Russian President Vladimir Putin approved an extension of the window for applying for a credit holiday, widening the eligible period for citizens, individual entrepreneurs, and small and medium-sized enterprises to submit заявления to lenders until 31 December this year. The decision was published on the official legal information portal.
Before this extension, individuals, individual entrepreneurs, and SMEs could request a postponement only until 31 March 2023, and only for contracts signed before 1 March 2022. The extension broadens the opportunity for borrowers who require relief to manage their loan obligations amid evolving economic conditions and financial pressures.
Credit holidays first emerged in Russia on 1 April 2020 in response to the COVID-19 pandemic. The policy allowed borrowers to suspend payments for up to six months, provided their income had fallen by 30 percent or more. This measure aimed to ease the burden on households and small businesses facing disruption during periods of official restrictions and economic slowdown.
As the situation evolved and sanctions related to the Western response intensified, the relief was extended beyond the initial dates. The government and parliament weighed the persistent need for liquidity support among borrowers and the potential impact on financial sector stability, eventually maintaining pauses for additional periods to help households and enterprises weather continued uncertainty.
In mid March, Anatoly Aksakov, chair of the State Duma Financial Market Committee, indicated that the lower house would extend credit holidays for citizens, individual entrepreneurs, and SMEs through the end of 2023, pending the adoption of a more permanent, long-term law. The intent behind this stance was to provide ongoing financial flexibility while a comprehensive framework for debt relief and consumer finance controls was developed and finalized. The discussions reflected a balance between consumer protection, lender risk management, and the broader objective of sustaining economic activity during periods of fiscal stress, sanctions, and global market fluctuations. This ongoing policy dialogue underscored the government’s priority to maintain economic resilience for households and small businesses alike, even as the legislative process continued to evolve. [citation attribution issued by the official portal and parliamentary communications]