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British intelligence has analyzed a new Russian legislative initiative under which military personnel signing contracts after December 1, 2024, will have their loan debts written off.
The analysis was published on X (Twitter) by the UK Ministry of Defence.
The debt forgiveness will apply to loans of up to 10 million rubles (approximately $94,400) and can also extend to spouses. This initiative is an addition to the “Loan Repayment Holidays for Russian Servicemen” program. According to Mediazona, 411,000 applications for mortgage and personal loan repayments have been processed since October 2022.
“Russia’s financial incentives for military recruitment are almost certainly aimed at ensuring sufficient reinforcements to cover its steadily increasing losses, which now total 760,000 killed and wounded, with an average of 1,523 casualties per day in November 2024,” the review states.
The intelligence report notes that these incentives are also almost certainly designed to reduce the likelihood of Russia announcing another mobilization, as such a move would likely harm public support for the war and increase the risk of further large-scale emigration.
Additionally, the review highlights that writing off loan repayments is likely to exacerbate financial pressure on Russian banks in 2025, adding to the strain from high interest rates and sanctions.
This is almost certain to reduce the resilience of the banking sector to potential economic shocks, the report concludes.
Earlier, UK intelligence reported that on November 28, Russia reached a new daily record for casualties, with 2,030 soldiers lost in a single day. For the first time, daily losses exceeded 2,000 personnel.
In a previous analysis, British intelligence examined changes in Russia’s missile strike tactics against Ukraine.
Read also: UK Intelligence Analyzes Changes in Russia’s Missile Strike Tactics Against Ukraine
