On 10 August 2012, the Supreme Commercial Court of the Russian Federation (the “SCC”) published a decree clarifying disputes relating to suretyships (the “Decree”). The Decree has not been significantly amended since the draft was published in February 2012 and analysed in the March edition of the Legal Digest.

We would like to note several important positions included in the SCC’s Decree:

On 30 July 2012, the Presidium of the Supreme Commercial Court of the Russian Federation (the “SCC”) released a Review of its rulings of the Presidium of the SCC on major issues of private law for June 2012. In particular, the Review indicated that during bankruptcy proceedings, a creditor’s claim upheld by an arbitration ruling may be included in the list of creditors without a writ of execution.  

On 9 August 2011, the Ministry of Economic Development and Trade of the Russian Federation published a draft law aimed at increasing the effectiveness of protecting first and second priority creditor rights (the "Draft Law").

Specifically, the Draft Law: