Moratorium interest is a statutory form of compensation for the period in which ordinary default interest, penalties and other financial sanctions stop accruing in Russian bankruptcy. It is neither a current claim nor a replacement for principal. The calculation depends on the procedure, its commencement date, the adjudicated principal and the date of actual payment.
Not a contractual penalty
Once the procedure starts, default sanctions stop growing and a separate statutory interest regime applies.
The period follows the procedure
Observation, rehabilitation, external administration and liquidation use connected but distinct provisions.
Calculation follows payment records
Principal, rate, dates and reductions must reconcile with the claims register, court orders and bank records.
Quick self-check
- Identify when the principal obligation arose and exclude current claims.
- Use the adjudicated principal rather than mechanically adding penalties.
- Split the timeline by each successive bankruptcy procedure.
- Apply the rate linked by law to the relevant procedure date.
- Reduce the base after every partial payment.
What Moratorium Interest Replaces
When observation begins, default penalties and similar financial sanctions on registered obligations stop accruing. Federal Law No. 127-FZ replaces them with special statutory interest on principal. The Supreme Court describes this as compensation for inflationary loss during the collective procedure.
Principal, Rate and Partial Payments
The base is the adjudicated principal amount. Penalties and moratorium interest are not automatically capitalised. The applicable provision links the rate to a specified procedure date and refers to the Bank of Russia refinancing rate.
After a partial payment, further interest is calculated on the remaining principal. A reviewable schedule should show each period, opening and closing base, rate, day count and payment.
Company Procedures from Observation to Liquidation
Article 63(4) applies in observation. Article 81 governs financial rehabilitation and its repayment schedule. Article 95 covers external administration until distributions, payment or liquidation. Article 126(2.1) continues the special regime during liquidation until actual payment.
When the procedure changes, the calculation should be separated into intervals because the governing provision and reference date may change.
Individual Debt Restructuring
Article 213.19 regulates interest on claims included in an approved restructuring plan. The Supreme Court has also held that moratorium interest runs from commencement of individual restructuring even when no plan is approved. Actual payment depends on full satisfaction of registered claims and sufficient funds.
After asset realisation, any surviving claim and remaining interest depend on the underlying liability, the completion order and the non-discharge rules.
Building an Auditable Schedule
- collect orders opening and changing procedures;
- reconcile principal to the claims register;
- separate current claims and sanctions;
- split the timeline by procedure;
- apply the legally prescribed rate date;
- record each partial payment;
- reconcile the result to bank statements and distribution records.
The arithmetic alone is insufficient: every row should reveal its legal basis.
| Procedure | Start | End or control point |
|---|---|---|
| Observation | Observation order | Next procedure or payment |
| Financial rehabilitation | Rehabilitation order | Payment or opening of liquidation |
| External administration | Administration order | Distribution order, payment or liquidation |
| Liquidation proceedings | Liquidation judgment | Actual payment |
| Individual restructuring | Restructuring order | Payment and Article 213.19 conditions |
Frequently Asked Questions
Is moratorium interest entered in the claims register?
It is not a separate registered claim. It is calculated under the special distribution regime while principal is supported by the register and court order.
Is it a current claim?
No. It follows the registered principal and does not receive ordinary current-claim treatment.
May interest accrue on a penalty?
The general base is adjudicated principal. Capitalising sanctions requires a separate legal basis and is not automatic.
Does the rate change between procedures?
The schedule is divided into intervals because each provision links the rate to the relevant procedure date.
Is a separate judgment always required?
Calculation is generally made during distributions on an established claim. A court may resolve disputes over entitlement, base or period.
Official Sources
- Article 81 of Federal Law No. 127-FZ.
- Article 95.
- Article 126.
- Article 213.19.
- Supreme Court 2023 bankruptcy review.
- Supreme Court Review No. 2 (2019).
Related guides: current claims, claims register and creditor distributions.
Need to Verify an Interest Schedule?
An initial consultation can reconcile entitlement, periods, rate and partial payments without promising an outcome.
BOOK AN INITIAL CONSULTATIONThis material is general information as at 28 August 2026. The calculation depends on the procedure, court orders, claim composition and actual payments.