Bloomberg News

Medvedev Calls for More Regulation of Russian Consumer Lending

January 16, 2012

Jan. 16 (Bloomberg) -- Russian President Dmitry Medvedev called for additional protection for consumers taking out loans, saying they need more rights in a market dominated by financial institutions.

Citizens need protection from the “enslaving conditions” banks and other financial institutions impose on them in loan agreements, Medvedev told a government meeting in Saransk in central Russia today.

“The price of abuse is too high,” he said. “Banks themselves aren’t interested in preserving this situation.”

--With assistance from Marina Sysoyeva in Moscow. Editors: Andrew Langley, Jennifer Freedman

To contact the reporter on this story: Ilya Arkhipov in Moscow at iarkhipov@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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