Russian president Vladimir Putin has introduced a new law which would wipe out the debts of young conscripts singing up to fight in Ukraine, with the one-year contract cancelling debts of up to £76k
Russian president Vladimir Putin has created a new law which would wipe £75,000 of debt for every Russian who fights in Ukraine.
Putin, 72, confirmed the new legislation would allow Russian citizens to sign a one-year contract to fight in Ukraine after December 1 that would free them of existing debts. This deal would also cover their spouses. The total amount covered by the law, which only takes on debts accrued and given notice by an enforcement before December 1, 2024, is 10 million rubles (£76,500).
Parliament approved the bill earlier this month, with the bill designed to provide a stronger incentive for some to join up, experts say. It comes as the nearly three-year conflict continues, with Russia continually looking for new recruits.
It is believed the legislation has been introduced to target younger Russians who may have loans or debts, with those in their 30s and younger targeted. Extremely high interest rate levels in Russia, where many people have no cash savings, could drive the number of recruits up.
Sergei Krivenko of advocacy group Citizen Army Law told Vazhniye Istorii Telegram channel: “Previously (for those fighting) there was only provision for taking repayment holidays on loans.” New legislation also applies to those taken on as conscriptions made to bolster the national service and for those in the so-called “special military operation,” news.com.au reported.
Political analyst Georgy Bovt suggested Russian authorities “are strengthening the motivation to sign a contract,” as it offers young Russians a route to solving possible personal debt crises. He added it was “another way to get rid of an unbearable burden of credit, at least for several hundred thousand people.”
Over 13 million Russians have three or more loans, according to a central bank report released last month covering the first two quarters. The average amount owed by those with three or more loans is 1.4 million rubles (£10,700 at current rates). Putin’s offer of a debt wipe for conscripts comes as he announces several other changes to the law in Russia.
The Russian president has also signed into law a bill which banned the adoption of Russian children by citizens of countries where gender transitioning is legal. Further changes were made by the Kremlin leader who approved legislation that outlaws the spread of material that encourages people not to have children, The Mirror reported.
Both Russia’s houses of parliament approved the bill previously, with the law one in a series of suppressions made against sexual minorities and a bolstering of longstanding conventional values of Russian life. Speaker Vyacheslav Volodin has since spoken on the latest adoption restrictions, with a post to Telegram revealing the reasoning behind the decision.
