A new chapter in the Russian Civil Code

The Ministry of Finance of the Russian Federation published the text of a new draft law supplementing one of the most important legislative acts of the state on the website http://regulation.gov.ru/. The new version of the Civil Code of the Russian Federation is supposed to be supplemented with a new chapter that consolidates the concept, the basic principles, and mechanisms of financial leasing. At the same time, the draft law terminates the previous interpretation of the concept financial lease.

The public hearing of the draft law will be completed in the first decade of October.

Taking into account the fact that the legislation on leasing was revised more than 15 years ago, these changes became overdue and are designed to ensure the transparency of this financial instrument, the uniqueness, and consistency of its legal base and the legal security of the transaction parties. As a result, this should make the business more interested in the use of this resource and lead to the decrease in leasing rates.

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