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The President signed Federal Law On Amendments to Federal Law On the Central Bank of the Russian Federation (Bank of Russia) and Certain Legislative Acts of the Russian Federation Concerning Changes to Loan Agreement Terms and Conditions.
The Federal Law, in accordance with the list of instructions approved following the March 28, 2020 President’s Address to the Nation in connection with the spread of the novel coronavirus infection in the country, envisages granting loan borrowers (individuals and self-employed persons) the right to apply to the creditor requesting a suspension of fulfilling obligations under the credit (loan) agreement for a period of up to six months.
The right to apply to the creditor requesting a suspension of the borrower's obligations under the credit (loan) agreement shall also be granted to small and medium-sized business entities operating in sectors determined by the Government of the Russian Federation.
In addition, the Bank of Russia is vested with authority to increase financial literacy of individuals and small and medium-sized businesses, as well as to secure the availability of financial services for them.
April 3, 2020