The publication Pravo.ru has published an article "Indexation of Foreign Currency Debt and Compensation for Criminal Prosecution: New Cases Before the Supreme Court".
The article analyzes a cassation appeal filed by "Niimstroy" regarding the indexation of a penalty calculated in Euros, which has been referred to the Economic Chamber of the Supreme Court of the Russian Federation.
VLawyers Partner Yulia Gribkova commented:
"The referral of this case to the Economic Chamber is an important step in the development of case law on the indexation of foreign currency debt. Currently, courts have no specific criteria to guide them when considering such disputes."
Furthermore, Yulia emphasized that the direct application of the rules established by Article 183 of the Arbitration Procedure Code of the Russian Federation to foreign currency debt upsets the balance of interests of the parties, as the choice of currency is an entrepreneurial risk of the creditor company, which the debtor should not have to compensate.
The full text of the article is available via the link.