The State Duma adopted a law on extending credit holidays for citizens and SMEs until the end of the year

The State Duma approved in the third reading a bill according to which credit holidays for citizens, individual entrepreneurs (IP) and small and medium-sized businesses (SME) are extended until December 31, 2023. About this testify data in the Duma electronic database.

During this period, the borrower can apply to the lender for a loan holiday under agreements that were concluded before March 1, 2022. Citizens and businesses in industries identified by the Russian government that have been most affected by the sanctions will be able to use the support measure. The law comes into force from the day of its publication.

Credit holidays were introduced in 2020 amid the COVID-19 pandemic. Citizens and businesses could take advantage of the support measure in the event of a decrease in income by 30% or more. Credit holidays were provided for six months.

The measure was valid until September 30, 2022, and then was extended until March 31, 2023 in the context of anti-Russian sanctions. Citizens and companies that have suffered the most due to restrictions have received the right to credit holidays.

One of the authors of the bill, Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, said earlier that deputies are also working on a bill that will secure the right of citizens to credit holidays on an ongoing basis. Document was accepted State Duma in the first reading in December 2022