On 15 February 2010 the President signed Federal Law No. 11-FZ amending the Law on Banks. The Law entered into force on 20 March 2010.

The Law prohibits banks from unilaterally increasing interest rates and commission fees and decreasing the term of credit agreements if they are concluded with individual borrowers. However, banks are still entitled to unilaterally change interest rates, commission fees and terms of credit agreements if they are concluded with legal entities and provide for such an opportunity.

The Law applies to credit agreements concluded after the date of its entry into force.

On 16 February 2010 the President signed Federal Law No. 12-FZ amending Federal Law No. 173-FZ "On Additional Measures for the Support of Financial System of the Russian Federation," dated 13 October 2008. The Law entered into force on 18 February 2010.

Federal Law No. 173-FZ entitled Vnesheconombank (VEB) to grant loans to the Agency for Housing Mortgage Lending (AHML) for a term until 1 June 2015. The amendments extend this term to 1 June 2020.

On 19 February 2010 the Central Bank issued Directive No. 2399-U decreasing the refinancing rate. The Directive entered into force on 19 February 2010.

The Central Bank has decreased the refinancing rate from 8.75% (which was effective as of 28 December 2009) to 8.5% per annum. The new rate applies as of 24 February 2010.

The Central Bank sets the refinancing rate for its financing of commercial banks. The rate is also used for calculating interest on commercial loans (if the rate is not specified in an agreement), tax payments and in other cases provided by law.