THE ANATOMY OF INTEREST-BEARING LIABILITIES.
LEGAL AND JUDICIAL PRACTICES IN FRANCE
AND IN RUSSIA

R.A. CHICHAKYAN,
Master’s Degree in Law at the MGIMO University,
LL.M. in Commercial Law at the Manchester University,
PhD Researcher at the University of Turin

DOI: 10.24031/1992-2043-2019-19-2-237-257

The main indicator determining the cost of loan obligation is the cumulative amount of
interest a borrower pays on a debt obligation. This article examines not only the legal
nature and structure of interest liabilities, but also the legal regulation of many types
of interest rates – from negative rate to disproportionately high and those that periodically
fluctuate depending on the index or other base. The author answers the following
contemporary issues through the lens of comparative law: is it legitimate to charge
anatocism? What are the consequences of the recognition of overburdened interest
rates? The science paper also probes the antithetic issues of usury and negative interest,
which occupy a central position in the legal debate of most foreign jurisdictions.
Moreover, in the context of usury, a distinctive feature of the subjective (French)
approach is highlighted.


Keywords: interest liabilities; usury; interest assignment; inextricably intertwined
liabilities; anatocism; delay in payment; unilateral change of interest rate by the Bank;
negative interest rates.

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Information about the author

Chichakyan R.A. (Moscow) – Master’s Degree in Law at the MGIMO University,
LL .M. in Commercial Law at the Manchester University, PhD Researcher at the
University of Turin (Campus Luigi Einaudi, Lungo Dora Siena, 100 A, 10153, Torino
TO, Italy; e-mail: Rimmach94@gmail.com).

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