Permanent Credit Holidays Introduced: Businesses Restructure 500 Billion Rubles in Quarter

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Elvira Nabiullina, the head of the Bank of Russia, presented a report to President Vladimir Putin on the performance of the credit holiday mechanism for small and medium-sized enterprises (SMEs). This measure, first introduced during the COVID-19 pandemic as an anti-crisis tool, has now become permanent.

Starting from October 2025, SMEs have a legally established right to defer loan repayments. Entrepreneurs can request a six-month pause without penalties or fines, regardless of the industry in which their company operates.

According to the regulator, between October and December 2025, businesses took advantage of 9,500 credit holidays worth a total of 51 billion rubles. Preliminary statistics for January indicate continued demand for this tool, with approximately 2,500 additional deferrals granted, amounting to around 10 billion rubles.

The Central Bank emphasizes that the total volume of support far exceeds the figures for credit holidays alone. The banking sector is simultaneously implementing its own debt restructuring programs. Most changes in credit terms are processed through these mechanisms. In the fourth quarter of 2025, banks initiated revisions to 27,000 SME credit agreements worth 446 billion rubles.

Considering both the legislative credit holiday mechanism and internal bank programs, the total amount of restructured SME obligations in the fourth quarter approached 500 billion rubles. The regulator notes that maintaining flexible support tools allows companies to adapt to changing economic conditions and reduces the risk of overdue debt.