Loan Agreement with Participation of Public Subjects in Private International Law

The master dissertation is dedicated to the analysis of the legal status of parties to a loan agreement with participation of public subjects and connection to multiple legal systems, as well as of the peculiarities related to the conflict of laws regulation of this agreement. The author states that at present public subjects actively enter into civil relations with foreign natural and legal persons, and such subjects’ special status allows to describe contracts which involve both their participation and a foreign element as a sui generis concept. Based on the results of the study, the following conclusion is drawn. On the one hand, participation of a public subject in loan relationships leads to various issues of public subject’s immunities, procedures for entering of such a subject into a respective agreement, etc., and therefore private persons always suffer additional risks such as internal regulations and restrictions to hinder a public subject from due performance of its loan obligations. On the other hand, wider limits of lex voluntatis as compared to “classical” private relations involving a foreign element give both parties an opportunity to structure their loan agreement in a way excluding any possible abuse of contractual power by each counterparty.