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GAAP.RUNewsRussian banks no longer allowed to raise interest on credits on their own discretion

Russian banks no longer allowed to raise interest on credits on their own discretion

Publication date: 3 March 2010

The Supreme Arbitration (Commercial) Court of the Russian Federation found illegal all practices when banks raise interest on credits to private individuals on their own discretion. The Court treats all fines levied by banks on their clients for overdue credit payments in a similar way.

The Supreme Arbitration (Commercial) Court of the Russia Federation found illegal all practices when Russian banks raise interest on credits to private individuals on their own discretion – this may possibly stall the whole system of retail crediting, experts warn.