Some Aspects of Cross-Border Debt-Recovery in the Former Soviet Union

International debt recovery is aimed towards the recovery of debts regardless of locations of debts and debtors. It is still widely presumed in the West that the legal remedies for recovery of damages, reimbursement on business losses and debt recovery as they are known in the West do not exist in Russia. For example, while the U.S. judicial system provides unique recourse for both civil remedies and pursuit of criminal violations, the opinion is that ?neither US/UK common law nor European civil law is the precise basis for the Russian system?. Therefore, foreign companies see the recovery of business losses incurred in doing business in Russia as extremely challenging. Nevertheless, the reality is somewhat different.