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Vladimir Putin signed the Law On Declaration of the Russian Federation on the Aircraft Equipment Protocol to the Convention on International Interests in Mobile Equipment.
The federal law sets the conditions for Russian parties to aviation equipment transactions involving a security mechanism of international guarantees stipulated by the Convention on International Interests in Mobile Equipment and the Aircraft Equipment Protocol to the Convention on International Interests in Mobile Equipment, to get the best possible discounts on loans issued for the financing of such transactions.
Article 33 of the Protocol grants the right to the state to make a statement at any time after the Protocol’s entry into force. Availing itself of this right, the Russian Federation declares that it will apply Articles 8 and 13 of the Protocol.
Article 8 of the Protocol establishes the right of parties to the transaction to agree as to the law of which state will govern their contractual relationship.
Article 13 of the Protocol grants the right to the debtor to give the creditor an irrevocable authority to de-register and export an aircraft. The party in whose favour the irrevocable authority is granted is the only person who has the right to submit an application to exclude an aircraft from the National Register of Civil Aircraft of the Russian Federation, as well as to seek the export and physical transfer of the aircraft from the territory on which it is located in case of the counterparty’s violation of its contractual obligations.
June 7, 2012