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Clifford Chance

Clifford Chance


Russia Enacts Regulations Necessary for Recognition of Foreign Regulatory Initial Margin in Insolvency

12 January 2022

With effect from 2 July 2021, Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) provides for recognition of regulatory security interest collateral arrangements (initial margin) in the insolvency of a Russian collateral provider subject to certain conditions being met (for more information, please refer to our client briefing of 22 June 2021 "New Russian Legislation on Financial Collateral: Impact on Netting and Initial Margin"). However, in order for the new regime to become fully effective, the Central Bank of Russia ("CBR") was required to:

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