Russians face travel bans…for owing just $180
More than six million Russians could be stopped from going on vacation this summer – because they're in too much debt, according to the leading debt collection agency in Russia.
In Russia, anyone who owes more than 10,000 rubles ($180) in unpaid bank credit, alimony, taxes or fines can be forbidden from leaving the country.
Of Russia's approximately eight million holders of unpaid debt, some 6.6 million owe more than 10,000 rubles, debt collectors Sequoia Credit Consultation said in a report released Wednesday. This means that bailiffs could prevent them from going abroad on vacation.
According to Sequoia, the amount of debt held by Russians is growing at a record pace and is up 22 percent since the start of the year. It is now at a record 817.3 billion rubles ($14.6 billion).
In addition, it found that the number of Russians with debt of more than 10,000 rubles has doubled in the last six months.
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Over the last year, the country has been battling with the impact of lower oil prices and international sanctions. Its economy is expected to shrink by between 2.5-2.8 percent this year, according to forecasts from the Russian economy minister in June.
Meanwhile, citizens have been hit hard by rising prices, with inflation coming in at a whopping 15.8 percent in May.
- By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt. Follow us on Twitter: @CNBCWorld