Central Bank of Russia Recommends Not to Fine Wildberries Sellers After Drone Attacks
The Central Bank of Russia has recommended that banks and microfinance organizations restructure loans for entrepreneurs without penalties. This applies to small and medium-sized businesses that lost goods due to drone attacks on Wildberries warehouses. Since July 18, Ukrainian drones have attacked 20 warehouses, with damages estimated between 215 and 280 billion rubles. Wildberries is providing minimal compensation, often less than 10% of the value of the lost property. Sberbank, VTB, and Wildberries Bank have received thousands of requests for payment deferrals. The regulator emphasizes that these measures should not worsen the credit history of entrepreneurs. Experts warn that mass restructuring will only postpone a wave of defaults. Problematic corporate loans in the banking sector amount to 11.3 trillion rubles (11.7% of the portfolio as of June 1). The share of restructurings among systemically important banks has reached 20%, and the consequences will be felt for another 4-5 years. A wave of bankruptcies is expected due to a lack of resources in Russia, and the Kremlin cannot save Wildberries sellers, as subsidies have been replaced by bank deferrals.
-- Price
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