MOSCOW, April 6 Russian President Vladimir Putin signed a law exempting participants in a special military operation (SVO) from paying interest on consumer loans and loans accumulated during credit holidays , the corresponding document is posted on the website of the official publication of legal acts.
The law is aimed at providing social support and reducing the credit burden of borrowers — participants in the SVO. Interest accrued during the credit holiday on loans and borrowings of SBO participants will be written off, and if part of the interest has already been paid, then these funds will be used to offset the repayment of the principal debt or other obligations of such a borrower.
As part of the second reading, the State Duma supported an amendment to the document, which, according to the head of the Duma Committee on the Financial Market, Anatoly Aksakov, included among the recipients of this benefit employees of the Russian Guard performing relevant tasks in the Northern Military District zone.
In this case, banks will be reimbursed from the federal budget for 50% of lost interest income due to the introduced benefit. According to the financial and economic justification for the law, this will entail additional federal budget expenditures in the amount of about 5.7 billion rubles.
The law comes into force on the date of official publication.
In Russia, since October 2022, there has been a law that gives the right to credit holidays to SVO participants and members of their families. At the end of January of this year, Russian President Vladimir Putin instructed to resolve the issue of exempting SVO participants from paying interest accumulated during the credit holiday.
According to information received by the Bank of Russia from 44 banks (including all systemically important ones), from September 21, 2022 to December 31, 2023, banks actually provided military personnel and/or members of their families with restructuring of 278.1 thousand loan agreements for a total the amount of 108.6 billion rubles.