Russia’ President Vladimir Putin signed the law on writing off the debts of Crimean residents before Ukrainian banks. This was reported on the website of Kremlin on Monday.
Particularly, the law provides the loan debtor the right to appeal to the Protection of Depositor Fund founded by the Agency on insurance endowment to not cooperate with the debt collectors directly.
The Fund is obliged to inform the debt collector about the presence of such compellation and the collector should communicate with the loan debtor via the Fund. Also, the debt collector is obliged to appeal to the Protection of Depositor Fund and make sure that there is the compellation from the loan debtor to hold any communication via the Fund.
Even if there was no compellation from the loan debtor, Fund would inform person after the appeal of the debt collector that the loan debtor has all rights to hold the communication via the Fund.
The loan debtor also has the right to ask for the loan restructuring. The Supervisory Board of the Fund can make the decision to write off the deft if there are the grounds for it.
To support the fund, the Agency on insurance endowment will allocate around 25 million dollars.
As it was reported earlier Russian State Duma allowed Crimeans to write off Ukrainian debts. The total sum of debts of the Crimeans is about two billion of dollars.
Al procedures considering the communication between the fund and the loan debtors will be defined at the level of Crimea and Sevastopil.