The government’s legislative commission has approved a bill that would let Russians voluntarily ban banks from issuing loans to them. The move aims to shield citizens from identity fraud and is reported by Vedomosti.
The proposal was introduced in April 2023 by a group of deputies led by Anatoly Aksakov, who heads the State Duma’s committee on the financial market. The intent is to create a legal mechanism that gives individuals direct control over their borrowing activities, offering a time-bound restriction that can be activated or lifted at the holder’s discretion.
The core goal is to curb fraud involving citizens’ personal data. Under the bill, a person can apply for a loan ban that covers banks and microfinance institutions (MFIs) for a specified period. This safeguard would be enacted through a formal process and intended to reduce the likelihood of unauthorized lending that results in debt accumulation based on stolen data.
Supporters point to the potential impact on fraud prevention. Aksakov notes that the measure could lower the risk of personal data abuse, citing a 2022 statistic: 15 billion rubles were taken from Russian accounts, with a portion of that money being diverted into loans—an outcome the bill seeks to block. The emphasis is on shifting to a model where borrowing becomes more deliberate and less friction-filled by criminals who exploit compromised credentials.
Industry experts acknowledge that such a policy could materially hinder scammers by imposing extra steps for illicit financing. Positive Technologies reported that in the second quarter of 2023, a quarter of cyberattacks against Russians involved personal data theft, underscoring the need for stronger consumer safeguards. The proposed ban is framed as a practical tool that raises the stakes for fraudsters and creates a clearer pathway for victims to regain control over their financial information.
From a legal perspective, Yury Fedyukin, a managing partner at Enterprise Legal Solutions, argues that the voluntary loan ban would complicate money-extraction schemes tied to debit cards and other payment methods. Still, he warns that clever criminals will search for loopholes, so public education on financial literacy and the benefits of the restriction becomes essential to maximize effectiveness.
Earlier, in December 2022, a similar idea captured attention from the Central Bank. Mikhail Mamuta, head of the Bank’s Consumer Protection Department, proposed that Russians could bar lending against their credit histories. The expected outcome would require banks and MFIs to verify the borrower’s history and not issue funds if a prohibition is in place. The proposal reflects ongoing concerns about protecting consumer data while balancing access to credit markets.
Historical context notes that the Central Bank of the Russian Federation previously tightened monetary policy when it raised the key rate in an unscheduled meeting, an action that had broad implications for lending costs and consumer borrowing behavior. The ongoing debate around data security and responsible lending continues to shape executive and legislative discussions about how best to safeguard citizens in a digital financial environment.
Observers insist that the policy must be paired with robust safeguards and clear guidance on the scope and duration of bans. In parallel, there is a push to improve financial literacy so households understand how to activate, maintain, or remove a loan prohibition. The overall objective remains to reduce exposure to fraud while preserving the ability of individuals to access credit when they choose to do so in a secure, informed way.
As policymakers move forward, the balance between consumer protection and credit access will be tested. The bill’s passage could mark a shift toward more user-directed financial controls, enabling Russians to tailor their lending exposure in alignment with personal risk tolerance. By combining regulatory oversight with practical tools, authorities aim to create a safer, more transparent credit landscape, where data security is a shared responsibility among lenders, regulators, and borrowers.