Putin approves repayment holidays for citizens, business amid coronovirus crisis
MOSCOW, April 3 (RAPSI) – Russian President Vladimir Putin on Friday enacted a bill on repayment holidays for citizens, individual entrepreneurs, small and medium-sized businesses drafted over the coronavirus epidemic into law. A copy of the signed document was published on the official website of legal information.
Amendments drafted upong the presidential order are to be introduced in the Law on Central Bank of Russia.
The document gives citizens and individual entrepreneurs found themselves in reduced circumstances due to the coronavirus epidemic a right to repayment holidays if their income for a previous month reduced by 30% or more as compared to the average monthly income for a previous year. The holidays for maximum 6 months would apply to mortgage and consumer loans.
The law also stipulates a possibility of repayment holidays for small and medium-sized business entities from the most suffered economic sectors. A list of such fields is to be determined by the government.
The lower house of parliament, the State Duma, adopted the initiative on April1. The upper house, the Federation Council, backed it on April 2.