News: Publications

Egor Chilikov updates Vedomosti on new draft law on sanctions-related defaults

Pavel Krasheninnikov, head of the State Duma’s Committee for State Building ad Legislation, has introduced amendments to the law enacting Part One of the Civil Code. It was proposed to be amended with Article 23, which would allow businesses and others not to fulfil obligations if it becomes “definitively impossible” when “restrictive measures” are imposed against Russia in “circumstances of unfriendly actions of foreign states.” Partner Egor Chilikov observed that enforcement practices will be key.

Even if the law is passed, courts will still have to decide whether the unfriendly actions of foreign states actually affected the ability to fulfil obligations, says Chilikov.

Read the full article here.