And this is the manner of the release: every creditor shall release that which he has lent to his neighbor; he shall not exact it of his neighbor and his brother, because the release of Hashem has been proclaimed.
English: "Because a release has been proclaimed" — the release of money applies both in the Land and outside the Land, for it is written "because a release of Hashem has been proclaimed"—in every place.
On the daf / in context: Unlike the agricultural shemittah, which is tied to the Land, the monetary release is calendar-based and therefore universal.
Type of Learning
Derash on the verse (Kiddushin) — monetary shemittah applies in the Diaspora as well.
What Is Learned
The cancellation of debts by shemittah is observed both in Eretz Yisrael and in the Diaspora.