The new geopolitical reality has put forward its own conditions for economic activity: both within the country and in international cooperation.
How do we conduct transactions and fulfill our obligations under the current conditions? Is it possible to terminate obligations, referring to force majeure circumstances? Dmitry Demidenko, managing partner of Skif Consulting, presented his thoughts on this topical issue in an interview with the publication «Legal work in the credit institution».
According to Dmitry Demidenko, the current legislation of Russian Federation has many contradictory formulations about the currency regulation. This can be explained by the accelerated terms of responding to changes in the economic situation. There are also no judicial precedents that would explain in details the disputable moments in the sphere of foreign economic activity. Such situation led to the development of new norms and tacit rules, which banks elaborated, using their own interpretation of the legislation.
Nevertheless mitigation of currency regulation measures is one of the most topical issues, solution of which will create precedents and facilitate business activities. In this case, restrictions on business transactions and changes in currency regulations, from a legal point of view, are not force majeure circumstances (the only exception is the contract, which will introduce this clause).
As Dmitry Demidenko states, in the current circumstances there is no unambiguous practice that allows legal entities and individuals to refuse to fulfill their obligations. There are some legal solutions by which the counterparty may be released from liability in case of default. However, in this case we are talking only about exemption from penalties and not about a complete rejection of the obligations set out in the contract.
During the interview Dmitry Demidenko also noted that in the near future cryptocurrency may become an effective solution. Its legislative regulation would help to continue economic activities in full compliance with the law and current conditions. However, this is just one of the possible solutions that are being considered in the near future. For the time being, all cooperation processes, as well as agreements concluded between the parties, should be analyzed individually with the help of specialists.
The full version of the interview is available in the publication «Legal Work in the Credit Organization» №2 (72) for 2022.




