MOSCOW - Russian President Vladimir Putin on Saturday signed a new law allowing participants in the Special Military Operation (SMO) and their spouses to write off overdue loans of up to 10 million rubles (about $96,000).

The legislation, set to take effect on Dec 1, will cancel existing debts for mobilized soldiers, conscripts (excluding military academy cadets), and those who sign a minimum one-year contract with the Russian Armed Forces after Dec 1, as well as their spouses.

To qualify, loans must already be under court rulings and enforcement proceedings must be initiated before Dec 1, with a debt amount capped at 10 million rubles.

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However, certain debts remain excluded, such as compensation for harm to life or health, child support payments, and penalties related to corruption violations.