Category: Economics

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Financial news: In most regions, prices grew more slowly in November than in October.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

In 53 of 85 regions, price growth slowed in November, and in four more it remained at the October level.

In most regions, prices for vegetables, fruits, and eggs increased less than in October, and sugar prices continued to decline. Non-food prices generally rose moderately, held in check by lower gasoline prices, which had risen sharply in previous months. Services increased in November. The most significant increases were for health resorts and passenger transportation: people tend to pay for travel and accommodations in advance, so the November figures already included the seasonal price increases before the New Year holidays.

Annual inflation slowed in 80 regions in November. The Bank of Russia will maintain high interest rates in the economy to ensure a confident return of inflation to 4%.

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.

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The government approved the Concept for the Scientific and Technological Development of the Russian Transport Complex through 2035.

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – Government of the Russian Federation –

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Document

Order No. 3871-r of December 19, 2025

By 2035, Russia must establish at least nine scientific and technological competence centers, as well as up to 50 laboratories, aimed at developing new types of transportation equipment, as well as new materials and technologies for transport construction. This is one of the objectives of the Concept for the Scientific and Technological Development of the Russian Transport Complex through 2035. Prime Minister Mikhail Mishustin signed the order approving this strategic planning document.

The new centers' areas of focus include the development of high-speed rail, autonomous (unmanned) vehicles, electric vehicles and charging infrastructure, hydrogen-fueled transport, as well as the development of the Trans-Arctic Transport Corridor and transport logistics technologies.

A research institute for transport will coordinate scientific research and experimental development for the transport sector, including through new competence centers. It will be established within the Russian University of Transport.

The new competence centers and laboratories are expected to increase applied scientific research, which in turn will lead to the launch of new start-ups in the transportation sector.

The same goal is pursued by the creation of youth technology entrepreneurship centers (business incubators) at industry universities and the launch of a grant program for student startup developers.

Comment

From Mikhail Mishustin's opening remarks at the operational meeting with deputy prime ministers, December 22, 2025

Commenting on the adopted documentmeeting with deputy prime ministers on December 22Mikhail Mishustin noted that one of the main goals is to transition to a centralized model for managing industry-specific scientific research, so that scientists can focus on solving the most complex technological problems.

"This will accelerate the development of promising markets, facilitate the development of competitive services based on innovative engineering principles, and ensure an improvement in the quality of life for our citizens," the Prime Minister emphasized.

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.

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Financial news: Agreement with the regulator – an opportunity to preserve business reputation.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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The Bank of Russia for 2 years concluded 22 agreements with violators of the law on market manipulation and insider trading, against whom administrative cases have already been initiated.

The agreement mechanism has been in effect since 2024. Its essence lies in the investor agreeing to assist the investigation and paying a specified sum into the state budget. In exchange, their case is closed, their business reputation is preserved, and they can continue operating in the financial market. Since then, 17 investors and five companies have agreed to enter into agreements with the regulator, while two other requests have been denied.

When making its decision, the Bank of Russia evaluates the severity of the offense, the willingness of the perpetrator to disclose the reasons and circumstances of transactions with signs of manipulation and insider trading, and to disclose information about accomplices or other related illegal transactions. If approved, the party to the transaction is obligated to pay monetary compensation, the amount of which must be no less than the amount of the profit received. On average, each individual investor paid approximately 200,000 rubles, and each company paid 6.5 million rubles.

Any failure to comply with the agreement is grounds for reopening the case. The party then loses the right to enter into a new agreement.

This mechanism allows for faster and more cost-effective investigations into administrative cases of manipulation and insider trading, and also prevents unfair market behavior.

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Financial news: The microfinance market continues to cool: Q3 results.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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The volume of loans provided by microfinance organizations in the third quarter decreased by 5% compared to the previous period and amounted to 506 billion rubles.

This is the second quarterly decline this year. However, while the first quarter's decline was due to a seasonal decline in the business finance sector, this time the volume of consumer microloans has also declined.

The cooling is also being driven by macroprudential limits aimed at limiting household indebtedness. However, the quality of microloan portfolios has deteriorated slightly as previously issued unsecured loans mature. The share of debt overdue for 90 days or more has risen to 31%—the highest level seen in 2025.

