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Changes in calculation procedure of interest on third-party money

On June 1, 2015 the Federal Law of 08.03.2015 N 42-FZ, “On Amendments to the First Part of the Civil Code of the Russian Federation “, went into effect.

It changes the procedure of calculating an interest on third-party money in cases of its unlawful deforcement, avoidance from giving it back, other delay in payments or unsubstantiated receipt and saving of the money at the expense of other person (Article 395 of the Civil Cod of the RF). Until now the amount of interest on third-party money used to be determined as equal to a standard bank interest rate by the day of fulfillment of monetary obligation or its respective part. After the changes made in Article 395 of the Civil Code of the RF the interest shall be calculated based on average bank interest rate relative to deposits held by physical persons. At the moment the bank interest rate is 8.25%, whereas the average bank interest rate relative to deposits held by physical persons in Northwestern Federal District is 10.11%.

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