Category: Central Bank of Russia

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

Holidays can be taken once every 5 years for a period of 6 months for each of the loans, if the entrepreneur has several of them. The corresponding law State Duma accepted immediately in the second and third readings.

The deferment of payments will also be allowed to entrepreneurs who received loans under preferential lending programs for small and medium-sized businesses. The holidays will be available to enterprises operating in any industry if they need a break in servicing the loan, regardless of whether their revenue has decreased or not.

The grace period will be approved if the amount of the loan or credit does not exceed the established values: for microenterprises – 60 million rubles, for small enterprises – 400 million rubles, for medium-sized enterprises – 1 billion rubles. A self-employed person will be able to apply for a loan holiday in the amount of up to 10 million rubles. The Russian government may revise these limits in the future.

During the grace period, interest will be accrued at the rate stipulated by the agreement and capitalized monthly. Holidays will also be allowed for those agreements that were concluded before the law was adopted, but not earlier than March 1, 2024.

The law will come into force on October 1, 2025. The adoption of the law does not limit the right of banks to provide SMEs with restructuring and holidays under their own programs.

Preview photo: Stratos Giannikos / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

According to preliminary data, the population's mortgage debt increased by 0.6% over the month after 0.5% in May. The bulk of loans issued are still accounted for by state programs.

The consumer loan portfolio decreased by 0.4% after near-zero dynamics in May, including due to a halt in the growth of debt on credit cards.

Taking into account investments in bonds, banks' claims on companies grew by 0.9% in June (0.4% a month earlier). Ruble loans increased mainly (0.7%), with a significant portion of the increase coming from housing developers.

Household funds in banks increased by a noticeable 1.5% after the seasonally weak dynamics of May (0.2%). Corporate funds, on the contrary, decreased slightly (-0.2% after 0.4% in May).

The sector's profit (excluding dividends from Russian subsidiary banks) for the month amounted to 392 billion rubles, which is one third higher than the May result. However, the growth is mainly due to a one-time release of reserves and is not indicative. Since the beginning of the year, banks have earned 1.7 trillion rubles, as in the same period last year.

Read more in the information and analytical material "On the development of the banking sector of the Russian Federation in June 2025".

Preview photo: Fahroni / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

From August 18, 2025, banks will begin calculating capital adequacy standards according to new instructions from the Bank of Russia No. 220-I And No. 221-I.

The new rules imply the transition of all banks with a universal license to a finalized (more risk-sensitive) approach to calculating capital adequacy standards. The standard approach will be retained for banks with a basic license and non-bank credit institutions.

Other important changes include:

— the criteria for classifying borrowers as investment grade have been improved (in particular, a condition has been added for having a credit rating of at least “A”), to which a reduced risk weight is applied;

— differentiated risk weights have been introduced for loans to subjects and municipalities of Russia depending on the level of credit rating from Russian rating agencies, and in its absence, on the level of debt sustainability as assessed by the Ministry of Finance of Russia (in the future, it is planned to completely switch to credit ratings);

— risk weights for mortgage loans at the construction stage are equal to those used for mortgages on completed housing, and those, in turn, are calibrated based on default statistics;

— when calculating macroprudential premiums, a single multiplicative approach will be applied both for banks using approaches to risk assessment based on internal ratings and for other banks;

— further important steps have been taken to address the problem of credit concentration: firstly, under repo transactions the risk will be considered to be on the issuer of securities accepted as collateral if the borrower's rating is below "AA"; secondly, banks will be able to transfer the concentration risk from the borrower to a reliable guarantor/surety/issuer of securities accepted as collateral.

The changes will help to more accurately assess risks, will help to level the playing field for competition, and will also support balanced growth in lending to the economy.

To make it easier for banks to adapt to the new regulations, some of the innovations will only apply to new loans, that is, those issued after August 18, 2025.

Preview photo: focal point / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

The income level has been specified as an independent criterion for obtaining the status of a qualified investor: it must be at least 12 million rubles per year over the past 2 years. In combination with other criteria – complicated testing, education or an academic degree – the requirement is reduced to 6 million rubles. Income from the sale of real estate will not be taken into account. Such parameters are defined inindication Bank of Russia, which was registered by the Ministry of Justice.

According to the educational criterion, instead of the current requirement for higher economic education, a list of specialties and areas of training is established, including in combination with the income or property criterion. Thus, a person can become a qualified investor if he received an education in the specialty "Accounting, Analysis and Audit" or "Taxes and Taxation" and his average annual income is 6 million rubles. International certificates, which are already used as requirements for investment advisers, have been added to the list of certificates taken into account when recognizing an investor as qualified.

The parameters of the property criterion have not changed: now the minimum amount of assets that a person must own is 12 million rubles, and from January 1, 2026, it will increase to 24 million rubles. But in combination with other criteria, the requirements will be 2 times less – 6 million and 12 million rubles, respectively.

The regulation will come into force on July 28, 2025.

