Alexander Novak summarized the preliminary results of the federal project "Labor Productivity" in 2025.

Translation. Region: Russian Federation –

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

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Deputy Prime Minister Alexander Novak assessed the results of the first year of the "Labor Productivity" federal project. It is part of the "Efficient and Competitive Economy" national project and aims to improve the efficiency of both business and the social sector.

"Over a thousand companies have joined the federal productivity project in 2025. More than 21,000 employees have been trained in productivity-enhancing tools. The implementation of lean manufacturing principles helps businesses restructure logistics, optimize equipment utilization, and reduce downtime. Experts from the federal competence center and the network of regional centers provide support. This year, they expanded to the DPR and Kurgan Oblast, covering 62 regions. By 2030, RCCs will be established in four more regions of the country," noted Alexander Novak.

At the President's direction, the federal project is intended to cover 40% of medium and large enterprises in key non-resource sectors of the economy and all state and municipal social sector organizations. To this end, 15 out-of-the-box solutions and over 100 best practices for increasing labor productivity have been developed for cultural and leisure organizations, sports organizations, public libraries, social services organizations, and general and higher education institutions. Projects to improve labor productivity have already been completed in 3,600 social sector institutions.

To systematically improve labor productivity, industry competence centers and specialized programs are being established within ministries.

"Eight such OCCs have been established in the real sector of the economy, and six in the social sector. Sixteen sectoral programs have been developed. These programs are designed to identify productivity priorities, generate demand for lean manufacturing tools, develop proposals for removing administrative barriers, and adjust support measures to stimulate productivity growth. They are currently being finalized to create version 2.0," said Economic Development Minister Maxim Reshetnikov.

The federal project "Labor Productivity" is a continuation of the national project of the same name, which ran from 2018 to 2024. During this time, more than 6,000 enterprises received support from the federal competence center and the network of regional centers and increased their profits by 484 billion rubles. To participate in the project, enterprises in non-resource industries simply submit an application on the "Productivity.rf" platform.

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Financial news: On the registration of an additional issue of exchange bonds.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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In accordance with the Listing Rules of Moscow Exchange PJSC, in connection with the receipt of the application, the Chairman of the Management Board made the following decisions on December 16, 2025:

1.

Register an additional issue of exchange bonds; assign a registration number to the additional issue in relation to the following securities:

Name of the Issuer Joint Stock Company "First Freight Company"
Name of the security Exchange-traded interest-bearing non-convertible uncertificated bonds series 003P-02 (additional issue No. 1)
Registration number of the additional issue 4B02-02-55521-E-003P dated 12/16/2025

2.

Register an additional issue of exchange bonds; assign a registration number to the additional issue in relation to the following securities:

Name of the Issuer Joint Stock Company "First Freight Company"
Name of the security Exchange-traded interest-bearing non-convertible uncertificated bonds series 003P-03 (additional issue No. 1)
Registration number of the additional issue 4B02-03-55521-E-003P dated 12/16/2025

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Financial news: 12/16/2025, 6:25 PM (Moscow time) the values of the upper limit of the price corridor and the range for assessing market risks for the SU26231RMFS9 security (OFZ 26231) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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December 16, 2025

18:25

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the National Credit Center (JSC) on 16.12.2025, 18-25 (Moscow time), the values of the upper limit of the price corridor (up to 15.6) and the range of market risk assessment (up to 181.14 rubles, equivalent to a rate of 50.0%) of the security SU26231RMFS9 (OFZ 26231) were changed.

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Financial news: On December 17, 2025, the Federal Treasury will hold a deposit auction of 22,025,437.

