The Russian government is finally considering a draft law that could allow overly indebted citizens to declare themselves bankrupt.

The legislation would allow any citizens owing in excess of 50,000 roubles (£1,600) to file for bankruptcy. This legislation is seen as being overdue by onlookers who feel there are rafts of Russian citizens heavily indebted since loans became easily accessible to consumers in 2004. However, the country also has less of a problem with consumers failing to pay back loans than other economies.

Experts believe that heavy lobbying from banks have prevented the bankruptcy legislation being considered earlier.

Russian authorities still have the right to prevent indebted individuals from leaving the country.