Foreclosure Rights of Secured Creditors in Russia

    View Author April 2009
    On December 30, 2008 a series of amendments to Russia’s Civil Code, the Land Code, Federal Law No. 2872-I (On Pledges), Federal Law No. 102-FZ (On Mortgages) and Federal Law No. 229-FZ (On Execution Proceedings) took effect. The amendments suffer from certain internal contradictions and ambiguity expected to generate significant litigation before a clear picture appears of how the law will be applied, but they provide more options for secured lenders to realize on their collateral and possibly reduce the administrative costs and time frame associated with foreclosures.