Rental rates will translate into rubles
31.08.2015 3222

Rental rates will translate into rubles

The Ministry of Industry and Trade has prepared a bill prohibiting the setting of rental rates for retailers in foreign currency. 

 "In many ways, large shopping centers and street retail representatives nominate rental contracts for non-residential premises in foreign currency, while the entire chain of settlements to the end user is made in rubles. Risks from currency rate fluctuations fall entirely on tenants. In our opinion, this is unfair and is a rudiment 1990s, "- said the Deputy Minister of Industry and Trade Viktor Evtukhov.

According to him, the amendments are now undergoing the procedure of approval and discussion. The new bill was created for the benefit of retailers. "The destabilization of the ruble has turned into problems for industry participants, often threatening bankruptcy. Whereas previously companies had rental costs of 15-20% of revenue, after the denomination they doubled and began to reach 20-40%."

The authors of the bill suggest that foreign investors may oppose the legislative initiative, as this will prevent them from making and planning investments.

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