The Redemption of State Securities: The Intersection of Civil and Budgetary Legislation in Russia

In: Review of Central and East European Law
Olga Ishutina
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The author discusses the inter-relationship of Russia's civil and budgetary legislation in light of the rules and regulations governing obligations arising from state securities under conditions of a financial crisis. She argues that the redemption of state bonds (treasury bills) by exchanging them for other state debt instrument bonds does not conform to the conditions for debt novation. However, the author does not rule out the possibility for the state to make unilateral changes to the terms and conditions of a loan and, in addition, offers alternative means of resolving this (legal) issue.

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