Category: Центральный банк России

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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The volume of public stock offerings in 2025 increased from 102.1 billion to 125.2 billion rubles. The number of issuers decreased from 19 to 9, of which only 4 companies entered the equity capital market for the first time. The main players were issuers from the financial sector.

The lion's share of initial public offerings (IPOs) and secondary public offerings (SPOs) was accounted for by two large companies with market capitalizations estimated between 300 billion and 400 billion rubles. For the first time in over 15 years, a major IPO of a company with state participation took place. Previously, small-cap (up to 30 billion rubles) and mid-cap (from 30 billion to 100 billion rubles) companies from the IT, digital technology, and pharmaceutical industries predominated.

Institutional investors increased their equity investments slightly, rising their share of total purchases from 48% to 52%. Management companies demonstrated the greatest activity. The number of retail investors, on the other hand, decreased by 4.5 times compared to the previous year. However, their average transaction size increased 3.3 times, exceeding 300,000 rubles. Qualified investors accounted for the majority of demand, accounting for 97% of all retail purchases.

As in 2024, citizens more often pursued a short-term investment strategy. They sold shares more frequently within the first 30 days after an initial public offering.

Read more in the review Public Offerings and Share Offerings: 2025 Results.

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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

Banks and microfinance organizations are gradually are crossing over more accurate methods of assessing the borrower's income to calculate his debt burden. In particular, in accordance with Bank of Russia Instruction No. 7286-U Starting April 1, bank statements can only be used to confirm wages, pensions, social benefits, and income from property rentals. Other account receipts will need to be supported by additional documents. For example, a borrower can provide a certificate of income from deposits or securities.

Furthermore, for salary clients, banks were able to use internal models approved by the Bank of Russia to evaluate sources of income other than salary. Banks did this, in particular, based on the individual's expenses. Starting April 1, the Bank of Russia will no longer accept such models for review. Models approved prior to this date will be available for use by banks for one year from the date of their approval. After this date, creditors will need to obtain supporting documents from salary clients to take into account other sources of income.

At the same time, banks and microfinance organizations will still be able to use a wide range of income documents obtained from government information systems or directly from the borrower, such as a personal income tax certificate or a salary account statement.

Starting April 1, it will no longer be possible to use self-issued documents to assess the income of individual entrepreneurs. However, individual entrepreneurs retain the right to issue salary certificates to their employees, and they will be able to confirm their own income using tax returns and income and expense records.

The simplified approach, in which borrowers declare their income on the bank's application without providing supporting documents, will also remain in place. However, this approach will be gradually curtailed. While lenders can currently factor in declared income up to the regional average per capita income according to Rosstat when calculating their debt burden, starting July 1, 2026, banks will be required to apply an additional 10% discount. Starting July 1, 2027, the simplified approach is planned to be completely abandoned, with only borrowers' officially confirmed incomes being considered.

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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

Bank lending to companies (including bonds) increased by 0.6% in February (-0.4% in January). Significant budget payments restrained lending dynamics, as government contract executors had less need for financing.

The growth of household mortgage debt slowed in February to 0.2% (0.9% in January), mainly due to a significant reduction in loans issued under the Family Mortgage program after its terms were changed on February 1, 2026.

The consumer loan portfolio decreased by 0.7% (0.6% in January), primarily in the cash loan segment. Credit card use was also less active than in the previous month, when people had significant spending during the New Year holidays.

Household deposits in banks increased by 1.9% in February, following a seasonal decline in January (-1.4%). Legal entity deposits also increased by 2.7% (0.2% in January), but this increase is primarily due to companies paying a portion of their February taxes in early March.

In February, the sector earned 392 billion rubles, which is comparable to January's profit.

For more details, read the information and analytical material "On the development of the banking sector of the Russian Federation in February 2026".

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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

In February, prices in 80 out of 85 regions increased less than in January.

The prices of fruits and vegetables increased more slowly, butter and fats continued to fall in price, and prices for milk and dairy products, cheese, tea and coffee, pasta and cereals decreased.

Non-food prices increased moderately on average. However, for a wide range of goods, prices in many regions even decreased or increased less sharply than a month ago. This affected, in particular, electrical goods and household appliances, communications equipment, tools and equipment, clothing and underwear, knitwear, and footwear. Meanwhile, in the services sector, international travel costs increased significantly, and prices for household and medical services continued to rise.

