Consumers law and financial institutions

In the first Quarter Practise Review, issued by the Russian Supreme Court in the mid-February, one can find several decisions on consumer's relationship with banks or other financial institutions. I have already written a post on one of them, namely on a 'hardship' clause and modification of a loan contract, made in foreign currency. Here are the outlines of two others and some general conclusions...

Currency fall is not hardship is Russia

Several days ago the Supreme Court of Russia issues its first quarterly review of its most important decisions, which had been made recently (Russian text is available on the official web site). The eighth judgment was about whether a plummeting fall of Russian currency because of Crimea crisis could be considered as hardship and thus led to conversion of a loan contract. The Court unsurprisingly gave a negative answer, confirming general reluctance to use ‘rebus sic stantibus’ doctrine. However some remarks in the ruling seem to leave a door open to use this clause as a ground for contract modification…