SIMFEROPOL / AQMESCIT (QHA) -

The so-called "State Council of the Crimea" adopted in the second reading a law regulating the procedure for cancelling debts of Crimeans for loans to Ukrainian banks. 63 deputies voted for the adoption of this document.

September 20, the draft law was adopted in first reading. 18 amendments were adopted to the document.

“A debt corresponding to one of the following conditions is subject to cancellation if as of  March 18, 2014, the debt did not exceed 5 million rubles or the equivalent in foreign currency according to Central Bank of Russia at that date,” the law says.

The bill establishes the grounds and procedure for restructuring the debts of individuals and legal entities that have a residence in the territory of the annexed Crimea, under loan agreements concluded with Ukrainian banks, in respect of which the National Bank of Ukraine decided to terminate their activities on the territory of the Autonomous Republic of Crimea and Sevastopol.

The document also contains the mechanisms and categories of borrowers who have the right to restructure debts to Ukrainian banks.

QHA