Russia waives debt for soldiers enlisting in Ukraine conflict

Russian President Vladimir Putin has enacted legislation granting debt relief to new recruits joining the military to serve in Ukraine, as confirmed by a government website on Saturday.

Reports indicate that the law permits the cancellation of debt arrears up to 10 million roubles (£77,000) for individuals signing contracts with the Defence Ministry to serve in Ukraine for a minimum of one year, starting from 1 December.

To boost military enlistment, Russia has been offering significantly increased financial incentives, often far exceeding the national average income, to those willing to participate in the conflict.

The strategy has enabled a rise in troop numbers in the combat zone without the need for another general mobilisation, which in September 2022 led to widespread emigration from Russia.

Meanwhile, central bank data reveals a sharp rise in consumer borrowing since the Kremlin’s military campaign began in 2022, despite an increase in the central bank’s interest rate to 21% in October.

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