Financial news: On December 10, 2025, the Federal Treasury will hold a deposit auction of 22,025,422.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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Application selection parameters;

Application selection date is 10.12.2025. Unique application selection identifier is 22,025,422. 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 428,000,000,000. Placement period, in days is 2. Date of depositing funds is 10.12.2025. Date of return of funds is 12.12.2025. Interest rate for placing funds (fixed or floating) is FIXED. Minimum fixed interest rate for placing funds, % per annum is 15.76. Base 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.

Order selection form (Open with random completion, Closed, Open with extension). Open with random completion. Order selection schedule (Moscow time). Order selection venue: Moscow Exchange. Orders will be accepted from 10:00 to 10:10. Preliminary orders from 10:00 to 10:05. Competition orders from 10:05 to 10:10. Random trading completion period (sec.): 120 Bid increment:

Time step (sec.):

Extension period end time:

Formation of a consolidated register of applications from 10:50 to 11:20. Setting the cutoff interest rate and (or) recognizing the selection of applications as unsuccessful from 10:50 to 11:30. Sending an offer to credit institutions to conclude a bank deposit agreement from 11:30 to 11:50. Receipt of acceptance of the offer to conclude a bank deposit agreement from credit institutions from 11:30 to 11:50. 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: The Bank of Russia simplifies the accounting of isolated securities.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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Depositories until December 18, 2025 inclusive must transfer segregated securities to non-trading accounts: Russian shares, if they or depositary receipts for them were acquired after March 1, 2022, as well as Eurobonds and replacement bonds that were acquired after March 3, 2023.

The requirement for separate accounting of such securities was established by Decree No. 138 of the President of the Russian Federation dated March 3, 2023. This requirement can only be lifted after verification of documents and information confirming that there were no hostile investors in the ownership chain.

Now, only clean securities can be held in trading depository accounts and freely traded on the exchange, including through negotiated transactions. The Bank of Russia's decision also specifies the minimum set of documents that a depository (registrar) must receive from a client to discontinue separate accounting. When transferring securities to another depository (registrar), it is obligated to share all available information upon request. Now, each participant in the accounting infrastructure no longer needs to compile the entire set of documents on a security's ownership history—one participant only needs to do this once and then pass on the received information up the chain. This will reduce the burden on market participants and simplify the client experience.

A cooling-off period is also being introduced: it will be possible to terminate the separate accounting of securities or execute an order to transfer them to another depository (registrar) 6 business days after sending a notice to the Bank of Russia.

They will come into effect on January 12, 2026. new requirements Separate accounting: from now on, securities acquired on exchanges will no longer need to be segregated and their owners verified. As for over-the-counter transactions, the requirement to segregate securities remains. Depositories and registrars are required to submit daily reports on transactions with segregated securities to the Bank of Russia.

The regulator closely monitors market participants' compliance with the requirements of Decree No. 138 of the President of the Russian Federation. In the event of violations, the Bank of Russia will apply strict supervisory measures.

Preview photo: Tsyhun / Shutterstock / Fotodom

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Dmitry Patrushev met with the winners of the first grant competition of the Presidential Fund for Nature.

Translation. Region: Russian Federation –

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

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Deputy Prime Minister Dmitry Patrushev met with the winners of the Presidential Fund for Ecological and Environmental Projects grant competition. The meeting was attended by the first grant recipients in this area. They shared with the Deputy Prime Minister their achievements and the expected impact of their implementation.

"I am confident that your initiatives will make a significant contribution to the conservation of biodiversity and the development of our natural areas. The results of your projects will not only exemplify genuine care for nature but will also help foster a caring attitude toward its unique resources among citizens, especially the younger generation," said Dmitry Patrushev.

During the selection stage, more than 1,600 applications were received from all regions of Russia—an absolute record for the number of projects ever submitted to a competition of this type. Of these, 164 were supported. Implementation of most of the initiatives began on September 1 of this year.