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Source: Moscow Exchange – Moscow Exchange –

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Application selection parameters;

Application selection date is 12/17/2025. Unique application selection identifier is 22,025,437. Deposit currency is rubles. Type of funds is the Unified Treasury Account. The maximum amount of funds placed on bank deposits, in monetary units is 648,000,000,000. Placement period, in days is 2. Date of depositing funds is 12/17/2025. Date of return of funds is 12/19/2025. Interest rate for placing funds (fixed or floating) is FIXED. Minimum fixed interest rate for placing funds, % per annum is 15.76. Basic floating interest rate for placing funds is the Minimum spread, % per annum. Terms and conditions of concluding a bank deposit agreement (term, replenishable or special) is Term. The minimum amount of funds placed for one application, in monetary units, is 1,000,000,000. The maximum number of applications from one credit institution, pcs. 2. Application selection form (Open with random completion, Closed, Open with extension). Open with random completion. Application selection schedule (Moscow time). Venue for application selection: Moscow Exchange. Applications will be accepted from 10:00 to 10:10. Applications in preliminary mode from 10:00 to 10:05. Applications in competition mode from 10:05 to 10:10. Random trading end period (sec.): 120 Bid increment:

Time step (sec.):

Extension period end time:

Formation of a consolidated register of applications from 10:30 to 11:00. Setting the cutoff interest rate and (or) recognizing the selection of applications as unsuccessful from 10:30 to 11:10. Sending an offer to credit institutions to conclude a bank deposit agreement from 11:10 to 11:30. Receipt of acceptance of the offer to conclude a bank deposit agreement from credit institutions from 11:10 to 11:30. The time of deposit transfer in accordance with the requirements of paragraphs 63 and 64 of the Order of the Federal Treasury dated April 27, 2023 No. 10n.

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Financial news: On holding auctions on December 17, 2025, to place OFZ issues No. 26251RMFS and No. 26253RMFS.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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For bidders

We inform you that, based on a letter from the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Trading on the Stock Market, Deposit Market, and Loan Market of Moscow Exchange PJSC, the order establishes the form, time, duration, and procedure for holding auctions for the placement and trading of the following federal loan bonds:

1.

Name of the Issuer Ministry of Finance of the Russian Federation
Name of the security federal loan bonds with constant coupon income
State registration number of the issue 26251RMFS from August 19, 2025
Date of the auction December 17, 2025
Information about the placement (Trading mode, placement form) The placement of Bonds will be carried out in the “Placement: Auction” trading mode by holding an Auction to determine the placement price.BoardId: PACT (Settlement: Ruble)
Trade code SU26251RMFS7
ISIN code RU000A10CKT3
Settlement code B01
Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

2.

Name of the Issuer Ministry of Finance of the Russian Federation
Name of the security federal loan bonds with constant coupon income
State registration number of the issue 26253RMFS from October 17, 2025
Date of the auction December 17, 2025
Information about the placement (Trading mode, placement form) The placement of Bonds will be carried out in the “Placement: Auction” trading mode by holding an Auction to determine the placement price.BoardId: PACT (Settlement: Ruble)
Trade code SU26253RMFS3
ISIN code RU000A10D517
Settlement code B01
Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time Trading hours: bid collection period: 12:00–12:30; bid execution period: 13:00–18:00.

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Financial news: 12/16/2025, 15-27 (Moscow time) the values of the upper limit of the price corridor and the range for assessing market risks for the security RU000A109DY9 (Rosnft4P2) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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December 16, 2025

15:27

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the National Credit Center (JSC) on 16.12.2025, 15-27 (Moscow time), the values of the upper limit of the price corridor (up to 107.79) and the range of market risk assessment (up to 12915.97 rubles, equivalent to a rate of 12.5%) of the security RU000A109DY9 (Rosnft4P2) were changed.

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Denis Manturov spoke about technological leadership at the National Center "Russia".

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

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Denis Manturov spoke at a session dedicated to the national goal of "Technological Leadership" as part of a series of thematic meetings "Platform of the Future: 100 Russian Projects."

First Deputy Prime Minister Denis Manturov visited the National Center "Russia" and spoke at a session dedicated to the national goal "Technological Leadership" as part of a series of thematic meetings "Platform of the Future: 100 Russian Projects."

