Banking and finance
On 30 April 2020 the Praesidium of the Russian Supreme Court approved its Review No. 2 of certain issues of case law associated with the application of the legislation and measures on preventing the spread of the new coronavirus infection (COVID-19) in the Russian Federation (“Review No. 2”).
Pepeliaev Group advises that, starting from 1 June 2018, the Law on Financial Transactions[ has come into force, which considerably has expanded the opportunities of using the escrow mechanism.
Pepeliaev Group advises that on 5 May 2014 amendments to Federal Law No. 161-FZ 'On a national payment system' were published and came into force. This significantly affects the procedure under which payment systems are organised and function within the Russian Federation.