Annual inflation has declined in 65 out of 85 regions. The Bank of Russia will continue to pursue policies aimed at returning inflation to a stable and low level.

For more information on inflation in each region, please seeinformation and analytical materials.

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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

Banks should contact customers immediately after suspending operations and remote services based on cybersecurity and anti-money laundering legislation, rather than waiting for their requests. recommendations The regulator sent to credit institutions.

Banks must not only notify customers of the restrictions imposed but also explain the legal basis for them. Even after online banking access is suspended, customers must be able to contact the bank remotely. It is recommended to explain step-by-step the steps to resolve the situation, and if the bank refuses to lift the restrictions without a reason, how to appeal the decision.

If information about a person is included indatabase Regulatory information about fraudulent transactions should be provided to the client, so they can apply for an exemption from it. For example, provide a link torelevant section Online reception of the Bank of Russia.

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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

In February, the impact of tax and administrative measures on the growth of prices for goods and services decreased.

Price increases have slowed for a wide range of goods whose price dynamics depend more on demand than on one-off factors. Some continued to decline in price (clothing and underwear, knitwear, footwear, and communications equipment).

At the same time, prices for medical and household services increased sharply in February. Demand for these services remains higher than the capacity of service and medical companies, whose growth potential is severely limited by the current labor market situation.

According to the Bank of Russia's forecast, given the current monetary policy, annual inflation will decline to 4.5–5.5% in 2026, and will remain close to 4% in 2027 and beyond.

For more details, see the Bank of Russia's analytical commentary. Inflation in Russia.

Preview photo: Oleg Elkov / TASS

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

In 2025, the volume of loans issued by microfinance organizations (MFOs) stabilized at approximately 0.5 trillion rubles per quarter (2 trillion rubles annually) after a strong increase the previous year. Microloan portfolio growth slowed significantly from 10% at the beginning of the year to 0.7% by the end.

The cooling occurred amid a consistent strengthening of measures aimed at limiting consumer debt. Microfinance organizations (MFIs) are prohibited from using unverified information about borrowers' income—this requirement was introduced to ensure that the true debt burden is not understated.

Macroprudential limits were established for auto loans to prevent overindebted borrowers from migrating into this segment. The regulation helped prevent this trend: the share of auto loans to overindebted borrowers fell to 14% from a peak of 88%.

In response to upcoming restrictions on the number of high-interest loans in operation at the same time, microfinance organizations (MFIs) continue to actively develop products with credit limits, seeking to attract and retain high-quality borrowers. Over the past year, the share of such loans has grown by 14 percentage points, reaching 38% of consumer lending.

In 2025, state-owned mortgage microcredit companies, created to implement preferential mortgage programs, began operating in six Russian regions. Over the course of the year, these companies issued 2.7 billion rubles in mortgage loans to citizens. Agreements were signed for an average of 20 years, and the average loan amount was 6.8 million rubles.

Read more in"Trends in the Microfinance Market for 2025".

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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

In a month credit to the economy increased by 0.4% after a seasonal contraction of 0.5% in January.

Annual growth accelerated from 9.4% to 9.6%. This was driven by a resumption of growth in corporate lending, primarily driven by ruble loans to non-financial organizations. However, consumer lending halted in February.

The postponement of tax payments from the end of February to March, coupled with the growth of corporate lending, led to a significant acceleration in the annual growth of the money supply – from 11.0% in January to 12.4% in February.

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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

Regulator recommends banks to provide additional support measures to such borrowers, including loan restructuring up to full or partial debt forgiveness.

It's important to consider the individual's financial and social situation, whether they own another home, the degree of unfinished construction of the individual housing construction (IHC), and so on. The restructuring should not worsen the client's credit history.

Lenders may contact borrowers directly to determine whether they require support, an extension, or a change. Particular attention should be paid to pensioners, SVO participants, large families, individuals with disabilities of groups I and II, and other socially vulnerable groups.

If the loan interest rate depends on the timeframe for registering ownership of the individual housing construction property and transferring it as collateral, these timeframes must be extended. Furthermore, banks can assist in expeditiously processing a contractor change.

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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.