"I am pleased to welcome you to this wonderful platform, which today is dedicated to discussing the most important goal of national development. The Presidential Decree defines it as 'technological leadership.' I hope that my colleagues will be able to develop this concept through specific projects and provide a concrete understanding of how Russia will achieve superiority in global markets," Denis Manturov addressed the guests and participants.

He emphasized that achieving this ambitious goal is focused on nine national projects designed to strengthen more than 15 industries and initiate a profound transformation of key economic sectors. This particularly concerns the transportation sector, for which a line of new, all-Russian civilian aircraft is being developed within an extremely short timeframe.

"In turn, the shipbuilding industry is working to modernize the watercraft fleet. Today, we are the undisputed leader in the nuclear icebreaker segment, have expanded our position in electric passenger ships, have successfully entered the cruise liner niche, and are among the first to introduce autonomous navigation technologies," continued the First Deputy Prime Minister.

Denis Manturov noted that the trend toward autonomy is also relevant for railways, but the main breakthrough will be the creation of an electric train capable of traveling at speeds of up to 400 km/h by 2028. He also called the chemical complex, where hundreds of technologies have been implemented, equally important.

"The national project aims to ensure domestic production of over 700 critically important chemical products. This will close the production chain, eliminating reliance on imported substances. Composites are also a focus. The industry is focusing on materials that combine carbon fibers with polymers, ceramics, and metals," he said.

According to Denis Manturov, the industry has already proven its adaptability by solving the carbon fiber problem for the MS-21, and today domestic composites are used in aircraft and helicopter manufacturing, shipbuilding, and medicine.

"A separate set of tasks is related to energy, including the nuclear sector and the localization of equipment for LNG and renewable energy sources, and the Government is paying special attention to technologies for food security and the development of the bioeconomy. The world already understands that biocompetence can transform virtually any industry. We are successfully integrating into this global trend, which will allow us to claim a leading position in the future. Thus, today, technologies and breakthroughs in one area are becoming a catalyst for change in dozens of others," he noted.

Denis Manturov focused on the space industry, where the challenge is to increase satellite production and reduce launch costs by developing new launch vehicles. Furthermore, projects to build a Russian orbital station and a lunar station powered by nuclear power were highlighted.

"The time when engineering and creative thought were relegated to a secondary role is, fortunately, gone forever. Therefore, I hope that the platform for the future being laid today will provide fertile ground for the realization of your boldest, most audacious ideas," the First Deputy Prime Minister concluded.

A series of thematic programs, "Platform of the Future: 100 Russian Projects," is being held at the National Center "Russia." They are dedicated to the national development goals outlined in Presidential Decree No. 309.

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Financial news: Microfinance organizations will be prohibited from issuing new loans to individuals until the previous one is repaid.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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The restriction will apply to the most expensive consumer loans, where the total cost exceeds 100% per annum. A three-day cooling-off period will be imposed between the repayment of one expensive loan and the issuance of the next.

Such norms are prescribed in the law, adopted by the State Duma. It provides for serious restrictions on microfinance organizations (MFOs) and radical reform of the industry. These innovations will curb unscrupulous practices that literally lure people into debt bondage.

"About 70% of the most expensive microfinance institution loans are reissued as new ones, more than half with larger amounts. This indicates a serious problem for citizens. People fall into a debt spiral, their debt snowballing. The new law puts an end to such practices. It will allow citizens to pay off their microfinance institution debts, stopping them from accumulating. Importantly, the ban will not apply to loans with interest rates up to 100% per annum. This will preserve financial accessibility: people will still have the opportunity to quickly obtain a loan for urgent needs without accumulating problems," noted Ilya Kochetkov, Director of the Non-Bank Lending Department.

Furthermore, the law has reduced the loan overpayment limit from 130% to 100% of the loan amount. This means that if you receive a loan of 10,000 rubles, you will have to repay no more than 20,000 rubles, including the principal, interest, fees, and penalties.

Microfinance organizations will also be able to issue POS loans for purchases in stores and on marketplaces, with funds being directly transferred to the merchant's account. This will provide additional options for individuals when choosing a lender and support a healthy, customer-focused market.

