Дело «Русский Уголь» против ОТП Банка»: стандартный договор на рынке деривативов как неполный контракт

Вестник экономического правосудия Российской Федерации. 2026. № 3. С. 175–200.

Klementiev A.

This article examines the case of Russian Coal v. OTP Bank, which reached the Supreme Court of the Russian Federation and concerned commodity swaps concluded on the basis of the 2011 Model Terms of the Agreement on Derivative Transactions in the Financial Markets. In resolving the dispute, the court effectively recalibrated the contractual mechanism for the termination of obligations through close-out netting, thereby achieving what it considered a more equitable allocation of the parties’ claims. At the same time, an attempt by a Russian exporter to challenge the validity of swap transactions concluded under the General Agreement on Derivative Transactions in the Financial Markets was not supported. The article evaluates the conclusions reached in this case through the lens of economic analysis of law, specifically the theory of incomplete contracts. This analysis is preceded by a general overview of the standard framework agreement widely used in Russia for over-the-counter derivative transactions. Particular attention is devoted to contractual provisions on early termination and close-out netting, as well as to the possible courses of action available to the parties following the introduction of foreign restrictive measures affecting Russian commodity exports. The article also considers the prospects for adapting swap transactions to the changed economic and regulatory environment under existing civil law rules.

Keywords: производные финансовые инструменты, ликвидационный неттинг, деривативы, товарные свопы, замещающие сделки, неполный контракт