Medvedev Calls for More Regulation of Russian Consumer Lending

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.”

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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