Category: Economics

Posted on

Financial news: On December 23, 2025, the Federal Treasury will hold a deposit auction of 22,025,446.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

Application selection parameters;

The application selection date is December 23, 2025. Unique application selection identifier is 22,025,446. Deposit currency is rubles. Fund type is a Single Treasury Account. The maximum amount of funds placed in bank deposits, in monetary units, is 40,000,000,000. Placement period, in days, is 364. Funds deposit date is December 23, 2025.

The return date is December 22, 2026. The interest rate for placing funds (fixed or floating) is FLOATING. The minimum fixed interest rate for placing funds, in % per annum is the basic floating interest rate for placing funds RUONmDS. The minimum spread, in % per annum is 0. Terms and conditions of the bank deposit agreement (term, replenishable, or special). Replenishable. The minimum amount of funds placed for one application, in monetary units, is 20,000,000,000. The maximum number of applications from one credit institution is 2. Application selection form (Open with random completion, Closed, Open with extension). Open with extension. Application selection schedule (Moscow time). Venue for the application selection. Moscow Exchange. Applications will be accepted from 10:00 to 10:20. Applications in preliminary mode will be submitted from 10:00 to 10:05. Bids in competition mode from 10:15 to 10:20. Random bidding end period (sec.): 0 Bid step: 0.1 Time step (sec.): 60.

The extension period ends at 10:30:00. The consolidated register of applications is generated from 10:30 to 11:00. The cutoff interest rate is set and/or the selection of applications is declared invalid from 10:30 to 11:10. An offer to enter into a bank deposit agreement is sent to credit institutions from 11:10 to 11:30. Acceptance of an offer to enter into a bank deposit agreement is received from credit institutions from 11:10 to 11:30. Deposit transfer time In accordance with the requirements of paragraphs 63 and 64 of the Order of the Federal Treasury dated April 27, 2023, No. 10n

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.

Posted on

Financial news: On December 23, 2025, the Federal Treasury will hold a deposit auction of 22,025,445.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

Application selection parameters;

Application selection date is 23.12.2025. Unique application selection identifier is 22,025,445. 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 498,000,000,000. Placement period, in days is 2. Date of depositing funds is 23.12.2025. Date of return of funds is 25.12.2025. Interest rate for placing funds (fixed or floating) is FIXED. Minimum fixed interest rate for placing funds, % per annum is 15.28. Basic floating interest rate for placing funds is Minimum spread, % per annum is 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

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.

Posted on

Financial news: On the placement of additional issue No. 1 of exchange-traded bonds series 006P-04P of Gazprombank (JSC) on December 23, 2025.

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 in accordance with Part I. General Part of the Rules for Conducting Trading on the Stock Market, Deposit Market, and Credit Market of PJSC Moscow Exchange MICEX-RTS and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market, and Credit Market of PJSC Moscow Exchange MICEX-RTS, approved by the decision of the Supervisory Board of PJSC Moscow Exchange on August 1, 2025 (Minutes No. 4), the following form, time, term, and procedure for the placement of series 006P-04P Gazprombank (JSC) exchange-traded bonds (Additional Issue No. 1) have been established:

Name of the Issuer Gazprombank (Joint Stock Company)
Name of the security Exchange-traded discount non-convertible non-documentary bonds series 006P-04P (Additional issue No. 1)
Identification/registration number of the issue 4B02-04-00354-B-006P dated 12/18/2025
Placement start date December 23, 2025
Trading start date December 23, 2025
Information about the placement (Trading mode, placement form) The "Placement: Addressed Orders" trading mode involves concluding transactions based on addressed orders at a fixed price (yield). (Settlement: Ruble)
Trade code RU000A10DMP5
ISIN code RU000A10DMP5
Placement price The placement price of Exchange Bonds is set at 530.00 (Five hundred thirty rubles 00 kopecks) per one Exchange Bond, which corresponds to 53% (Fifty-three) percent of the par value of the Exchange Bond.
Settlement code Z0
Underwriter Gazprombank (Joint Stock Company) (Bidder Identifier: MC0009800000, short name of the organization in the Bidding System: GPB (JSC)
Trading time on the placement start date of December 23, 2025. Trading hours: bid collection period: 10:00–13:00; bid execution period: 14:00–16:30.

After the satisfaction period ends:

Application collection and processing period: 16:45 – 18:30.

However, the submission of applications for concluding transactions is not permitted from 17:29 until information is received from the NCO NCC (JSC) about the completion of processing the report on the consolidated order of the DEPO.
Trading time for placement during the period other than the start date of placement and up to and including December 29, 2025

Time for collecting applications and concluding transactions: 10:00 – 18:30.

However, the submission of applications for concluding transactions is not permitted from 17:29 until information is received from the NCO NCC (JSC) about the completion of processing the report on the consolidated order of the DEPO.
The time of the auction for the placement is December 30, 2025.

Time for collecting applications and concluding transactions: 10:00 – 16:00.

On the basis of the issue documents, when placing securities, it is not permitted to submit applications and execute transactions on behalf of Trading Participants, as well as on behalf of Clients of Trading Participants, if such persons are associated with a foreign state included in the List of foreign states and territories committing unfriendly acts against the Russian Federation, Russian legal entities and individuals, approved by Order of the Government of the Russian Federation dated 05.03.2022 No. 430-r (as amended on the date of filing the application), or are under the control of the said persons, with the exception of controlled foreign companies in accordance with Decree of the President of the Russian Federation dated 05.03.2022 No. 95 “On the temporary procedure for fulfilling obligations to certain foreign creditors”.

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

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.

Posted on

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.

Preview photo: Ariya J / Shutterstock / Fotodom

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.

Posted on

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 –

An important disclaimer is at the bottom of this article.

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.

Posted on

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

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

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.

Preview photo: Izzuanroslan/ Shutterstock / Fotodom

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.

Posted on

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

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

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".

Preview photo: Dmitry Feoktistov / 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.

Posted on

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 –

An important disclaimer is at the bottom of this article.

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.

Posted on

Financial news: Depository accounting: new regulations.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

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.

Preview photo: Shutterstock / Fotodom

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.

Posted on

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.