According to the clarifications contained in Letter No. ИН-03-59/126 of the Bank of Russia dated October 21, 2022:

  • A grace period can be requested not only for consumer, but also for business loans (credits), if the applicant is an individual entrepreneur.
  • An application for credit holidays may be submitted not only by a mobilized or contracted person, but also by any other person if he/she has documents confirming the right to act on behalf and in the interests of the applicant. Such a document may be a power of attorney in a simple written form.
  • the borrower has the right to demand the establishment of a grace period from October 24, 2022, but not earlier than the date of mobilization or the start of participation in a special military operation of a serviceman, regardless of the date of filing the relevant request (but not later than December 31, 2023), including if the lender had previously refused the borrower in granting a grace period or the grace period was found to be not established. In such a situation, provided that the borrower submits documents confirming the participation of the serviceman in a special military operation, the terms of the contract shall be subject to change from the date specified by the borrower, including in terms of the cancellation of accrued interest, penalties (fines, forfeits) and other consequences of the borrower’s failure to make payments during the period from the date of commencement of the grace period before the date of application with a request for its granting (taking into account the restrictions on the maximum duration of the grace period established by the Federal Law).

if the borrower makes payments within the specified period, such payments shall be allocated by the lender to repay the borrower’s obligations to repay the principal debt in accordance with the imperative requirements of the legislation of the Russian Federation