New amendments in Civil Code of the Russian Federation

New amendments in Civil Code of Russian Federation have been established. Below you will find an overview of the most important of them. A loan agreement between citizens for more than 10,000 rubles shall be made in writing. If a loan is provided by a company, the contract will be deemed to be concluded from the moment the loan is agreed upon. New types of bank accounts are established: in precious metals, a nominal account, a joint account, a public deposit account. Banks will not be allowed to return monetary funds to clients due to termination of bank account agreement in case such bank account is arrested . Bank will pay interest for the use of funds from the client’s account if it debit an account unreasonably, failed to comply with the client’s instructions on transferring or disbursal money, failed to comply with such instructions in time or gave the money late. A new type of contract is provided – an escrow agreement. This is new way to enforce the performance of obligation. For example, money intended for the purchase of real estate can be credited to a special bank account. The money from such account will be transferred to the seller only after signing the sales contract. New amendments will come into force on June 01, 2018.