30 Apr 2021 12:07

EAEU countries to sign agreement by year's end on sharing credit histories - Mishustin

MOSCOW. April 30 (Interfax) - Eurasian Economic Union (EAEU) countries will sign an agreement on sharing credit histories by the end of 2021, which will enable union citizens to receive loans in all member countries.

"There are plans to sign an agreement on the procedure for sharing credit histories within the union by the end of the year," Russian Prime Minister Mikhail Mishustin said at a meeting of the EAEU Intergovernmental Council in Kazan.

"Our citizens, legal entities will get the possibility to take out loans in all countries of the 'five.' And banks, accordingly, will be able to check information about borrowers," he said.

The draft agreement on sharing credit histories was considered by the Council of the Eurasian Economic Commission (EEC) in September 2020. On the Russian side, the draft agreement was prepared by the Finance Ministry and cleared with relevant government agencies at the end of 2020.

EEC officials said earlier that the agreement would allow residents of EAEU countries to request and receive their credit report while they are in a different member country when applying for a credit product at a financial institution in this country.

The agreement sets out the mechanism, procedure and conditions for sharing information that is included in credit histories, as well as the minimum list of information subject to cross-border exchange. It also defines the main principles for protecting the rights and legal interests of consumers and providers of financial services when formalizing credit relations, as well as the powers of the financial regulators of union countries, the EEC said earlier.