Financing transactions in Russia
The thesis analyzes Russian laws of security and insolvency and reviews common legal issues arising in cross-border financing transactions. To aid better understanding of up-to-date Russian law, the analysis includes historical information. The thesis concludes that Russian law traditionally did not adopt a regime favorable to lenders and that the law of security was inefficient. In addition, commercial practice suffered from the inflexible approach of courts to innovations. Statutory law was not appropriate for commercial, as opposed to retail, transactions. This situation may be partially attributed to the recent transition from planned to market economy and, hence, relatively short history of modern Russian law. The thesis highlights recent Russian legal reforms and their impact on lending practices. At the thesis shows, the respective changes provided more comfort and protection to the lenders and increased certainty in business transactions. In this way laws of security and insolvency were elevated to new levels and this demonstrated the changing approach of legislators and courts. This originality of this work is in that it combines the study of the original Russian sources of law with the perspective of financial transactions in the international markets. It also includes a comparative element: where appropriate rules of Russian law are contrasted with their counterparts in English law. Furthermore, Russian security and insolvency laws are often reviewed through the prism of their practical application and effect on lending practices. Thus, the link between law and economy is also exposed.
- Theses