At the same time, the risk of an increase in overdue debt will subside against the backdrop of a gradual tightening of the issuance of the most expensive microfinance loans. This is envisaged new law.

Read more in"Review of Key Performance Indicators of Microfinance Institutions for the Third Quarter of 2025".

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Dmitry Patrushev and Kostroma Region Governor Sergei Sitnikov discussed the development of the region's agro-industrial complex and its environmental protection.

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – Government of the Russian Federation –

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Deputy Prime Minister Dmitry Patrushev held a working meeting with Kostroma Region Governor Sergei Sitnikov. The main topics discussed were the development of the region's agro-industrial complex and environmental protection.

In 2025, the federal budget allocated to support the Kostroma Region's agro-industrial complex more than doubled, reaching approximately 450 million rubles. Systematic state support for the industry allows the region to steadily increase agricultural production. Furthermore, measures to bring agricultural land into production are aimed at this goal, which was also discussed at the meeting. Dmitry Patrushev noted the importance of providing farmers with the necessary material and technical resources and emphasized the need for timely delivery of state support funds to final recipients.

Sergey Sitnikov reported positive growth in vegetable and potato growing, as well as poultry farming. Furthermore, the Kostroma Region is a traditional cheese center in Russia. Seven large cheese factories operate in the region, producing over 60 types of cheese. Over the past 10 years, production volumes of this product, both nationally and in the Kostroma Region, have increased exponentially.

The Deputy Prime Minister and the regional governor also discussed environmental issues and waste management. As part of the national project "Environmental Well-Being," the Kostroma Region is participating in two federal projects—"Circular Economy" and "Forest Preservation." Plans are currently being developed to build new waste management facilities for the regional capital and the surrounding areas, where the majority of the region's population resides. Furthermore, by 2030, the region plans to acquire forest firefighting and forestry equipment, expand the area under reforestation, and establish and develop forest seed production facilities.

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.

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Financial news: Depository accounting: new regulations.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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The Bank of Russia plans to adjust the rules for depository accounting of foreign securities and the rights of foreign investors to Russian securities. Main vectors of change The regulator determined this following public discussions report.

Foreign securities will retain direct access to the Russian accounting infrastructure. The Bank of Russia has decided not to limit the presence of foreign assets to the issuance of Russian depositary receipts. At the same time, the Bank of Russia intends to simplify the issuance procedure.

Depositories will be required to inform their clients of the risks associated with foreign jurisdictions, including possible restrictions or blocking. It is planned to define a list of circumstances under which domestic depository institutions will be exempt from liability to depositors—for example, in the event of sanctions imposed by foreign governments or the nationalization of foreign companies.

Regarding the recognition of foreign investors' rights to Russian securities, conditions will be created for opening segregated accounts. In this case, the owner of Russian assets will be able to freely dispose of them and transfer them to a separate account without the consent of their foreign intermediary.

At the same time, depositories will retain their obligation to disclose all owners recorded in an aggregated account (if required by law or agreement). If a foreign intermediary refuses to disclose information about its investors, the exercise of rights to securities in depository accounts may be restricted.

All these provisions, aimed at strengthening investor protection, will form the basis of the concept of regulatory changes.

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Marat Khusnullin: More than 6 million trips have been made by motorists using the Malye Vyazmy bypass on the Central Ring Road in the year since its opening.

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

In the Moscow Region, over the past year since the opening of the Malye Vyazyomy bypass on the Central Ring Road on December 22, 2024, drivers have used the new road over 6 million times, according to Deputy Prime Minister Marat Khusnullin.

"The Central Ring Road is the backbone of Russia's highway network and part of international transport corridors. Therefore, the new bypass around the village of Malye Vyazemy, which the President opened a year ago, has become a driver of development not only for the Moscow Region but for the entire central region. This has ensured efficient transport links between Moscow Region towns and strengthened interregional ties. We see that this bypass is in high demand among drivers: in the first year since its opening, drivers made over 6 million trips. The new road has significantly improved traffic conditions in Odintsovo, Zvenigorod, Golitsyno, Istra, and Kubinka, reducing travel time from Zvenigorod to Odintsovo city center and to Vnukovo Airport. Furthermore, the opening of the bypass has relieved the traffic congestion in Malye Vyazemy, which is crucial for the comfort of local residents," said Marat Khusnullin.

