Support The Moscow Times!

Protests By Unhappy Mortgage Holders Rock Moscow Banks

Foreign-currency mortgage holders launched a series of protests against Moscow banks this week, demanding a discount on their mortgage payments that have increased dramatically in tandem with the weakening ruble.

On Tuesday a group of people rushed into a Raiffeisenbank office and demanded that they be allowed to pay back their mortgages at the rate of 40 rubles per dollar instead of the current 78 rubles per dollar rate, the Dozhd TV channel reported on Tuesday.

Management refused their demands, offering mortgage holders the option of postponing their payment deadline or giving their apartments to the bank as payment.

Another incident occurred on Wednesday in a Delta Credit bank branch. More than 200 mortgage holders flooded the premises, demanding that their mortgages be renegotiated, The Insider news website reported.

Many banks attracted clients to mortgages denominated in dollars or euros with attractive rates. Foreign-currency mortgage holders held several high-profile protests in Moscow last year, including outside the Central Bank and on Red Square.

President Vladimir Putin told members of Russia's Human Rights Council in October 2015 that foreign-currency mortgage holders made a decision to risk currency fluctuations when they took out their loans, but said that the state should step in to help avoid “extreme situations.”

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more