On ISDA legal opinion concerning close-out netting in Russia

The legal opinion by the International Swaps and Derivatives Association (ISDA) on the introduction of the concept of close-out netting stipulated by the ISDA to the Russian legislation says, that the Russian law provides for the enforceability of the close-out netting condition under ISDA Master Agreements. Respective document has been published on ISDA web-site.

The legal opinion considers main aspects of the legal regulation of close-out netting in Russia which are of top interest for foreign counterparties from the point of view of assessing risks pertaining to cross-border OTC derivatives transactions with Russian counterparties. Based on the analysis outcomes experts drew a conclusion on the legal enforceability of the conditions of close-out netting under ISDA Master Agreements in the Russian Federation.

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