Russia Considers Blanket Credit Ban for Citizens

In a move aimed at protecting Russian citizens from financial fraudsters, the Russian Interior Ministry is considering a blanket ban on issuing credit to individuals.

A senior official, Deputy Head of the Investigative Department Danil Filippov, announced the proposal during the Positive Hack Days cybersecurity forum in Moscow. According to Filippov, the new concept would require citizens to apply for personal exceptions online or through official centers, rather than being able to access credit voluntarily.

"We already have many laws that allow citizens to voluntarily block access to credit," Filippov said. "But we are putting forward a different concept – not voluntary restriction, but a total ban, with the option of individual unblocking."

Filippov emphasized that he believed Russian citizens would not oppose the measure if it helped law enforcement protect them from fraudsters. "And if someone needs to get a loan or another service, they can simply press a button online and receive that service," he added, as cited by Vedomosti.

Under this proposed system, individuals seeking to lift the credit ban would need to go through a specific procedure. They would be issued a warning and asked a series of questions, such as whether they were acting under the influence of third parties or intending to transfer the borrowed funds to someone else. "And perhaps, after answering these questions, they may choose not to press that button," Filippov said.

Currently, Russians can already impose a self-restriction on credit issuance, a service that more than 11 million people have used, according to Sergey Boyarsky, head of the State Duma's Committee on Information Policy. While Filippov acknowledged that the self-restricting option is effective and "has demonstrated a measurable impact," he said a full prohibition would be "a more productive and serious step."

The proposal has sparked some confusion among officials, with Irina Volk, an official representative of the Interior Ministry, stating on Saturday that Danil Filippov's statements had been misinterpreted by the media. According to Volk, the ministry is not developing any legislative changes related to restricting credit access for citizens.

However, there is growing concern in Russia over the rise in cyber and financial fraud, particularly scams involving bank transfers and unauthorized lending. In 2024, financial fraud resulted in the theft of 27.5 billion rubles from Russian citizens' accounts, marking a record high, according to the country's Central Bank figures.

The nation's largest lender, Sberbank, estimated that losses from telephone scams amounted to at least 295 billion rubles during the same period. The proposal to impose a blanket credit ban on Russian citizens is part of broader efforts by the government to protect its citizens from financial exploitation.