Mortgage, consumer loans to become available in LPR in summer - Russian Finance Ministry

Russian Deputy Finance Minister Alexey Moiseyev said that the first mortgage and consumer loans will be available in the Lugansk People’s Republic as early as this summer.

 

“I believe that priority should be given the mortgage market. The objective is to provide the first mortgage and consumer loans by the summer,” Moiseyev said in Lugansk.  

 

The second immediate objective is to launch the insurance system in the new regions, “in the first place compulsory civil liability insurance for vehicle owners (OSAGO) and other personal and property insurance products. From the point of view of quality, availability and accuracy, everything must be as good as in any other Russian region,” he said.

 

Russia’s Promsvyazbank (PSB) chairman Petr Fradkov has signed the agreement on acquiring the “PSB Lugansk” Ltd.  The signing ceremony, attended by LPR Acting Head Leonid Pasechnik and Moiseyev, took place in Lugansk. LPR State Property Fund Acting Chairman Valery Kravchenko signed the document for the Republic.

 

Earlier, the LPR State Bank was restructured to a limited liability company for subsequent transfer to Promsvyazbank.

 

In June 2022, the LPR parliament unanimously adopted the law on the operation of the Promsvyazbank public joint-stock company in the LPR territory. As of mid-December 2022, PSB operated 75 offices in the LPR and more than 1,000 non-cash payment terminals. PSB currently services utility companies’ accounts and processes electricity bill payments.

 

The Lugansk People’s Republic, Donetsk People’s Republic and Zaporozhye and Kherson regions acceded to Russia on September 30, 2022 following the unification referenda. *i*ie