The Supreme Court of the Russian Federation: the amounts awarded in foreign currency are not indexed

The parties have concluded an agreement under which the currency of the debt and payment is euro. The arbitration court, at the request of one counterparty, collected a penalty from the other in the same currency, converted into rubles on the date of payment. Later, the claimant applied for the indexation of the awarded money – three instances met halfway.
The Supreme Court of the Russian Federation noted:
The rules for calculating indexing are needed to determine the inflation of the ruble. In this regard, they are used if a ruble amount is collected;
since the parties agreed on the foreign currency of the debt and payment, they realized in advance the right to compensation for losses due to ruble inflation and assumed the risk of fluctuations in its exchange rate;
a change in the ruble exchange rate (in comparison with the chosen currency) during the period of non-execution of the judicial act does not deprive the creditor of compensation for losses;
the court’s decision to collect a penalty in foreign currency at the exchange rate of the Central Bank of the Russian Federation on the date of payment and so assumes fair compensation.
The Supreme Court overturned the acts of three instances and refused to index them.