Financial news: New Year's holidays: how official exchange rates against the ruble will be set.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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On the last working day of 2025, which falls on December 30, the Bank of Russia will set the official exchange rates of foreign currencies to the ruble for the period from December 31, 2025 to January 12, 2026.

On the first working day of the new year, January 12, the regulator will set exchange rates that will be in effect from January 13.

Similarly, the Bank of Russia will update the official prices of refined precious metals:

December 30, 2025 – for the period from December 31, 2025 to January 12, 2026; on January 12, 2026, prices will be updated and will be valid from January 13, 2026.

Preview photo: Olha Yefimova / Shutterstock / Fotodom

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Financial news: The Bank of Russia files a lawsuit against Euroclear in the Moscow Arbitration Court (12.12.2025).

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

In connection with the illegal actions of the Euroclear depository, causing losses to the Bank of Russia, as well as in connection with the mechanisms of direct or indirect use of the Bank of Russia's assets without the consent of the Bank of Russia, which are officially being considered by the European Commission, the Bank of Russia is filing a claim in the Arbitration Court of the city of Moscow against the Euroclear depository for recovery of losses caused to the Bank of Russia.

The actions of the Euroclear depository caused damage to the Bank of Russia due to the inability to manage cash and securities belonging to the Bank of Russia.

When using the material, a link to the Press Service of the Bank of Russia is required.

December 12, 2025

09:30:00

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Financial news: Statement by the Bank of Russia regarding the European Commission’s plans for the use of its assets (12.12.2025).

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

In connection with the publication of a press release on the official website of the European Commission on 3 December 2025 “Commission unveils two solutions to support Ukraine's financing needs in 2026-2027”and the draft regulation of the European Commission “Proposal establishing the Reparations Loan to Ukraine”, which provide for the use of assets placed in financial institutions of the European Union, including the Euroclear depository, without the consent of the Bank of Russia, the Bank of Russia reports the following.

The mechanisms for the direct or indirect use of the Bank of Russia's assets provided for by the said document, as well as any other forms of uncoordinated use of the Bank of Russia's assets, are illegal, contrary to international law, including violating the principles of sovereign immunity of assets.

The issuance and implementation of the regulations announced on the official website of the European Commission will entail the unconditional challenge by the Bank of Russia of any direct or indirect actions leading to the uncoordinated use of Bank of Russia assets in all available competent authorities, including national courts, judicial bodies of foreign states and international organizations, arbitration tribunals, and other international judicial bodies, with subsequent enforcement of judicial decisions in the territory of UN member states.

The Bank of Russia reserves the right, without further notice, to proceed to the practical implementation of all available legal and other mechanisms for protecting interests in the event of further progress or any form of implementation of the aforementioned European Union initiatives under discussion.

When using the material, a link to the Press Service of the Bank of Russia is required.

December 12, 2025

09:05:00

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Financial news: On 12/12/2025, the Federal Treasury will hold a deposit auction of 22,025,431.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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Application selection parameters;

Application selection date is 12/12/2025. Unique application selection identifier is 22,025,431. Deposit currency is rubles. Fund type is Unified Treasury Account. The maximum amount of funds placed on bank deposits, in monetary units, is 40,000,000,000. Placement period, in days, is 364. Date of deposit is 12/12/2025. Date of return is 11/12/2026. Interest rate for placement of funds (fixed or floating) is FLOATING. Minimum fixed interest rate for placement of funds, in % per annum is the basic floating interest rate for placement of funds RUONmDS. Minimum spread, in % per annum is 0. Terms of the bank deposit agreement (term, replenishable, or special). Replenishable. The minimum amount of funds placed per 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). Application selection venue: Moscow Exchange PJSC.

Acceptance of applications from 10:00 to 10:30. Applications in preliminary mode from 10:00 to 10:05. Applications in competition mode from 10:25 to 10:30. Random end of trading period (sec.): 0 Bid step: 0.1 Time step (sec.): 60. End time of the extension period: 10:50:00. 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 transfer of the deposit 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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ESU won the "Symbols of Eurasian Integration" competition

Translation. Region: Russian Federation –

Source: Official website of the State –

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On December 10, 2025, a ceremony summing up the results of the "Symbols of Eurasian Integration" competition, organized by the Agency for Strategic Initiatives with the support of the Eurasian Economic Commission, was held in Moscow.

