The Russian Ministry of Economy opposed the ban on banks, microfinance organizations (MFIs) and debt collectors having connections with foreigners to collect debts from citizens, RBC writes in reference to the department’s response to the draft presidential decree prepared by the Ministry of Justice.
In early January, the Ministry of Justice of the Russian Federation prepared a document on restrictions for “hostile” creditors. It should work as an anti-sanctions measure.
The Ministry of Economic Development, for its part, presented a series of arguments about the “ambiguous validity” of the draft decree prohibiting the work of hostile collectors.
Firstly, the Russian Federation already has restrictions on the withdrawal of funds outside the country for non-residents of states that the Russian authorities consider hostile. These restrictions were introduced by separate presidential decrees. Additionally, there is legislation that protects Russian debtors in their interactions with debt collectors. This is the relevant law “On collection” (230-FZ).
Secondly, new regulatory mechanisms may limit the rights of legal entities with foreign participation (in particular, banks) as creditors. Because of this, they will be forced to sell problem debts to those collection agencies that will not be affected by the ban.
Third, the ministry does not support a new regulation in presidential decree format, “unless it is obviously anti-sanctions in nature.”
Thus, the Ministry of Economic Development does not support the document of the Ministry of Justice, but expresses its willingness to study other regulatory initiatives in the field of collection.
The National Council of the Financial Market (NCFM), which includes large Russian banks, also does not agree with the proposals of the Ministry of Justice. According to the president of the organization, Andrei Emelin, the initiative is too harsh.
“No facts of such deliberate withdrawal have been recorded in the collection market and, as far as I know, collectors have not requested permission from the government subcommittee to withdraw dividends,” notes Emelin.
Author:
Natalia Gormaleva
Source: RB
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