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The Russian civil code and its impact upon commercial transactions

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Chapter Summary

Russias Civil Code has a different purpose: it offers a system of stable rules for trade and commerce in the conditions of a market economy. The significance of the Civil Code for commercial transactions is primarily to be seen in the way it has created an institutional environment for the nurturing of business. The main differences that can be seen in the effective implementation of the Code are in the interstices between public and private law. One of the specific characteristics of the Russian judicial system is the rightshared by the two highest judicial instancesto provide Guiding Explanations on issues of court practice. The variety of options that the market economy offers to economic actors as well as to their agents can only ensured in a stable and predictable legal environment. In Russia nowadays, such a stable legal environment is created mainly by the Civil Code.

Keywords: commercial transactions; judicial implementation; market economy; private law; public law; Russian civil code



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