Anatoly Aksakov, head of Russia’s financial market parliamentary committee, confirmed that lawmakers were reviewing potential amendments to existing regulation, Kommersant reported. A spokesperson for Russia’s Central Bank also said that experts were reviewing the plans, which could come into force by the end of 2017.
Officials began to prepare the regulations following a speech by Russian President Vladimir Putin in April, condemning dishonest lenders.
“There are some loan companies who knowingly mislead people,” Putin said. “As a result, most borrowers almost inevitably fall into a spiral of debt.”