The Deputy Prime Minister added that the new road has a positive impact on freight traffic. On average, approximately 3,700 trucks travel along the section daily. Furthermore, the bypass eliminated the road's at-grade intersection with the Smolensk-bound railway tracks, where trains run at intervals of two to three minutes, or a maximum of five minutes, during peak hours. This created significant problems for drivers, especially during the summer season. Now, drivers no longer have to waste time waiting for trains to pass.

Vyacheslav Petushenko, head of the state-owned company Avtodor, noted that the opening of the Malye Vyazmy bypass was one of the most anticipated events for millions of residents of the Moscow region.

"It's important to note that the commissioning of this seemingly small section was of enormous significance for the region. The Malye Vyazmy bypass on the Central Ring Road immediately became a popular choice for drivers, averaging over 16,500 trips per day. Notably, peak traffic during the first year since its opening was most often observed on Fridays. For example, traffic peaked on Friday, September 26, 2025, when drivers made approximately 27,500 trips on the new section in one day," said Vyacheslav Petushenko.

The bypass around the village of Malye Vyazyomy has four lanes—two in each direction. Electric lighting has been installed to ensure safe passage at night. Five artificial structures have also been constructed, including three interchanges—at the intersection with Petrovskoye Highway, Yamskaya Street, and near the Golitsyn Poultry Farm—as well as a bridge over the Bolshaya Vyazemka River and a tunnel. For the comfort of Malye Vyazyomy residents, 29,000 square meters of noise barriers have been installed.

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.

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Financial news: VIM Investments funds are now available on the Finuslugi marketplace.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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On December 22, 2025, shares of four open-end mutual investment funds (OUIFs) of the management company VIM Investments became available to clients of the Finuslugi marketplace.

New funds offer marketplace users the opportunity to invest in shares of Russian public companies, government bonds, and corporate bonds:

"VIM – Balanced. Russian Issuers" is aimed at investors seeking income from investing in stocks and bonds of major Russian issuers. "VIM – Bonds. Russian Issuers" – the fund's assets are invested in government, sub-federal, and corporate bonds. "VIM – Shares. Russian Issuers" – the fund's assets are invested in fundamentally undervalued Russian stocks, with a focus on blue chips—the largest and most financially stable companies with high market liquidity. "VIM – Oil and Gas Sector" – invests in ordinary and preferred shares of leading Russian oil and gas companies.

Finuslugi clients now have access to 44 mutual funds from eight management companies.

Gleb Yuchenkov, Director of Investment Products at Finuslugi marketplace:

"Today, four new mutual funds from one of the market's largest management companies, VIM Investments, became available on Finuslugi. For investors, the collective instruments market offers access to professional asset management, the opportunity to diversify risks, and save time on analyzing and purchasing securities. Investors can compare dozens of different mutual funds, investing in them without opening a brokerage account—directly through their Finuslugi personal account. The addition of major management companies to Finuslugi demonstrates the marketplace's popularity not only among investors but also among market participants, who can reach a new audience."

Vladimir Kirillov, Executive Director of VIM Investments:

"Connecting to the Finuslugi marketplace is an important step in making our investment products more accessible to a wider range of investors. Now, through a convenient digital service, anyone can purchase shares in our eight mutual funds, focused on a variety of strategies—from conservative bonds to oil and gas stocks. This will simplify the investing process and help Russians manage their savings more effectively."

The minimum investment amount in VIM Investments funds on the marketplace is 100 rubles. Finuslugi does not charge a commission for transactions with shares listed on the platform. To start investing and purchase shares online on the marketplace, simply identify yourself through Gosuslugi.

Finuslugi is a money marketplace created by the Moscow Exchange. On Finuslugi, you can open bank deposits, take out cash loans, purchase mutual fund shares, public bonds of Russian regions, as well as compulsory motor insurance (OSAGO), comprehensive motor insurance (CASCO), mortgage insurance, property insurance, and other products. You can top up your Finuslugi account commission-free, 24/7, using the Faster Payment System (FPS).

Contact information for media: 7 (495) 363-3232PR@moex.com

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Alexander Novak launched new energy facilities in the country's regions.

