This article is part of the PLC Global Finance March 2010 e-mail update for the Russian Federation.
On 15 February 2010 the President signed Federal Law No. 11-FZ amending the Law on Banks. The Law entered into force on 20 March 2010.
The Law prohibits banks from unilaterally increasing interest rates and commission fees and decreasing the term of credit agreements if they are concluded with individual borrowers. However, banks are still entitled to unilaterally change interest rates, commission fees and terms of credit agreements if they are concluded with legal entities and provide for such an opportunity.
The Law applies to credit agreements concluded after the date of its entry into force.