Russia's Supreme Arbitrazh (Economic) Court found illegal the provisions of a loan agreement allowing a bank to unilaterally increase the interest rate on the loan. The decision applies to agreements concluded under previous legislation; recently the interest increase prohibition was enacted in legislation. More controversially, the Court also struck down loan agreements providing for dispute resolution in a court at the bank's location and setting penalties for payment delays.
http://kommersant.ru/doc.aspx?DocsID=1330677
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment