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    January 26, 2016

    Ukrainian Banks Will Not Be Allowed to Seize the Property of Crimean Debtors

    Translated by Ollie Richardson for Fort Russ
    26th January, 2016

    The Crimean authorities will amend law No. 422-FZ, regulating the relations of Crimeans regarding payment of loans taken in Ukrainian banks. This was reported on January 26th by the head of the Crimea, Sergey Aksenov, via his official website.

    The changes will mean that Ukrainian banks will not be allowed to seize the property of Crimeans in the repayment of debts, and debtors are allowed to use this property.

    Also, Ukrainian debt collection organizations would be forbidden to work directly with the Crimeans who have debts to Ukrainian banks.

    "It is intended that the debt will be referred directly to the Agency for Deposit Insurance, who after checking the compliance of these organizations with legal requirements will allow the interaction with Crimeans who owe debts to Ukrainian banks", – said Aksenov.

    In addition, the law will be taken into account and reflect "our demands concerning the ban on penalties, fines and arrears that have emerged since March 2014".

    Aksenov also insisted that residents of Crimea are granted a delay of payments of debts.

    Earlier Sergey Aksenov states that citizens of Ukraine are allies and friends of the residents of Crimea.

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