The projects have diverse focuses. Participants are working on establishing Russia's first dolphin rehabilitation center, preserving the natural environment in the Arctic zone, identifying pollution and cleaning up coastal areas using remote sensing and artificial intelligence technologies, and creating conditions for the restoration of Przewalski's horse and European bison populations. Furthermore, as part of the initiatives discussed at the meeting, environmental infrastructure will be installed in a nature park in the Republic of Bashkortostan, and a series of educational events on the conservation of rare flora and fauna will be held in the Orenburg Region.

The grant recipients met with the Deputy Prime Minister and toured the exhibit at the 19th International Wildlife Festival "Golden Turtle," which was also one of the winning projects. Following the meeting, Dmitry Patrushev noted that, if necessary, the competition winners will receive methodological support from federal agencies. Furthermore, the Deputy Prime Minister proposed holding such events regularly to discuss initiatives and monitor project progress.

The second competition is currently being selected, and its results will be announced in February next year.

The Presidential Fund for Ecological and Nature Conservation Projects was registered on March 3, 2025. It was created in accordance with a decree of the President of Russia. The main grant areas include the protection of rare and endangered animal species and their habitats, biodiversity research and monitoring, information and educational projects to protect wild animals, unique and relict ecosystems, and Red Data Book plant species. The total grant fund annually receives 1 billion rubles from the federal budget.

First Deputy Chief of Staff of the Presidential Executive Office Sergei Kiriyenko has been appointed Chairman of the Coordination Committee for the Support of Environmental and Nature Conservation Projects. His deputies are Special Presidential Representative for Environmental Protection, Ecology, and Transport Sergei Ivanov and Deputy Prime Minister Dmitry Patrushev.

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Financial news: On holding auctions on December 10, 2025, to place OFZ issues No. 26252RMFS and No. 26254RMFS.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

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 26252RMFS from October 17, 2025
Date of the auction December 10, 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 SU26252RMFS5
ISIN code RU000A10D4Y2
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 26254RMFS from October 17, 2025
Date of the auction December 10, 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 SU26254RMFS1
ISIN code RU000A10D533
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.

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

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Denis Manturov spoke at a meeting of the Federation Council Committee on Economic Policy.

Translation. Region: Russian Federation –

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

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Denis Manturov spoke at a meeting of the Federation Council Committee on Economic Policy.

First Deputy Prime Minister Denis Manturov participated in a meeting of the Federation Council Committee on Economic Policy, chaired by Committee Chairman Andrei Kutepov.

The First Deputy Prime Minister emphasized the particular importance of constant attention to industrial development issues and noted the effective interaction between the Government and senators.

"For our core industries, achieving technological sovereignty and technological leadership is a strategic objective. This is the focus of a set of national projects, the implementation of which was discussed in detail yesterday at a meeting with the President. In addition to providing key economic and social sectors with essential products, the national projects define priorities for the entire industry. This involves technologically upgrading enterprises' fixed assets and training them to develop new, qualified personnel. The combination of these factors is a prerequisite for increasing labor productivity," said Denis Manturov.

Another emphasis was placed on the need to increase public and corporate investment in research and development. Developing the potential of small technology companies requires more active involvement of universities in the industrial agenda.

Furthermore, the First Deputy Prime Minister emphasized the priority of expanding public-private partnerships for the most capital-intensive industrial projects. This format is particularly in demand for large-scale initiatives to develop and deeply process mineral resources, and produce strategic materials and critical components.

"All of the outlined areas are key elements of Russia's state industrial policy. I particularly emphasize the fundamental role of our regions in its implementation. Over the past decade, the federal subjects have significantly strengthened their industrial infrastructure. This includes the creation and development of industrial and technology parks, the funding of regional industrial development funds, and the implementation of preferential regimes at our own level. We will certainly continue to monitor these issues, providing support to the federal subjects," said Denis Manturov.

