xabarchixabarchiABARCHI
World

It will become harder for debtors in the CIS countries to hide property abroad

Debtors in CIS countries will find it harder to hide property abroad

The Federation Council has approved the ratification of the CIS agreement on data exchange during the enforcement of judicial decisions. This document provides for an information exchange that will simplify debt collection and make it more difficult to hide assets outside the country.

The agreement is designed to strengthen the legal framework for cooperation among the Commonwealth states in the enforcement of judicial and other executive documents. As Anna Otke, a member of the Federation Council Committee on International Affairs, noted, the exchange of information will allow for more effective application of legal assistance mechanisms and better protection of the rights of creditors.

According to Russian Deputy Minister of Justice Elena Ardabyeva, after the agreement enters into force, it will become harder for debtors to conceal property when moving to another CIS country. Debt collection will now depend to a lesser extent on where the debtor and their assets are located.

Belarus, Azerbaijan, and Uzbekistan have already notified Russia of the ratification of the agreement. Kazakhstan, Kyrgyzstan, and Tajikistan are still continuing the necessary domestic procedures.

As a reminder, the agreement on information exchange entered into force on August 5, and the countries are now ratifying it in stages.

Cookies on xabarchi

We use cookies to remember your language and theme, and to count how many people are reading right now — that count is anonymous, lasts only while your browser is open, and cannot be tied to you or to another visit. With your permission we also measure how the site is read: Microsoft Clarity, which records page views and on-page interactions, and our own count of returning readers. Nothing that recognises you across visits is measured until you accept.