Russian Central Bank recommends banks, microfinance organizations write off debts of those killed in Crocus City Hall

MOSCOW. March 25 (Interfax) - The Central Bank of Russia has recommended that lenders and creditors write off the debts of the borrowers killed in the Crocus City Hall terrorist attack, the CBR said.

The CBR has sent the corresponding letter to banks, microfinance organizations, consumer credit cooperatives, agricultural consumer credit cooperatives, and pawnshops. The organizations have the right to do this without appeals from the respective heirs, the regulator said.

The CBR has also recommended that lenders provide the necessary support to those affected by the terrorist attack based on their respective applications, up to and including completely writing off debts and obligations under credit and/or loan agreements. Organizations should post information about the procedures conducted on their respective websites, the regulator said.

Many Russian banks had earlier announced being prepared to write off the debts of those killed and injured in the terrorist attack, as well as the debts of their respective family members. The group of people whose debts the banks are ready to settle varies among the lending institutions.