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Dmitry Chernyshenko: Next year, funding for the state scientific and technological revolution program will amount to more than 1.6 trillion rubles.

Translation. Region: Russian Federation –

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

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Deputy Prime Minister Dmitry Chernyshenko welcomed participants of the general meeting of members of the Russian Academy of Sciences during the scientific session "The Russian Academy of Sciences in Addressing the Problems of Scientific and Technological Development of the Russian Federation."

The event was also attended by RAS President Gennady Krasnikov, Deputy Chairman of the Federation Council Konstantin Kosachev, First Deputy Chairman of the State Duma Alexander Zhukov, Aide to the President of Russia Andrei Fursenko, Minister of Science and Higher Education Valery Falkov, Minister of Education Sergei Kravtsov, Head of the Federal Medical and Biological Agency Veronika Skvortsova, Rector of Moscow State University Viktor Sadovnichy, and others. Approximately 1,200 people attended the general meeting.

Dmitry Chernyshenko emphasized that President Vladimir Putin has set a national goal: technological leadership for Russia.

"As the President stated yesterday at the National Projects Council, all levels of government, business, and academia are involved in achieving national development goals. The budget law for next year sets the state program for scientific and technological development at over 1.6 trillion rubles. Spending on applied science has increased by 25.9 billion rubles, while spending on fundamental science has increased by 37.5 billion rubles—a 12% increase compared to last year. The government will continue to support fundamental science as the foundation for achieving technological leadership," he said.

The Deputy Prime Minister personally thanked Gennady Krasnikov and the Academy's staff for improving the effectiveness of the fundamental research program. According to the Deputy Prime Minister, the Academy, as the intellectual center of Russian science, sets the basic guidelines for government procurement of fundamental research.

"The Russian Academy of Sciences' expert role is strengthening. This year alone, the RAS has prepared over 80,000 expert opinions. Its scope of activity has also expanded to include grant instruments thanks to cooperation with the Russian Science Foundation and the Russian Direct Investment Fund," added the Deputy Prime Minister.

He also emphasized the importance of the RAS now playing a more active role in personnel decisions and ensuring approval of candidates for the leadership of scientific organizations. Dmitry Chernyshenko noted the President's remarks at a meeting with participants of the 5th Congress of Young Scientists about the importance of enhancing the role of the scientific community in addressing Russia's strategic development objectives.

The Deputy Prime Minister expressed special gratitude to the Scientific and Technical Council (STC) of the Scientific and Technical Revolution Commission, headed by Gennady Krasnikov.

"It's important that the STC sections work closely with the relevant sections of the Russian Academy of Sciences. Thanks to this, not a single key government decision in science is made without the Academy's participation. This year alone, the STC reviewed over 300 documents. These included the project specifications for new national projects in space and bioeconomy, as well as materials related to the monitoring of already launched national technological leadership projects," he said.

The Deputy Prime Minister emphasized that this year marks a crucial date in the country's history—the 80th anniversary of the Great Victory. Scientists under the auspices of the Academy have always stood shoulder to shoulder during the country's most crucial periods. More than 1,500 Soviet scientists received government awards for their contribution to Victory in the Great Patriotic War.

"Our science continues to be a reliable support for the army today, during the special military operation," noted Dmitry Chernyshenko.

In conclusion, he wished all participants of the meeting, including the members of the Russian Academy of Sciences elected this year, active, fruitful work and success.

"Last year, we established an effective mechanism for the Russian Academy of Sciences to work with the Government Commission for Scientific and Technological Development of the Russian Federation, headed by Deputy Prime Minister Dmitry Nikolaevich Chernyshenko. This is the commission's scientific and technical council. We are currently working extensively to align the scientific and technological policies of the Russian Federation," said Gennady Krasnikov.

Education Minister Sergei Kravtsov expressed gratitude to the Russian Academy of Sciences and all academicians for their joint efforts to popularize scientific knowledge among the younger generation.