The competition became the first systematic mechanism for selecting projects demonstrating the practical implementation of Strategy 2025 and strengthening cooperative ties between the countries of the Eurasian Economic Union.

In 2025, winners were announced in eight categories. These included projects in transportation, digital solutions, high technology, tourism, and financial services. The initiatives spanned a wide range of areas, from networked manufacturing to new modes of transport and advanced materials.

The State University of Management, as one of the coordinators of the scientific and educational consortium of the Eurasian Network University (ENU), presented the results of its work as part of the alliance and educational initiatives for the development of human capital in the EAEU.

The ESU project was recognized as the winner in the "Human Capital" category. Experts noted the creation of a common educational space among the five countries, the development of joint programs, student and faculty mobility, and the development of human resources solutions for the Union's future economy.

Dmitry Bryukhanov, Head of the ESU Secretariat and Vice-Rector of the State University of Management, emphasized that the consortium's victory reflects the growing need in the Union countries for modern educational practices and management training tools.

The role of the State University of Management in the project phase of integration

The university made a significant contribution by organizing and participating in the 3rd Forum of the ESU Scientific and Educational Consortium, which was held at Osh State University. The forum included strategic sessions, joint meetings, and an international scientific and practical conference aimed at developing scientific and academic initiatives in the EAEU.

It was these developments of the State University of Management that formed the basis of the ESU application, which was recognized as the best in one of the most significant nominations of the competition.

Education, science and technology as a unified system

The State University of Management actively participates in the development of institutional solutions for scientific and technological cooperation among the EAEU states.

In 2025, the university submitted proposals to establish an Association of Scientists, Engineers, and Entrepreneurs, the "EAEU Center for Innovative Technologies." The initiative aims to expand cooperation between universities, research organizations, and enterprises, as well as to implement new projects in technology and scientific research.

This work is fully consistent with the goals of the "Symbols of Eurasian Integration" competition: its focus is on technological sovereignty, startup development, strengthening scientific infrastructure, and the formation of integrated educational standards.

SUM strengthens its position in the Eurasian educational space

The recognition of ESU as the winner of the competition underscores the importance of SUM's systemic educational work. The university plans to expand joint programs, strengthen international cooperation, and promote new scientific and educational initiatives at the Union level.

The State University of Management will continue to work on developing human capital, supporting technological cooperation, and shaping an innovative environment that will shape the future of Eurasia.

Subscribe to the "Our GUU" Telegram channel. Publication date: December 12, 2025.

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Financial news: On December 12, 2025, the Federal Treasury will hold a deposit auction of 22,025,429.

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 12.12.2025. Unique application selection identifier 22 025 429. Deposit currency rubles. Funds type – Single Treasury Account. Maximum amount of funds placed on bank deposits, monetary units 198,000,000,000. Placement period, in days 4. Date of depositing funds 12.12.2025. Date of return of funds 16.12.2025. Interest rate for placing funds (fixed or floating) FIXED. Minimum fixed interest rate for placing funds, % per annum 15.76. Base floating interest rate for placing funds – Minimum spread, % per annum – Terms of concluding a bank deposit agreement (term, replenishable or special) 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 10:50 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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Polytechnic University presented its experience at the IAEA conference in Saudi Arabia.

Translation. Region: Russian Federation –

Source: Peter the Great St. Petersburg Polytechnic University –

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Jamila Idrisova, a senior lecturer at the Institute of Civil Engineering at Peter the Great St. Petersburg Polytechnic University, participated in the international conference "Nuclear and Radiological Emergencies: Building the Future in a Changing World" in Riyadh. The event was organized by the International Atomic Energy Agency (IAEA) and the Saudi Arabian Nuclear and Radiological Regulatory Commission (NRC).

The event, dedicated to strengthening emergency preparedness and response systems, brought together over 700 representatives from 103 countries and six international organizations. The conference featured 120 oral presentations, over 100 poster presentations, four roundtable discussions, and technical sessions covering ten thematic areas. Experts, emergency preparedness and response specialists, regulators, and technical specialists shared their experiences, presented research results, and discussed practical measures to strengthen global preparedness and response to nuclear and radiological emergencies.