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – Government of the Russian Federation –

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On Energy Workers' Day, Deputy Prime Minister Alexander Novak launched new power facilities in four regions of the country: the Granit substation in the Republic of Karelia, the Veduchi substation in the Chechen Republic, the Polymetal substation in Khabarovsk Krai, the Central Distribution Substation in Krasnoyarsk Krai, and the second power unit of Krasnoyarsk Thermal Power Plant No. 3.

These facilities are involved in addressing key regional development challenges, including providing energy and heat to homes and social institutions, developing mineral deposits, achieving industrial growth, and realizing tourism potential. They are built using domestic technological solutions and demonstrate successful efforts to substituting imports and strengthening technological leadership, which is a government priority.

"Today, technologically complex facilities built using state-of-the-art Russian equipment were commissioned. These launches confirm that, despite all the challenges facing our country, the energy sector continues to develop and address the objectives set by the President to improve the reliability of power supply and connect new consumers. I wish all industry workers success and congratulate you on your professional holiday," said Alexander Novak.

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Marat Khusnullin: More than 52 million trips were made by motorists on the M-12 "Vostok" highway in two years.

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

Marat Khusnullin: More than 52 million trips were made by motorists on the M-12 "Vostok" highway in two years.

On December 21, 2023, Russian President Vladimir Putin opened the M-12 "Vostok" expressway from Moscow to Kazan. Since its opening, more than 52 million vehicle trips have been recorded on this section, according to Deputy Prime Minister Marat Khusnullin.

"The construction of the M-12 Vostok highway has become one of the most ambitious projects of our time. Thanks to the new expressway, travel time for motorists has been cut almost in half. The commissioned sections of the highway have had a multiplier effect not only on the regions they pass through, but also on the economy of the entire country. The road is in demand among motorists: in just two years since the launch of traffic from Moscow to Kazan, more than 52 million trips have been recorded. Thanks to the highway, new logistics routes are being formed. Thus, since the launch of traffic on the M-12 Vostok, more than 150 million tons of cargo have been transported. Moreover, the M-12 Vostok contributes to the active development of domestic tourism, and statistics for the regions located along the highway confirm this. A significant increase in hotel room occupancy is shown in the Moscow, Vladimir, and Nizhny Novgorod regions, as well as the Republic of Tatarstan and the Chuvash Republic – from 30 to 100%. Moreover, in these regions, the road has also given impetus to housing development construction, expansion of their urban development potential,” said Marat Khusnullin.

The highway's development continues. In July 2025, the President of Russia opened a new section of the M-12 highway from the town of Dyurtyuli to the village of Achit, extending the route to Yekaterinburg. Today, a high-speed, traffic-light-free route from St. Petersburg to Yekaterinburg is available, covering the distance in 22 hours—almost twice as fast as before. This is part of the "Rossiya" transport route from St. Petersburg to Vladivostok.

Roadside services are also actively developing on the M-12 "Vostok" highway. Currently, 24 multifunctional road service zones (MFSZs) operate between Moscow and Kazan. They provide all necessary services for drivers and passengers on short and long-distance trips. Furthermore, this year, the first hotel on this highway was opened within the MFSZ at kilometer 421 near Arzamas in the Nizhny Novgorod region.

According to Vyacheslav Petushenko, head of the state-owned company Avtodor, traffic intensity during peak periods is almost three times higher than the annual average.

"On sections of the M-12 Vostok near Moscow, the average traffic volume is around 40,000 vehicles per day, and during peak periods, it's around 66,000. Moreover, on almost every transit section, this figure is even higher in August and on holidays. For example, if the average traffic volume in the Arzamas area is around 10,000 vehicles, then during peak periods it's around 30,000 vehicles. Overall, the demand for the M-12 Vostok highway is growing along with its development. Sections of the M-12 Vostok located beyond Arzamas have shown significant growth—more than 40% compared to last year. This is due, among other things, to the opening in July of this year of the new Dyurtyuli-Achit section of the M-12, which connects the Republic of Bashkortostan, Perm Krai, and Sverdlovsk Oblast. This trend shows that long-distance trips are becoming popular among drivers, and transit traffic is becoming more and more popular. “more intense,” Vyacheslav Petushenko emphasized.

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.