MOSCOW, March 17 (RAPSI) – The Moscow Region legislature has submitted a bill to the State Duma to prohibit the issuance of foreign currency loans to individuals and to restructure outstanding loans, reads a statement posted on the lower houses’ website of planned legislation.

This is not the first legislative initiative on this issue. MP Alexander Sherin (LDPR) previously submitted a bill to prohibit banks and other lending organizations from issuing foreign currency loans.

Members of the Moscow Region’s legislative assembly believe that the adoption of the bill “would allow restructuring individuals’ foreign currency loan debt, protect them from such risks in the future and also prohibit the issuance of foreign currency loans to private individuals.”

People have been requesting the assistance of the Moscow Region legislature in restructuring and refinancing their foreign currency loans at the national level.

“The applicants’ problem is that they cannot pay their debts under foreign currency mortgage loans due to the soaring exchange rates,” the regional MPs said.