In his opening address, NRRC Director General and Conference President Dr. Khalid Aleissa emphasized: "Through the integration of new technologies, the sharing of practical experience, and close collaboration with the IAEA and international partners, we are working together to strengthen global resilience in nuclear and radiological emergency preparedness and response."

Jamila Idrisova, a senior lecturer at the Higher School of Technosphere Safety and the head of the international educational program "Emergency Preparedness and Response" at the Civil Engineering Institute, presented a report at the "Capacity Building – 1" section on the topic: "Experience in training specialists in the international master's program "Emergency Preparedness and Response" at Peter the Great St. Petersburg Polytechnic University."

During the "Capacity Building 1" and "Capacity Building 2" sessions, Jamila Idrisova participated in discussions on key personnel training issues, including exercise and training programs; training opportunities, knowledge management and education, and postgraduate education programs; best practices in national training programs, including distance, hybrid, and practical training; and mechanisms for knowledge retention and transfer of experience.

Plenary sessions and panel presentations focused on coordination and cooperation in nuclear safety and security, public relations, innovative technologies, capacity building, protection strategies, the interplay between nuclear safety and security, and many other topics. Roundtable discussions addressed current issues of international cooperation, including the use of artificial intelligence in emergency management, effective decision-making under uncertainty, ways to enhance emergency preparedness through exercises, and measures for floating and mobile reactors.

"It was especially gratifying to meet Osama Alzahrani and Tamer Alhakbani, both 2024 graduates of the International Master's Program in Emergency Preparedness and Response at the Institute of Civil Engineering. Both graduates are now employed by the Saudi Arabian Nuclear and Radiological Regulatory Commission," noted Jamila Idrisova.

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GUU was recognized as "Partner of the Year" at a conference dedicated to sustainable management

Translation. Region: Russian Federation –

Source: Official website of the State –

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The State University of Management hosted the All-Russian scientific and practical conference "Sustainable Management: Projects, People, Research" and the awards ceremony for the winners of the GPM Awards Russia 2025 National Competition.

The conference was organized by the Project Alliance Project Managers Association, and co-organized by the State University of Management. Official partners of the event were the Association for Sustainable Development of Industry and the National Institute for Energy-Efficient and Green Construction.

This year's meeting was dedicated to the 95th anniversary of the birth of Mark Lvovich Razu, one of the founders of the project management school in Russia. The scientist's son, Boris Razu, attended the event and expressed gratitude for the fact that the scientific school founded by his father continues to thrive and develop in the Project Management Department at the State University of Management.

At the conference's opening ceremony, experts emphasized the importance of developing a project management culture, integrating ESG approaches, and enhancing the role of science in developing sustainable solutions.

During the strategic session, participants discussed key sustainable development trends in Russia and globally, the evolution of the corporate and government ESG agenda, the impact of technological and personnel changes, and the prospects for industry standards in a rapidly changing landscape.

The strategic session was attended by:

Svetlana Gerasimova, Head of the School of CSR and Sustainable Development and Director of the Project Office for Sustainable Development Strategies and Practices; Pavel Zhesterov, Associate Professor at the Institute of Business Career, Deputy General Director of R-Alliance LLC and Member of the Council of the Association for Sustainable Industrial Development; Alexander Chikin, Director of Sustainable Development and Digitalization at the Ecological Service Sokhrani Les; Ekaterina Dorykina, Sustainable Development Specialist at the Center for Ecology and Climate LLC; Alexander Pavlov, Founder and Head of the Project Management School; Alexander Tovb, President of the SOVNET Project Management Association; and Irina Efremova-Gart, Director of Sustainable Development at Mobius Technologies and Co-Chair of the Expert Council on Sustainable Development at GSOM SPbU.

The session was moderated by Ilya Vinokurov, Deputy Head of the Product Development and Support Department at the Analytical Center under the Government of the Russian Federation, and Nadezhda Tsvetkova, Head of the Digital Departments project office and Associate Professor at the Higher School of Project Activity and Industrial Innovation at SPbPU.

