Banks Prohibited from Unilateral Interest Rate Change

Russia’s State Duma adopted a bill prohibiting banks to unilaterally change interest rate under loan agreements with individuals, as well as other material terms of such agreements. Under a literal reading of the current law, banks may make such changes if permitted by agreement (although some courts have held that the law does not allow this). The new legislation will apply only to new agreements concluded after the legislation has entered into force. A similar provision is already in place for deposit agreements with individuals.

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