Preview photo: Irina Mikhailichenko / Shutterstock / Fotodom

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The government approved the program "Preservation of Cultural Heritage Sites of the Peoples of the Russian Federation" for the period 2025–2045.

Translation. Region: Russian Federation –

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

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Document

Order No. 3773-r of December 12, 2025

At the President's direction, the Government has developed a program for the preservation of cultural heritage sites of the peoples of Russia, covering the period 2025–2045, and an action plan for its implementation. Prime Minister Mikhail Mishustin signed the order approving this document.

The main goal of the new program is to preserve the country's cultural and historical heritage for current and future generations. Its implementation will increase the number of restored historical and cultural monuments and integrate them into economic use.

To achieve this goal, the program includes specific mechanisms. These include subsidies to regions and non-profit organizations for cultural heritage preservation activities, as well as subsidized loans to entrepreneurs for the restoration of such sites. It is expected that at least 1,000 historic buildings will be restored by 2030 using this subsidized instrument, and at least 800 more by 2045. Investors will be able to become property owners, provided they comply with cultural heritage preservation obligations.

The program also includes an inventory of cultural heritage sites included in the state register and in need of restoration. These sites will then be prioritized for economic development, allowing for a precise determination of the funding, resources, and time required to restore them to their proper condition.

Comment

From Mikhail Mishustin's opening remarks at the 2025 Government Culture Awards ceremony

Furthermore, it is planned to improve legislation in the area of preserving cultural heritage sites, specifically by eliminating excessive requirements for work, reducing the timeframe for reviewing and approving project documentation and conducting state historical and cultural assessments, creating conditions for the development of human resources, including for the preservation of the Russian school of restoration, and completing work on approving territorial boundaries, protected areas, and urban planning regulations in settlements designated as historic settlements. Furthermore, the development of historic settlements and key settlements should be synchronized with the implementation of the national project "Tourism and Hospitality."

As a result of the program's implementation, the share of restored cultural heritage sites included in the unified register of historical and cultural monuments will increase to 90% by 2045.

Mikhail Mishustin announced the approval of the program for the preservation of cultural heritage sites and its main objectives on December 16Government awards ceremony in the field of culture.

"We expect cultural figures to play an active role in fulfilling these tasks. Your dedication and professionalism are absolutely indispensable here," the Prime Minister emphasized.

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Financial news: Banks will face increased fines for violating consumer rights.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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Fines can amount to up to 1% of equity and no less than 1 million rubles. This high threshold is imposed on malicious violators of consumer rights—if the credit institution fails to comply with the Bank of Russia's order to correct the violation and continues to engage in unfair practices.

Law on increasing fines The State Duma adopted legislation today against banks for violating the rights of financial services consumers.

Thus, if a bank violates the law for the first time, the regulator will issue a recommendation to rectify it. If the violation is repeated, the credit institution will receive an order and pay a fine of up to 0.1% of its equity. However, if the order is not properly responded to, the fine may be increased to 1% of its equity.

"The Bank of Russia has repeatedly identified gross and systematic violations of consumer rights by certain market participants. It was easier for them to pay fines because they gained significantly more from unfair practices—their profits amounted to hundreds of millions of rubles. Therefore, we proposed an approach that would make violations economically unprofitable. We hope that the understanding that a violation will be followed by a significant penalty, exceeding the unfair gain, will deter the use of bad practices. This is precisely what the regulator strives for: we need not punishments, but the absence of violations of citizens' rights," noted Mikhail Mamuta, Head of the Service for Consumer Protection and Financial Inclusion.

The regulator will decide on the fine amount based on the number of transactions in which consumer rights were violated, the extent of damage caused to them, and the bank's unfair profits. Increased penalties apply for the most toxic and unacceptable financial market practices, such as pushing additional services when issuing loans, unjustified denials of payment holidays, and others.

Preview photo: Toey Andante / Shutterstock / Fotodom

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