Bank of Russia recommends banks give payment holiday to mobilised citizens

Bank of Russia recommends banks give payment holiday to mobilised citizens Credit: Ultraskrip/Shutterstock.com

The Bank of Russia has recommended banks and micro finance institutions give payment holidays to mobilised citizens following Russian President Vladimir Putin’s mobilisation announcement on Wednesday, September 21.

The Bank of Russia’s recommended the payment holiday for mobilised citizens in a statement that read:

“Citizens mobilised under a presidential decree can apply to their bank or micro finance institution (MFI) for deferred or reduced payments on all types of loans, including mortgages, and loans for the period of mobilisation.”

“The regulator recommended that banks, MFIs and other professional lenders should accommodate such borrowers and develop special loan holiday and restructuring programmes or adapt existing programmes.”

“It was also recommended not to charge contractual penalties (fines and penalties), not to demand early performance of obligations, to suspend the collection of overdue debt or mortgage housing, and not to evict from the mortgage housing previously foreclosed on.”

“The same right is granted to close relatives of such borrowers if they are dependent on them.”

“However, banks, MFIs and credit bureaus should not consider these restructurings as damaging to the borrower’s credit history.”

“In the future, such special credit holidays may be enshrined in law.”

The news follows Moscow Prosecutor’s Office issuing a warning of liability for calling and participating in unauthorised mass events (including on the Internet) after Russian anti-war movement “Vesna” has called for nationwide protests following President Vladimir Putin’s announcement of a “partial mobilisation”, as reported on Wednesday, September 21.


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Written by

Joshua Manning

Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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