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Draft law on defining currency of monetary claims for all types of services rendered in Russian ports

Pursuant to Russia's Government Directive No AD-P13-5495 of August 21, 2017 the Russian Finance Ministry has made a draft law aimed at excluding a possibility of defining prices in foreign currency and equivalent units for all types of infrastructural and related services rendered in Russian ports when making internal payments. The draft law also envisions the unified procedure for establishing the currency of monetary claims.

The respective amendments are planned to be made to the Russian Civil Code to establish the currency of monetary claims, including the currency of tariffs, prices and dues rates.

The new article allows for paying monetary claims in rubles in the amount equivalent to the amount in foreign currency or in equivalent units. “In this case the amount in rubles payable on demand is prescribed at the official exchange rate corresponding to the currency or equivalent units on the day of payment of monetary claims if another exchange rate or another date of payment has not been established by law or by agreements of the parties”, the explanatory note says. The draft law also provides for using foreign currency and payment instruments when making settlements on the territory of the Russian Federation in payment of monetary claims subject to the case, terms and conditions prescribed by law or according to the procedure established by it.