The conference continued with specialized sessions, which provided a platform for in-depth analysis of current challenges and the exchange of practical solutions. Participants focused on changing approaches to implementing sustainable development initiatives and enhancing the professional competencies of strategic development directors, project managers, and project offices. Discussions touched on conducting scientific research in the field of sustainable economics and innovative technologies, as well as changing industry models and strategies for long-term sustainable growth.

Experts from leading large businesses, industry leaders, and government leaders from over 50 Russian regions presented their analytical reports, sharing the results of large-scale ESG transformations and successful practices. Particular attention was paid to leadership models that enable significant results in the implementation of major sustainable development projects and create long-term value for organizations and society.

The conference culminated with an awards ceremony for the winners and finalists of the 2025 National Competition for Professional Project Management in Sustainable Development and ESG in the following categories: Projects, People, Research, Green Office, and Industry Sustainability—each with its own evaluation methodology, expert panel, and selection criteria.

In addition, for its systematic support of the association's projects, expert participation and contribution to the training of management personnel, and for its significant contribution to the development of sustainable project management in Russia, the State University of Management was awarded a special diploma "Partner of the Year 2025" from the Project Alliance Association of Project Managers.

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The Foundation of Statehood: Constitution Day of the Russian Federation

Translation. Region: Russian Federation –

Source: Official website of the State –

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December 12 marks Constitution Day in Russia—a commemorative date commemorating the adoption of the country's main law. This is more than just a celebration—it's a reminder that our legal system rests on a single foundation that transcends all laws, decrees, and regulations.

The Constitution of the Russian Federation has supreme legal force and applies throughout the country, and any regulations that contradict it are null and void. For the first time in Russian history, it enshrines the direct applicability of constitutional norms: every citizen can defend their rights by directly invoking the Constitution, and the courts are obligated to apply it first and foremost.

A product of presidential confrontation

Sergei Chuev, head of the Department of Public and Municipal Administration, spoke about the complex and dramatic history of coordinating the text of the country's main document:

President Boris Yeltsin and the Supreme Soviet of Russia tried to agree on new "rules of the game" throughout the early 1990s. Each side had its own vision. The Supreme Soviet and the Congress of People's Deputies wanted to retain their status as the country's key governing body. Yeltsin's team, however, defended the idea that the "omnipotence of the Soviet" was outdated and a presidential model was needed. Prolonged debates, discussions, and conciliatory meetings yielded no results.

As a result, in the fall of 1993, President Boris Yeltsin decided to take a radical step – a forceful decision to dissolve the Supreme Soviet, which took place in September-October of that year.

As is well known, a constitution always legally enshrines the balance of political forces that exists at the time of its adoption. Russia's fundamental law was no exception. It cemented the presidential "victory."

Expression of the people's will

On December 12, 1993, a referendum was held. 58,187,755 people, or 54.8% of registered voters, participated. 32,937,630 people voted in favor of adopting the Constitution—58.4% of those who participated.

"Russian citizens supported the final draft with their vote, which effectively cemented the country's new political system," concluded Sergei Chuev.

The Constitution officially entered into force on December 25, 1993, the day it was published. It enshrined the principle of separation of powers, human rights and freedoms as the highest values, and a new federal model.

Since 1994, by decree of Boris Yeltsin, December 12 has been a public holiday and a non-working day. However, since January 1, 2005, following amendments to the Labor Code, this day has been designated a working day, and in July of that year, it was designated a commemorative date in Russia.

It should be noted that the Constitution is not a museum exhibit or a ceremonial document, but a working tool that protects citizens' rights every day, regulates the work of government, and determines the country's future. Therefore, since its adoption, the Russian Constitution has been amended repeatedly, reflecting significant changes in Russian society.

"The text of the Constitution has been amended repeatedly, the most significant of which took place in 2020. Gradually, the model of Russia's political system is being filled with new content and practices, emphasizing that the text of the fundamental law is not a 'sacred cow,' but living matter, evolving over time," Sergei Vladimirovich points out.

