What are the legal consequences of late or non-payment...?

On February 24, 2022, a number of changes were made to the Civil Code of Ukraine, the Law of Ukraine "On Mortgage" and "On Consumer Lending".

According to these changes, debtors are not charged a late payment penalty. Some banks offer credit holidays (deferral of payments without charging additional interest or penalty).

On February 20, 2023, the Chamber of Commerce and Industry defined a full-scale invasion of Russia into Ukraine as a force majeure circumstance. A force majeure circumstance temporarily gives the right not to fulfill the terms of a credit or mortgage agreement. That is, the client or borrower may not fulfill the terms of the contract and has the right not to pay his obligations.