Category: Moscow

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Financial news: The Bank of Russia is improving approaches to calculating standards.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

From August 18, 2025, banks will begin calculating capital adequacy standards according to new instructions from the Bank of Russia No. 220-I And No. 221-I.

The new rules imply the transition of all banks with a universal license to a finalized (more risk-sensitive) approach to calculating capital adequacy standards. The standard approach will be retained for banks with a basic license and non-bank credit institutions.

Other important changes include:

— the criteria for classifying borrowers as investment grade have been improved (in particular, a condition has been added for having a credit rating of at least “A”), to which a reduced risk weight is applied;

— differentiated risk weights have been introduced for loans to subjects and municipalities of Russia depending on the level of credit rating from Russian rating agencies, and in its absence, on the level of debt sustainability as assessed by the Ministry of Finance of Russia (in the future, it is planned to completely switch to credit ratings);

— risk weights for mortgage loans at the construction stage are equal to those used for mortgages on completed housing, and those, in turn, are calibrated based on default statistics;

— when calculating macroprudential premiums, a single multiplicative approach will be applied both for banks using approaches to risk assessment based on internal ratings and for other banks;

— further important steps have been taken to address the problem of credit concentration: firstly, under repo transactions the risk will be considered to be on the issuer of securities accepted as collateral if the borrower's rating is below "AA"; secondly, banks will be able to transfer the concentration risk from the borrower to a reliable guarantor/surety/issuer of securities accepted as collateral.

The changes will help to more accurately assess risks, will help to level the playing field for competition, and will also support balanced growth in lending to the economy.

To make it easier for banks to adapt to the new regulations, some of the innovations will only apply to new loans, that is, those issued after August 18, 2025.

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Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: The Bank of Russia has clarified the criteria for obtaining the status of a qualified investor

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

The income level has been specified as an independent criterion for obtaining the status of a qualified investor: it must be at least 12 million rubles per year over the past 2 years. In combination with other criteria – complicated testing, education or an academic degree – the requirement is reduced to 6 million rubles. Income from the sale of real estate will not be taken into account. Such parameters are defined inindication Bank of Russia, which was registered by the Ministry of Justice.

According to the educational criterion, instead of the current requirement for higher economic education, a list of specialties and areas of training is established, including in combination with the income or property criterion. Thus, a person can become a qualified investor if he received an education in the specialty "Accounting, Analysis and Audit" or "Taxes and Taxation" and his average annual income is 6 million rubles. International certificates, which are already used as requirements for investment advisers, have been added to the list of certificates taken into account when recognizing an investor as qualified.

The parameters of the property criterion have not changed: now the minimum amount of assets that a person must own is 12 million rubles, and from January 1, 2026, it will increase to 24 million rubles. But in combination with other criteria, the requirements will be 2 times less – 6 million and 12 million rubles, respectively.

The regulation will come into force on July 28, 2025.

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Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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We understand the same, but read differently: how native language affects reading in English

Translation. Region: Russian Federal

Source: State University “Higher School of Economics” –

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Researchers from the international MECO project, including specialists Center of Language and Brain HSE University has developed a tool to study English reading in speakers of more than 19 languages. In a large-scale experiment involving more than 1,200 people, scientists tracked eye movements while reading the same texts in English, and then analyzed the level of comprehension. The results showed that even with the same comprehension, the reading process – where the gaze lingers, where it returns, which words it skips – depends on the native language and level of English proficiency.Studypublished in Studies in Second Language Acquisition.

Reading in a foreign language is a complex skill, especially if the reader’s native language is very different. To find out how native language affects reading in English, scientists from 36 universities, including HSE, have teamed up in an international projectMeco, created in 2020. As part of the project, they record the eye movements of native speakers of different languages while reading texts in their native language and in English, and then analyze how fluent the reading is, where the eyes stumble, and what strategies the reader uses.

In the new wave of the MECO project, scientists added data on English reading from 660 people, collected in 16 labs in Europe, Asia, and South America. The experiment was conducted in two stages. First, participants completed behavioral tests: spelling, vocabulary, reading words and pseudowords, motivation, and nonverbal intelligence. Then they silently read 12 short texts in English from a computer screen (approximately at the level of American native-speaking students) and answered questions about their content. During this time, the participants' eye movements were recorded using the EyeLink eye tracker. The study used both new results and information collected in previous stages of the project. In total, the scientists analyzed data from more than 1,200 participants.

The results showed that most participants handled questions about the content of the texts equally well: they understood 70–75% of what they read. However, there was a large spread in the data regarding reading fluency. Native English speakers read the fastest: they had fewer fixations (gaze stops), skipped words more often, and reread less often. The German participants were the most similar to English speakers. However, native speakers of Spanish, Russian, Chinese, and other languages read less fluently and used different strategies.

Interestingly, the level of text comprehension was almost independent of eye movements: participants showed the same results when answering questions on the content regardless of their reading speed. However, fluency was highly dependent on the level of English: the better the participant coped with language tests — vocabulary, grammar, and others — the more confidently their gaze behaved: fewer rereads, more skipped words, fewer fixations.

