Abstract
This article describes the provisions of the Russian legislation with respect to the financial crisis situation. The authors analyze how the crisis situations affect the provisions of the contracts. The provisions of the Russian Civil Code are subject of the analysis in the present article. The subject of the research was the situations which happened on the Russian financial market within recent 20 years. Although the crisis situation is often understood as general market destabilization the situations varied much as well as the legal ways of overcoming the situation.
According to the authors one should see the difference between the effects the financial crisis on the contracts concluded between market participants (B to B relationship) and between market participant and a customer (B to C relationship). Proving this idea authors compare the situation on the market in 1998th and in 2014–2015th.
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Notes
- 1.
See the basic classical textbook of the Russian law of contracts by Braginskiy M, Vitryanskiy V (2002): Брагинский М.И., Витрянский В.В. Договорное право. Книга первая. Общие положения, М: «Статут», с. 447.
- 2.
Braginskiy and Vitryanskiy (2002): Брагинский М.И., Витрянский В.В. Договорное право. Книга первая. Общие положения, М: «Статут», с. 447.
- 3.
One of the peculiarities of the Russian legal system is the existence of the system of the “Arbitrazh Courts” which in fact originated from Arbitration courts. We have already described the origins of the Russian state arbitration courts in our National report we directed to professor G.Bermann from the Columbia University who is the moderator of the subject “Review and recognition of foreign arbitral awards – The application of the New York Convention by national courts. If you are interested we can resend it for you. With respect to this topic we think its enough to know that Russian Arbitrazh Court is an analogue of the economic court. At present time the reform of the court system in Russia is declared, it provides for the uniting of the arbutrazh or economic courts with the courts of the general jurisdiction. – N.D. & N.S.
- 4.
GKO – government short-term bonds; OFZ – bonds of federal loan – medium term securities.
- 5.
See e.g. Сергеев В.И. «Обвал» финансового рынка и обстоятельства непреодолимой силы // Законодательство, 1998, №11, с. 6–12.
- 6.
See Брагинский М.И., Витрянский В.В. Договорное право. Книга пятая. Том 2, М: «Статут», 2006, с. 585–604.
- 7.
Брагинский М.И., Витрянский В.В. Договорное право. Книга Первая. Общие положения, Издание 2-ое, М:Статут, 2005, с. 763–764.
- 8.
The full name of ICAC in Russian: Международный коммерческий арбитражный суд при Торгово-промышленной палате Российской Федерации – МКАС при ТПП РФ; the information on ICAC both in Russian and English one may see on the site http://www.tpprf-mkac.ru/.
- 9.
See Article 1 (2) of the Law of the Russian Federation “On International Commercial Arbitration” of July 7th, 1993.
- 10.
Cagliotti M and Burt J (1998), MICEX and the Russian Financial Crisis in: The Harriman Review, Special Issue, December 1998, pp. 14–18.
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Doronina, N.G., Semilyutina, N.G. (2016). The Russian Federation Legislation on the Effects of Financial Crises on the Binding Force of Contracts: Renegotiation, Rescission or Revision. In: Başoğlu, B. (eds) The Effects of Financial Crises on the Binding Force of Contracts - Renegotiation, Rescission or Revision. Ius Comparatum - Global Studies in Comparative Law, vol 17. Springer, Cham. https://doi.org/10.1007/978-3-319-27256-6_15
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