Russian banks recommended not to impose fines, penalties for late loans

The Bank of Russia has advised banks not to impose fines and penalties on loans amidst Western sanctions against the Russian Federation, Report informs.

The Bank of Russia will allow creditors not to deteriorate their debt servicing quality assessments until the end of this year, regardless of the assessments of borrowers' financial standing.

Earlier, the Bank of Russia said that the country's banking system is stable and has enough capital. The regulator noted that in the event of Russia's secession from SWIFT, the transfer of financial information would be possible through the Financial Data Transfer System.