"We now have a tool that allows us to assess English reading in 19 languages. MECO's open data allows us to compare reading in different languages, compare native speakers and language learners, and track the influence of the native language's writing system – Latin, Chinese characters, or ligature," the authors of the article say. "Over the course of several years, more than 1,200 people have taken part in the project. These data are the basis for dozens of future studies on how native language affects text perception and English reading skills."

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GUU and the All-Russian Society "Knowledge" held an educational lecture for foreign students "Achievements of Crimea"

Translation. Region: Russian Federal

Source: Official website of the State –

An important disclaimer is at the bottom of this article.

On July 16, 2025, a lecture “Achievements of Crimea” for foreign students at the State University of Management was held at the site of the State University of Management as part of the All-Russian Society “Knowledge” project.

The speaker was Andrey Boltaevsky, a lecturer of the All-Russian Society "Knowledge", head of the Department of Humanities and Foreign Languages at the Russian University of Cooperation, and candidate of historical sciences.

Let us recall that the cooperation agreement between the State University of Management and the All-Russian Society “Knowledge” was signed at the end of last year.

During the lecture, foreign students were introduced to the regional characteristics of the Republic of Crimea, the history of its return to the Russian Federation in 2014, the main attractions, the latest infrastructure, which includes the Crimean Bridge, the Tavrida highway, medical and energy facilities.

Foreign students of the State University of Management are interested in the possibilities of visiting the Republic of Crimea, social relations between ethnic groups of the peninsula and the conditions of participation in the art cluster "Tavrida", which is a platform of opportunities for creative youth.

In conclusion, the students thanked the speaker for the informative information and wished success to the project “Learn Russia with Knowledge”.

The Russian Society "Knowledge" is a public organization, with the support of the Ministry of Science and Higher Education of the Russian Federation, which carries out educational work in the regions, forms intellectual content, organizes and conducts free lectures, as well as various events in the field of education, social support and social protection of students and pupils of educational institutions and the elderly. Today, this is an organization that unites tens of thousands of representatives of the Russian intelligentsia.

The event was organized by the State University of Management and the All-Russian Society "Knowledge" with the support of the Ministry of Science and Higher Education of the Russian Federation.

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The East is a promising business: Polytechnic and Chinese institutes on the way to new projects

Translation. Region: Russian Federal

Source: Peter the Great St. Petersburg Polytechnic University –

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A delegation from Jiangsu Industrial Technology Research Institute (JITRI) and Tsinghua University Suzhou Automobile Research Institute (TSARI) arrived at Peter the Great St. Petersburg Polytechnic University to strengthen their strategic partnership. The visit was led by JITRI First Deputy Director Gao Jun.

China is a key partner of SPbPU: the university has more than 60 active agreements with Chinese universities and companies, including two large joint institutes in Jiangsu and Xi'an, where over a thousand students study. SPbPU itself has 2,200 Chinese students — almost half of the foreign contingent.

The meeting participants discussed the expansion of academic mobility programs. Of particular interest was the JITRI Co-op internship program, which provides paid internships at leading Chinese research institutes and companies in the following areas: new materials, information and communication technologies, energy, biotechnology, and advanced manufacturing. The Polytechnic University confirmed its readiness to organize an open competition among talented students and young scientists to participate in the program.

Scientific cooperation will also receive a boost: the parties agreed to intensify joint projects in the field of digital twins of power plants, artificial intelligence for industrial systems and polymer composite materials. Three major projects are already being implemented, including the BRICS grant won in sustainable development management with Nanjing University.

"Today, our laboratories are looking to the East," said Dmitry Arsenyev, Vice-Rector for International Affairs at SPbPU. "China has not only caught up with the technological leaders, but is setting new standards, and the Polytechnic University will orient students toward internships at JITRI, in your laboratories and at production facilities. This is a new vector — from the fundamental research of the Polytechnic University to Chinese industrial practice."

In response, the JITRI delegation proposed the creation of working groups to develop specific initiatives, including joint workshops and the involvement of industrial partners.

Prospects for cooperation include the participation of the Russian Academy of Sciences: SPbPU is closely connected with its St. Petersburg branch, which unites 50 research institutes. Rector of SPbPU and Chairman of the St. Petersburg branch of the Russian Academy of Sciences Andrey Rudskoy signed a cooperation agreement in 2023 with Director of the Shanghai branch of the Chinese Academy of Sciences Hu Jinbo.

"The doors of any institute of the Academy of Sciences are open to JITRI," said Dmitry Germanovich, proposing to synchronize efforts with the Chinese Academy of Sciences. To ensure prompt work, the parties plan to hold a virtual round table in the coming months.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial News: Regional Economy Report: Economic Activity Growth Moderates

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

In May and June, growth in production and consumption became more moderate. However, the situation was uneven across industries and regions.

