the RF Civil Code and specific legislative acts of the Russian Federation”.