"For our part, we are responsible for the foundation upon which scientific research is subsequently built and which produces scientists. Unified educational programs have been created, and they are taught in all schools across the country. We are working with the Academy of Sciences on state textbooks. We expect that by 2027, textbooks on mathematics, computer science, physics, chemistry, and biology will be ready. It is crucial that the textbooks incorporate interdisciplinary connections; this is a relevant area today," noted Sergey Kravtsov.

As Minister of Science and Higher Education Valery Falkov noted, the state's focus on achieving practical results from research activities contributes to the development of the institution of qualified customers, as envisaged by the Strategy for Scientific and Technological Development of Russia.

"It has been proposed to formalize the implementation of this instrument in the new version of the fundamental scientific research program. This will allow leading companies in the real economy to participate in the development of state assignments for fundamental and applied research for research institutes and universities. The government is currently preparing a corresponding draft order for publication. It was prepared jointly with the Russian Academy of Sciences and aims to comprehensively update the program," said Valery Falkov.

The minister added that this year, the RAS's powers have been significantly expanded. In accordance with the law on technology policy, the academy is also reviewing the list of cross-cutting technologies and preparing proposals for the development of medium- and long-term technology development plans.

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Financial news: On December 10, 2025, JSC “SME Corporation” will hold a deposit auction.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

Parameters;

The deposit auction date is 10.12.2025. Placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 2,235,000,000. Placement term, days – 41. Date of depositing funds is 10.12.2025. Date of return of funds is 20.01.2026. Minimum placement interest rate, % per annum is 15.5. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 2,235,000,000. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open).

The basis of the Agreement is the General Agreement. Schedule (Moscow time). Preliminary bids from 10:30 to 10:40. Competitive bids from 10:40 to 10:50. The cutoff percentage may be set or the auction may be declared void by 11:30. Additional terms and conditions.

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Marat Khusnullin: Construction of the infectious diseases wing of the pediatric medical center in Melitopol has been completed.

Translation. Region: Russian Federation –

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

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Access to high-quality and timely medical care is directly linked to the creation of a modern healthcare infrastructure. In the reunified regions, the construction and renovation of medical facilities for both adults and children is progressing according to industry-specific programs established through 2030. For example, in Melitopol, Zaporizhzhia Oblast, specialists are constructing a multidisciplinary pediatric center. Construction and installation work in the infectious diseases building has now been completed and is ready for subsequent equipment installation, according to Deputy Prime Minister Marat Khusnullin.

"The Donbas and Novorossiya socioeconomic development program includes measures to establish a modern healthcare system. To this end, healthcare facilities are being built and renovated to create a comfortable environment for patient accommodation and treatment, as well as for medical staff. In Melitopol, two buildings of a multidisciplinary pediatric medical center are being constructed to simultaneously serve approximately 350 young residents of the Zaporizhzhia and Kherson regions. Construction of the five-story, 13,000-square-meter building for the future infectious diseases department has been completed and is ready for the installation of medical equipment. Work on the future seven-story pediatric building is also nearing completion—70% complete," said Marat Khusnullin.

The Deputy Prime Minister added that the work is being carried out under the supervision of the "Single Customer in Construction" public corporation. Over 600 doctors and specialists from 15 different specialties will provide inpatient emergency and scheduled medical care to children and treat them for infectious diseases at the future pediatric center.

"In the infectious diseases building, monolithic and masonry work, roofing and utility installation, and façade and interior finishing have been completed. The seven-story pediatric building, with an area of approximately 25,000 square meters, will house the admissions and inpatient departments, as well as intensive care and surgical units, day care, radiation diagnostics, hematology, and neurotraumatology departments," added Karen Oganesyan, CEO of Unified Customer.

