When International Debt Collection Becomes Even Harder…

As it stands Creditors owed monies from Russia have little or no options to collect at the moment. 

This may make any portfolios of debt collection you have in Russia even more difficult to collect.

Current financial restrictions on the country’s financial infrastructure mean that outstanding debts may just have to be placed on hold during the extreme current climate we are seeing. 

You may want to consider a ‘Humanitarian Hold’ on these debts due to the unforeseen and unfortunate circumstances  we are currently seeing unfold before our eyes.

Collecting debt has always presented its own challenges for the UK’s Debt Collection industry. With the current Ukraine conflict ongoing and widespread International condemnation, that challenge is getting even harder. Increasing economic sanctions and financial boycotts of the country, have made the hurdles even higher. Whilst the UN and International Countries have been quick to place financial restraints on Russia, there is also the flip side where Businesses and Individuals outside of Russia are owed money by companies and individuals in Russia. Whilst there is ongoing talk of banning Russia from the SWIFT banking network structure, money transfer services are quickly boycotting Russia which is leaving a gaping hole in the global economy. Cross Border payments company Wise have suspended their money transfer services to and from Russia due to the economic sanctions placed upon the country.

https://www.ukdcnews.co.uk/debt-collection-2/debt-collection-from-russia/