Russians who borrowed in foreign currencies turn to protests, demanding restructured loans

Russian debtors of the Austrian-owned Raiffeisenbank who borrowed in foreign currencies staged a protest yesterday, January 26, at a branch in downtown Moscow, demanding that the bank refinance their loans.

According to a report by the independent television station Dozhd, demonstrators came with leaflets reading, “Raiffeisenbank is the gas chamber for the Russian borrower,” “During the Second World War, Raiffeisenbank serviced concentration camp accounts,” and “Raiffeisenbank is the victory of usury over common sense.”

Protesters demanded that the repayment rates for their loans be converted to 40 rubles for $1. (The current market exchange rate is more than 77 rubles to a dollar.) A representative of the protesters told the radio station Govorit Moskva that Raiffeisenbank's managers and staff refused to meet with them.

• Borrowers throughout Russia are now seeking to restructure their loans in foreign currencies, as a result of the ruble's sharp decline. With increasing regularity, protesters are staging demonstrations at banks, demanding a review of their credit conditions. On January 25, roughly 50 people assembled at one of the Moscow branches of Absolut Bank. Before that, there was a protest at one of Delta Bank's branches. In St. Petersburg, borrowers recently protested outside a VTB24 bank.