Russian Legislation on Security Interest: Important Changes

Abstract

In 2013 an important reform of civil legislation was performed in the Russian Federation. The reform was performed in 3 steps by passing the laws amending the Civil Code of the Russian Federation (hereinafter – the Russian Civil Code) within the year 2013. As a result, the Russian legislature has changed and greatly enhanced Civil Code and, particularly, legislation on security. Today the Russian Civil Code includes a chapter on obligations, which contains an expanded and sophisticated section on “security interest”. Thus in our article we have reviewed the main steps of the Russian Civil legislation Reform. Particularly, we have identified the main reasons of this reform. However, in this article we have analyzed the provisions on security interest more detail. In our article we reviewed the main law changes on security interest, which have been introduced since 2008. DOI: 10.5901/mjss.2015.v6n2p22