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The Court considers that currency exchange rate fluctuations may not be a ground for changing an agreement.
DATE: April 1, 2016 | AUTHOR: atlawyers
The Court considers that currency exchange rate fluctuations may not be a ground for changing an agreement. The Ninth Arbitration Court of Appeal considering dispute between OJSC “Vimpelcom” and “Tizpribor” ordered that the parties when concluding a lease agreement in foreign currency should anticipate changes in economic situation based on state currency policy. According to the court opinion, currency exchange rates fluctuations shall not be considered as an essential circumstance which grants a right to change an agreement by court in accordance with art.451 of the RF Civil code.