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Financial news: Cryptocurrency futures trading volume on the Moscow Exchange reached a record 49 billion rubles in November.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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The total trading volume on the Moscow Exchange derivatives market at the end of November 2025 amounted to 11.7 trillion rubles (15.8% compared to November 2024). The volume of open positions on the exchange-traded derivatives market at the end of the month amounted to over 2.7 trillion rubles (22.7% compared to November 2024).

In November, more than 135,000 unique clients (16% of November 2024) traded futures and options on the Moscow Exchange, with more than 190,000 active accounts. The share of individuals in the total volume of exchange-traded derivatives trading was 54.8%.

Commodity futures transactions accounted for the largest share of retail transactions at 43.8%. Index and stock derivatives accounted for 31.1%, and currency derivatives accounted for 25.1%.

Top 10 most popular instruments in individuals' portfoliosyu1sch As of the end of November: quarterly and perpetual futures on the US dollar-Russian ruble (Si and USDRUBF) and Chinese yuan-Russian ruble (CNY and CNYRUBF) currency pairs, perpetual and quarterly futures on the Moscow Exchange IMOEX index (MIX, MXI and IMOEXF), quarterly futures on gold and silver (GOLD and SILV), and natural gas futures (NG).

The evening trading session accounted for 19% of total trading volume on the derivatives market. Morning trading in October accounted for 6% of total volume. On weekends, the average daily trading volume on the derivatives market amounted to 7.4 billion rubles.

High volatility in cryptocurrency markets has driven increased interest among qualified investors in digital asset derivatives on the Moscow Exchange. As a result, trading volume for these futures reached an all-time high in November, reaching 48.7 billion rubles since the contracts' launch.

The trading volume of futures on shares of the IBIT Trust ETF (IBIT) investment fund was 29.3 billion rubles (21.4 billion rubles in October 2025). The trading volume of futures on shares of the ETHA Trust ETF (ETHA) investment fund was 10.4 billion rubles (6.6 billion rubles in October 2025).

Also in November, the Moscow Exchange's derivatives market began Cryptocurrency index futures trading (BTC, ETH)The trading volume of new instruments in November exceeded 9 billion rubles, open positions amounted to 2.3 billion rubles, and the number of active unique clients reached 7.7 thousand.

The Moscow Exchange Derivatives Market is the leading derivatives trading platform in Russia and Eastern Europe, combining advanced infrastructure, reliability, and guarantees, as well as state-of-the-art futures and options trading technologies. Today, the Moscow Exchange derivatives market trades 41 stock options, 3 currency options, a gold option, an index option, and over 150 futures contracts and options on them, with underlying assets including stock indices, stocks, currency pairs, precious and industrial metals, oil, gas, and other commodities, as well as interest rates.

yu1sch The calculation is based on the number of unique individuals with open positions in the specified instruments. Media contact information: 7 (495) 363-3232PR@moex.com

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Financial news: Growth of the credit union sector driven by cooperatives associated with microfinance organizations: third-quarter results.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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In the third quarter of 2025, the volume of loans issued by consumer credit cooperatives (CCCs) increased for the first time since the beginning of the year (35% compared to the previous quarter). Consumer loans issued were almost seven times higher than in the same period last year, and the total number of shareholders increased to 498,000.

The overall market loan portfolio increased slightly. The exclusion of a large number of cooperatives from the state register for violating legal requirements, as well as the rapid turnover of short-term loans, were constraints.

The increased activity in the credit union sector is driven by this year's tightening of microfinance regulation, including the introduction of macroprudential limits on car loans for microfinance organizations and a requirement to verify the presence of self-exclusions when issuing loans. Against this backdrop, companies are exploring the possibility of diversifying their businesses. The Bank of Russia is constantly monitoring emerging market practices. If instances of unfair use of regulatory arbitrage are identified, the Bank of Russia will take measures to prevent them.

Read more in the review Trends in the Consumer Credit Cooperative Market.

Preview photo: P Maxwell Photography / Shutterstock / Fotodom

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