othing in the Government's present arguments to change the conclusion that, as has already been established in the decision on admissibility, the applicant's right to obtain redemption of the debt arising out of the Urozhay-90 bonds constitutes a "possession" within the meaning of that Convention provision.
46. Following the decision on the admissibility of the application, the Russian Parliament amended the Commodity Bonds Act by removing the reference to the Urozhay-90 bonds, and also passed a law governing the buyout of those bonds. This welcome development has put an end to the situation of legal uncertainty which was the main subject of the applicant's complaint. However, the Court reiterates that the issue must be seen from the perspective of what "possessions" the applicant had on the date of the Protocol's entry into force and, critically, on the date on which he submitted the complaint to the Court (see Broniowski, cited above, § 132). As noted above, on both those dates the debt arising out of the bonds had been recognised but the implementing regulations had not been adopted, making redemption of the bonds impossible.
47. The fact that the applicant complained about the lack of legal regulation of his entitlement distinguishes the present case from the situation obtaining in the Grishchenko case, to which the Government referred above. Ms Grishchenko possessed a different type of a commodity bond, one that originally certified her right to purchase a passenger car. She lodged a complaint with the Court after the Government had defined the procedure for redemption of bonds of that type, because she was dissatisfied with the Government's decision to grant an allegedly insufficient sum of money instead of a real car. The thrust of her complaint under Article 1 of Protocol No. 1 was therefore not the lack of regulation of her entitlement but rather the adequacy of compensation, a matter which is not in issue in the instant case.
48. Having regard to the above, the Court finds that for the purposes of Article 1 of Protocol No. 1, the applicant's "possessions" comprised the entitlement to obtain some form of compensation for, or redemption of, the Urozhay-90 bonds. While that right was created in a kind of inchoate form, as its materialisation was conditional on the enactment of implementing legislation, at the material time section 1 of the Commodity Bonds Act clearly constituted a legal basis for the State's obligation to implement it (compare Broniowski, cited above, § 133).
2. The applicable rule and the nature
of the alleged violation
49. Article 1 of Protocol No. 1 comprises three distinct rules: the first rule, set out in the first sentence of the first paragraph, is of a general nature and enunciates the principle of the peaceful enjoyment of property; the second rule, contained in the second sentence of the first paragraph, covers deprivation of possessions and subjects it to certain conditions; the third rule, stated in the second paragraph, recognises that the Contracting States are entitled, inter alia, to control the use of property in accordance with the general interest. The three rules are not, however, distinct in the sense of being unconnected. The second and third rules are concerned with particular instances of interference with the right to peaceful enjoyment of property and should therefore be construed in the light of the general principle enunciated in the first rule (see Broniowski, § 134; Iatridis, § 55; and Beyeler, § 98, all cited above).
50. The parties did not take a clear position on the question under which rule of Article 1 of Protocol No. 1 the case should be examined. Having regard to the complexity of the legal and factual issues involved, the Court considers that the alleged violation of the applicant's property rights cannot be classified in a precise cat
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