The Central Bank recommends not to charge penalties and fines for coronavirus-infected borrowers. In addition, the Bank of Russia has reduced the maximum fee for money transfers through the Quick Payment System
Photo: Valery Sharifulin / TASS
The Bank of Russia approved measures to support individuals and companies affected by the spread of coronavirus infection COVID-19. In the message of the Central Bank, in particular, indicatedIn order to reduce risks to the financial well-being of infected COVID-19 citizens, banks and microfinance organizations are advised to restructure the loans issued to them.
In addition, it is recommended that such borrowers, if they have official confirmation of infection, not charge penalties and fines.
The Central Bank also recommended that lenders up to September 30, 2020 not levy a penalty on real estate pledged for loans in case borrowers violated their obligations.
At the same time, it is recommended that insurance companies meet the needs of sick COVID-19 customers if they are requested to defer payment under voluntary insurance contracts or to extend the settlement of insured events, as well as not charge fines and penalties for violating the provisions of the voluntary insurance contract for a period of time the insured’s disability.