Russian banks have established draconian rules for business lending in Crimea
Banks in Crimea collect 2,5 times more money on deposits than they later lend out. The chairman of the Sevastopol branch of Business Russia, Oleg Nikolaev, stated this at the Yalta Economic Forum.
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“In Crimea, about 125 yards were collected in the form of deposits from the population, deposits. 7-8% is paid on deposits. Loan rate – 15-19%. 50 billion issued. Of these 50 billion, about half were issued to only 30 enterprises,” Nikolaev said at a meeting with the Commissioner under the President of the Russian Federation for the protection of the rights of entrepreneurs, Boris Titov.
Titov suggested that Crimean entrepreneurs get loans in the Krasnodar region. However, it turned out that for many it is difficult to do this, since their property has not yet been registered under Russian law and they cannot provide it as collateral, a PolitNavigator correspondent reports.
“Interest rates are very high, more than 20 percent. Obtaining loans is also impossible due to lack of credit history (transition to another state), and, most importantly, due to problems with re-registration of land and real estate in Russian jurisdiction. The bank has nothing to provide as collateral, because... banks require collateral registered in accordance with Russian laws. For example, in Sevastopol, about 10000 applications for re-registration are still without progress,” says Nikolaev.
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