Sacred symbol

More than a thousand people worked on the text of the Constitution over the course of three and a half years, and it has no single author—it is a collective creation of the era, a sacred symbol of Russian statehood. This is why the special copy of the Constitution, on which the president takes the oath of office upon assuming office, has special significance in the rituals of supreme power in Russia.

The binding of the country's most important book is made of precious red monitor lizard skin, with a massive silver coat of arms and the gold inscription "Constitution of Russia" on the cover. Although the decree establishing presidential regalia was repealed in 2000, and this copy lost its official status, it is traditionally used at all inaugurations as a symbol of continuity and respect for the fundamental law.

Despite its status as a workday, December 12th is marked by celebratory events across the country. The President congratulates citizens on Constitution Day at state awards ceremonies. Regional events include meetings, concerts, and awards ceremonies for judges, lawyers, and government officials. Schools and universities host law classes, lectures, and discussions on civil liberties and the rule of law.

The State University of Management, as a university that trains the next generation of managers, considers one of its key objectives to be developing a deep understanding of the constitutional foundations of Russian statehood in its students. After all, knowledge of and respect for the Constitution is the foundation of responsible, competent, and ethical governance.

Subscribe to the "Our GUU" Telegram channel. Publication date: December 12, 2025.

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The State University of Management will contribute to determining the future of the Arctic

Translation. Region: Russian Federation –

Source: Official website of the State –

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A young scientist from the State University of Management took part in the XV International Forum "The Arctic: Present and Future" named after A.N. Chilingarov, which took place from December 9 to 10 in St. Petersburg.

The event traditionally serves as the main platform for dialogue between government, business, science, and society on Arctic development. This year, over 2,000 experts from Russia and other countries gathered to identify development vectors for the Russian Arctic zone.

The business program focused on achieving national development goals for the region for decades to come. Over the course of two days, two plenary sessions and more than 50 discussions took place on key topics, from economics and technology to ecology and security. Each session aimed not only to discuss problems but also to find practical solutions. A large exhibition was held alongside the events, where regions and companies presented innovative projects for Arctic territories.

Denis Serdechny, an associate professor at the State University of Management, Department of Innovation Management, and Head of the Laboratory of Digital and Intelligent Technologies for the Development of Territories of the Russian Federation, took an active part in the forum.

"The Arctic today is a zone of major projects, where economic and logistical activity is growing. The region requires comprehensive solutions and new approaches to management. For Russia, this task is comparable in scale to our ancestors' conquest of space in the last century. It's gratifying to realize that our university's research and educational activities can make a significant contribution to solving such an important and ambitious task," Denis Serdechny shared his impressions.

The scientist noted that at the forum, he became convinced of the relevance of the research areas of the "Digital and Intelligent Technologies for the Development of Regions of the Russian Federation" laboratory, which opened at the State University of Management in 2025. The laboratory's interim results will be submitted to the Forum's organizing committee for inclusion in a public resolution.

As a reminder, following a competitive selection process by the Russian Ministry of Science and Higher Education to establish new youth laboratories, the State University of Management's research project, "Scientific, Methodological, and Practical Foundations for the Development and Application of Digital and Intelligent Technologies to Ensure Sustainable Development in the Regions of the Russian Federation, Including Remote and Hard-to-Access Territories of Siberia, the Far East, and the Arctic Zone," received support.

Thanks to this, our university launched a laboratory for "Digital and Intelligent Technologies for the Development of Russian Regions" this fall. The goals of the research team, which consists of more than 70% young scientists, include:

Analysis and systematization of current scientific and technical problems of sustainable development in the regions of the Russian Federation, including remote and hard-to-reach territories of Siberia, the Far East, and the Arctic zone; study of existing and promising digital and intelligent progressive technologies that can be applied for the sustainable development of the regions of the Russian Federation, including remote and hard-to-reach territories of Siberia, the Far East, and the Arctic zone; development of methods for solving identified scientific and technical problems of sustainable development in the regions of the Russian Federation, including remote and hard-to-reach territories of Siberia, the Far East, and the Arctic zone, through the use of digital and intelligent technologies.

Subscribe to the "Our GUU" Telegram channel. Publication date: December 12, 2025.

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.