Last week, the Verkhovna Rada passed draft law No. 7414, which legalised the ban on the collection of overdue debts for certain categories of persons.

In particular, this applies to

military personnel of the Armed Forces of Ukraine, other military formations established in accordance with the laws of Ukraine and special purpose law enforcement agencies performing military service in Ukraine;

servicemen of the above military formations and law enforcement agencies who are citizens of Ukraine and perform military duty outside Ukraine;

members of their families.

These people may send a notice of their desire to terminate their cooperation with the creditor. In turn, the creditor will be obliged to comply with this request.

If the creditor fails to comply with this requirement, it will face a fine of 3,000 to 6,000 tax-free minimum incomes (from UAH 51,000 to 102,000).

Read more in our conclusion.