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You're reading: Russia allows Crimean borrowers to avoid paying debts at Ukrainian banks
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Russian occupation authorities in Crimea will pass a regional law allowing the local borrowers to write off their debts to Ukrainian banks, Russia’s Kommersant newspaper reported on July 17.

According to the newspaper, the new legislation will enable individuals and companies to dodge loan obligations up to a value of up to 5 million rubles ($84,600). Debts up to that amount will be unconditionally written off, with only the debt remaining above that amount having to be repaid.

The loan amnesty will affect most of the individuals and entrepreneurs in Crimea and Sevastopol city who owe money to Ukrainian banks, and will also allow local companies to significantly reduce their debts, Kommersant says.

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