Russia - "Experts estimate that some 400,000 to 500,000 citizens could apply for bankruptcy,". So Putin is like Great Britain in the Suez Crisis, his economy is falling and when more sanctions hit he will have to make a choice. Plus new travel bans and his financial empire (purchased by Russian Taxpayers) exposed. The Oil prices is falling and set to remain low. His population is falling and people leaving Russian for their Human Rights. The cost of running a foreign war will hit the Soviet budget. Russia like Britain is no longer an Empire, get over it Mr. Putin. Russia has previously allowed companies to declare themselves bankrupt but not individuals.
Russian banks encouraged people to take out loans and mortgages during the boom years of high oil prices and many are now struggling to make the repayments, particularly those who took out loans denominated in foreign currency before the ruble plummeted last year on the back of low oil prices and Western sanctions over the Ukraine crisis. Some experts have questioned how many will actually be able to do so, due to the relatively high cost of the procedure. Banks, however, fear that a large number of lenders will use the law to avoid paying back loans, with the number of delayed payments already soaring over the past year. "I receive many such letters [on the issue] and behind each is a personal tragedy," said the deputy president of Russia's central bank, Vasily Pozdyshev. "Experts estimate that some 400,000 to 500,000 citizens could apply for bankruptcy," Mr Pozdyshev said. "The law is entering force at an inconvenient moment," wrote Vedomosti business daily. "Debts on consumer loans today total six trillion rubles, while mortgage debts total three trillion rubles." "Formally, just under 600,000 Russians fall under the terms of the law."
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