Putin limited loan rates

President Vladimir Putin signed a law limiting the interest rate on consumer loans. The corresponding document is published on the official portal of legal information.

The law will enter into force after 30 days. Until June 30, 2019, the interest rate under new loan agreements should not exceed 1.5% per day, from July 1, 2019 - 1% per day.

The law also limits the final amount of consumer loans payments, designed for no more than a year. If the loan was issued after the law entered into force and until June 30, 2019, payments on it should not exceed the initial loan by more than 2.5 times, for loans issued in July-December 2019, the amount of payments may be higher than the loan amount by a maximum of two times, and for loans issued from January 1, 2020-one and a half times.