Clifford Chance

Amendments to Russian Civil Code on pledge – Wind of change (RUSSIAN)

13 May 2014

At the end of 2013, long-expected changes were finally adopted to the chapters of the Civil Code on pledges and to the transfer of rights and obligations, representing another set of amendments in the course of the reform of the Civil Code  . The changes will come into force on 1 July 2014. Whereas the list of new concepts and some principal provisions remained as under the initial draft, the particular wording and essence of many of them are significantly different from those of the initial draft adopted at the first reading and available to the general public. At the same time the vast majority of the amendments reinforce the approaches developed by the courts and, in particular, by the Supreme Arbitrazh Court so far.

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