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.

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.

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

Translation. Region: Russian Federation –

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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Marat Khusnullin: The Moscow region section of the M-1 "Belarus" highway is over 80% complete.

Translation. Region: Russian Federation –

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

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On the federal highway M-1 "Belarus", the project to reconstruct the section from 66 to 84 km continues.

"We are consistently implementing a road infrastructure development program. It is a key factor in improving people's quality of life, road safety, and territorial development. Furthermore, modernizing existing roads is essential to significantly improve transport accessibility. Specifically, we are reconstructing 18 km of the M-1 "Belarus" highway in the Moscow region. We will widen this section from four to six lanes, which will increase road capacity and ensure comfortable travel for motorists. As of today, the overall technical readiness of the project has exceeded 80%. Earthworks on this section are fully completed. The final stage is paving—approximately 455,000 tons of asphalt concrete have been laid, or 94% of the total," said Marat Khusnullin.

The Deputy Prime Minister added that more than 39 km of barrier fencing (80% of the total) have already been installed at the site, and over 32 km of monolithic parapet fencing (95% of the total) have been installed. Construction workers are continuing work on installing drainage channels from the roadway, automated traffic management system (ATMS) cable ducts, and installing traffic management frame supports.

According to Vyacheslav Petushenko, Chairman of the Board of the state-owned company Avtodor, construction and installation work is underway on 12 artificial structures at the reconstruction site.

"Currently, work is underway on two bridges over the Nara and Kapanka rivers, four overpasses, one of which is already open to traffic, and six pedestrian overpasses. Additionally, for the convenience of drivers, we are constructing a rest area at the 74th kilometer of the highway. Currently, specialists are busy landscaping it, installing traffic control equipment, and installing a sanitary module. The overall technical readiness of the site is 90%," explained Vyacheslav Petushenko.

The work involves 1,000 people and 380 pieces of specialized equipment. Completion of the reconstruction is scheduled for next year.

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.

Financial news: 12/16/2025, 11:22 AM (Moscow time) the values of the upper limit of the price corridor and the range for assessing market risks for security RU000A0JT403 (VEB.RF 18) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

December 16, 2025

11:22

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, 11:22 (Moscow time), the values of the upper limit of the price corridor (up to 110.65) and the range of market risk assessment (up to 1183.67 rubles, equivalent to a rate of 8.75%) of the security RU000A0JT403 (VEB.RF 18) were changed.

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.

Financial news: A press conference will be held on December 19 at 5:00 PM to follow the Board of Directors' meeting on monetary policy.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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The event will be attended by Bank of Russia Governor Elvira Nabiullina and Bank of Russia Deputy Governor Alexey Zabotkin.

Elvira Nabiullina will make a statement on monetary policy.

The press conference will be held at the Bank of Russia's press center. A broadcast of the speech will be available on our website and channel inTelegram, as well as on the official page inVKontakte.

Accreditation for journalists runs until 17:00 on December 17 at the following address: media@kbr.ru.

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Financial news: 12/16/2025 The Investment Agency will hold a deposit auction.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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Parameters;

The deposit auction date is 16.12.2025. Placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 30,000,000. Placement term, days – 112. Date of depositing funds is 16.12.2025. Date of return of funds is 07.04.2026. Minimum placement interest rate, % per annum is 15. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 30,000,000. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open).

The Agreement is based on the General Agreement. Schedule (Moscow time). Pre-bids are accepted from 12:15 to 12:30. Competitive bids are accepted from 12:30 to 12:40. The cutoff interest rate may be set or the auction may be declared void by 1:10 PM. Additional terms include: Deposits are deposited without the option of early withdrawal, and interest is paid monthly.

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Marat Khusnullin: The seventh multifunctional road service zone has opened on the Central Ring Road (TsKAD) in the Moscow region.

Translation. Region: Russian Federation –

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

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Systematic work to develop comfortable service for drivers and passengers continues across the country's road network. For example, a new multifunctional road service zone (MFTZ) has opened at the 66th kilometer of the inner Central Ring Road in the Moscow Region.

"We continue to develop roadside infrastructure and create comfortable rest areas for motorists on highways. In recent years, the quality of such services has improved significantly – the format of ordinary gas stations has evolved into entire multifunctional zones. They not only help ensure driver comfort but also drive regional economic growth. A new multifunctional zone has opened at the 66th kilometer of the inner side of the Central Ring Road in the Moscow Region – the seventh on this highway. It is located opposite the previously opened multifunctional zone on the outer side of the Central Ring Road between Yaroslavskoe Shosse and the M-12 Vostok Highway. The multifunctional zone separates freight and passenger traffic, and also provides separate pedestrian routes. It provides the necessary infrastructure for rest areas for both professional drivers and motorists with passengers, including families with children. Systematic work to expand the use of multifunctional zones on Russian highways will continue," said Marat Khusnullin.

A modern gas station has been built on the premises of the new multifunctional plant. It offers convenient parking spaces and parking areas. Drivers can also take advantage of additional services, such as tire inflation. Showers are available for professional drivers in a separate restroom next to the truck parking area.

According to Vyacheslav Petushenko, Chairman of the Board of the state-owned company Avtodor, stops at the new intercity bus stations will allow for quality rest and recuperation along the way.

"We're actively expanding our network of modern multifunctional roadside service areas for motorists. These locations improve road safety and make driving on highways much more comfortable. At the new multifunctional roadside service area, motorists can not only grab a quick bite but also purchase hot meals. For families with small children, the building is equipped with a changing table, and there's an outdoor playground for toddlers with a perimeter fence and a sports area. This roadside service facility will be further developed. A single service building and other popular amenities will be built on its premises," said Vyacheslav Petushenko.

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.