Preview photo: Vitalii Vodolazskyi / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

In May and June, growth in production and consumption became more moderate. However, the situation was uneven across industries and regions.

More restrained dynamics of demand in the housing market reduced the launch of new projects in many regions of the country, furniture production in Central Russia and the Volga region decreased. At the same time, cargo turnover of the ports of the Far East increased again, the output of meat and dairy enterprises in the Urals and the North-West remained at a high level. In Siberia, after 2 years of growth, the volumes of paper and paper products production stabilized, including due to difficulties with export.

Special topics of this issue are the dynamics of import deliveries and stocks, the situation on the labor market, and the passenger car market.

Read more in the July report "Regional Economy: State University Comments".

Preview photo: Donat Sorokin / TASS

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

The Bank of Russia has developed Code of Responsible Investment for banks, insurers, management companies, NPFs and other institutional investors who place funds in equity instruments. The regulator suggests that they adhere to a number of principles that will increase the return on investment not only through effective management of the securities portfolio, but also through active interaction with issuers.

Institutional investors are currently little involved in the corporate governance of joint-stock companies. The Code requires them to be more actively involved in the life of issuers in order to improve the long-term prospects of companies – primarily to help increase their shareholder value. When investing, "institutionalists" should pay attention primarily to companies that have adopted strategy to increase shareholder valueIf such a document does not exist, investors can exercise their corporate rights and encourage the issuer to develop it.

Those who adhere to the Code are required to publicly report annually on their compliance with these principles.

Compliance with the principles of the Code will contribute to the development of the equity capital market and increase the capitalization of the Russian stock market.

Preview photo: Sirtravelalot / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

In June, the monthly growth of seasonally adjusted consumer prices slowed down, and in annual terms it was close to the inflation target. Inflation expectations of enterprises and the population decreased, and the growth of enterprise costs slowed. At the same time, price dynamics remain uneven across segments, and fixing inflation at the target level requires additional confirmation. A sustainable reduction in inflation to 4% and its stabilization at this level require maintaining tight monetary conditions for a long time.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

The largest banks will have to be the first to provide their clients with the opportunity to use digital rubles: open accounts, make transfers, pay for purchases and services, and perform other transactions. Gradually, by September 2028, all banks will have this obligation. The corresponding law The State Duma adopted it today.

Trading companies that are clients of the largest banks and whose revenue for the past year exceeds 120 million rubles will also have to provide the ability to pay for goods and services in a digital form of the national currency from September 1, 2026.

Banks with a universal license and their clients — trading companies with annual revenue of over 30 million rubles — will have to start working with digital rubles from September 1, 2027. Other banks and sellers with revenue of less than 30 million rubles per year — from September 1, 2028. The obligation to accept payments in digital rubles will not apply to retail outlets whose annual revenue is less than 5 million rubles.

The law also sets the launch dates for a universal QR code based on the National Payment Card System (NSPK) solution. It will allow both buyers and sellers to significantly simplify the payment process without cards and avoid confusion when there are many QR codes at the checkout. The universal QR code can be used to access various payment options: the Fast Payment System, banking services or installment plans, and in the future, digital rubles. At the same time, the bonuses and discounts of the selected payment method are retained.

All banks must complete the preparation of their systems to work with the universal QR code by September 1, 2026. However, they can do it earlier if they wish.

NSPK will provide banks with a free universal QR code service. This will reduce their integration costs. The timeframes within which banks will be required to connect the universal QR code to sellers will be determined by the Board of Directors of the Bank of Russia.

Let us recall that digital rubles will be in circulation along with cash and non-cash. People will be able to create a wallet and use the digital national currency through the usual applications of banks connected to the digital ruble platform of the Bank of Russia. All transactions with the digital national currency for citizens will be free. The choice of whether to use digital rubles or not remains with the person.

Read more about the digital ruble on the website Bank of Russia.

Preview photo: Hamara / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

A system of guaranteeing property on individual investment accounts (IIA) of the third type will appear in Russia. It will be possible to count on compensation for assets in the event of bankruptcy of the professional participant who was engaged in maintaining the account. Such law adopted by the State Duma.

The compensation fund will be formed from voluntary contributions of professional participants who work with IIS and have joined the guarantee system. The operator of the system will be the currently operating Federal Public-State Fund for the Protection of the Rights of Investors and Shareholders, which will be renamed the Individual Investment Account Guarantee Fund. It will determine the amount of contributions and will be responsible for payments.

An affected investor may apply to this fund if he/she has not received his/her assets in full within 6 months after the professional participant has been declared bankrupt and bankruptcy proceedings have begun. The maximum compensation amount is 1.4 million rubles for all accounts opened with the bankrupt.

The law defines the specifics of participation in the guarantee system, the procedure for the formation of the compensation fund and the investment of its funds, and also establishes requirements for the structure and powers of the governing bodies of the system operator.

Preview photo: Cholpan / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.