Foreign currency contracts may be banned on the territory of Russia

The Federal Antimonopoly Service proposed to adopt a draft law prohibiting the linkage of domestic contracts to the exchange rate, as well as to world trade indices.  Experts believe that the measure can lead both to the refusal of counterparties to conclude long-term agreements, and to the desire to receive a 100% prepayment.

Such conditions in contracts are usually used by the parties in order to secure against the depreciation of the ruble. Often the initiators are foreign owners of real estate when renting and, for example, metallurgists.

The explanatory note to the bill states that the need to develop it is due to the adoption of measures in a situation of sanctions pressure on Russia.

Regarding the agreements that were concluded earlier, the document provides for the obligation of the parties to change the terms of the contract within a month from the moment the norm is adopted. As for the new agreements, if such a provision is indicated in them, it simply will not work, RBC reports.

At the moment, the document has already been approved by the Ministry of Finance. On March 31, a meeting of the council under the president, at which it is also planned to consider the initiative, is to be held.