More restrained dynamics of demand in the housing market reduced the launch of new projects in many regions of the country, furniture production in Central Russia and the Volga region decreased. At the same time, cargo turnover of the ports of the Far East increased again, the output of meat and dairy enterprises in the Urals and the North-West remained at a high level. In Siberia, after 2 years of growth, the volumes of paper and paper products production stabilized, including due to difficulties with export.

Special topics of this issue are the dynamics of import deliveries and stocks, the situation on the labor market, and the passenger car market.

Read more in the July report "Regional Economy: State University Comments".

Preview photo: Donat Sorokin / TASS

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial News: Institutions Should Be More Responsible About Stock Investing

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

The Bank of Russia has developed Code of Responsible Investment for banks, insurers, management companies, NPFs and other institutional investors who place funds in equity instruments. The regulator suggests that they adhere to a number of principles that will increase the return on investment not only through effective management of the securities portfolio, but also through active interaction with issuers.

Institutional investors are currently little involved in the corporate governance of joint-stock companies. The Code requires them to be more actively involved in the life of issuers in order to improve the long-term prospects of companies – primarily to help increase their shareholder value. When investing, "institutionalists" should pay attention primarily to companies that have adopted strategy to increase shareholder valueIf such a document does not exist, investors can exercise their corporate rights and encourage the issuer to develop it.

Those who adhere to the Code are required to publicly report annually on their compliance with these principles.

Compliance with the principles of the Code will contribute to the development of the equity capital market and increase the capitalization of the Russian stock market.

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Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial News: What the trends say: Inflation is returning to target.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

In June, the monthly growth of seasonally adjusted consumer prices slowed down, and in annual terms it was close to the inflation target. Inflation expectations of enterprises and the population decreased, and the growth of enterprise costs slowed. At the same time, price dynamics remain uneven across segments, and fixing inflation at the target level requires additional confirmation. A sustainable reduction in inflation to 4% and its stabilization at this level require maintaining tight monetary conditions for a long time.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: Mass implementation of the digital ruble will begin on September 1, 2026

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

The largest banks will have to be the first to provide their clients with the opportunity to use digital rubles: open accounts, make transfers, pay for purchases and services, and perform other transactions. Gradually, by September 2028, all banks will have this obligation. The corresponding law The State Duma adopted it today.

Trading companies that are clients of the largest banks and whose revenue for the past year exceeds 120 million rubles will also have to provide the ability to pay for goods and services in a digital form of the national currency from September 1, 2026.

Banks with a universal license and their clients — trading companies with annual revenue of over 30 million rubles — will have to start working with digital rubles from September 1, 2027. Other banks and sellers with revenue of less than 30 million rubles per year — from September 1, 2028. The obligation to accept payments in digital rubles will not apply to retail outlets whose annual revenue is less than 5 million rubles.

The law also sets the launch dates for a universal QR code based on the National Payment Card System (NSPK) solution. It will allow both buyers and sellers to significantly simplify the payment process without cards and avoid confusion when there are many QR codes at the checkout. The universal QR code can be used to access various payment options: the Fast Payment System, banking services or installment plans, and in the future, digital rubles. At the same time, the bonuses and discounts of the selected payment method are retained.

All banks must complete the preparation of their systems to work with the universal QR code by September 1, 2026. However, they can do it earlier if they wish.

NSPK will provide banks with a free universal QR code service. This will reduce their integration costs. The timeframes within which banks will be required to connect the universal QR code to sellers will be determined by the Board of Directors of the Bank of Russia.

Let us recall that digital rubles will be in circulation along with cash and non-cash. People will be able to create a wallet and use the digital national currency through the usual applications of banks connected to the digital ruble platform of the Bank of Russia. All transactions with the digital national currency for citizens will be free. The choice of whether to use digital rubles or not remains with the person.

Read more about the digital ruble on the website Bank of Russia.

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Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: Guarantee system for IIS-3.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

A system of guaranteeing property on individual investment accounts (IIA) of the third type will appear in Russia. It will be possible to count on compensation for assets in the event of bankruptcy of the professional participant who was engaged in maintaining the account. Such law adopted by the State Duma.

The compensation fund will be formed from voluntary contributions of professional participants who work with IIS and have joined the guarantee system. The operator of the system will be the currently operating Federal Public-State Fund for the Protection of the Rights of Investors and Shareholders, which will be renamed the Individual Investment Account Guarantee Fund. It will determine the amount of contributions and will be responsible for payments.

An affected investor may apply to this fund if he/she has not received his/her assets in full within 6 months after the professional participant has been declared bankrupt and bankruptcy proceedings have begun. The maximum compensation amount is 1.4 million rubles for all accounts opened with the bankrupt.

The law defines the specifics of participation in the guarantee system, the procedure for the formation of the compensation fund and the investment of its funds, and also establishes requirements for the structure and powers of the governing bodies of the system operator.

Preview photo: Cholpan / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.