Financial news: On December 23, 2025, the Territorial Development Fund will hold a deposit auction.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

Parameters;

The date of the deposit auction is 23.12.2025. The placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 11,552,000,000. Placement period, days 28. The date of depositing funds is 23.12.2025. The date of return of funds is 20.01.2026. The minimum placement interest rate, % per annum is 16. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 11,552,000,000. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open).

The basis of the Agreement is the General Agreement. Schedule (Moscow time). Preliminary bids from 10:30 to 10:40. Competitive bids from 10:40 to 10:45. The cutoff percentage may be set or the auction declared void by 10:55. Additional terms and conditions apply.

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: 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.

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.

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.

A RUDN University student created an interactive culinary map of Vietnam.

Translation. Region: Russian Federation –

Source: Peoples'Friendship University of Russia

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Fourth-year student at the RUDN University Graduate School of Management, Le Thi Huong Ly (Tourism major), developed and registered an interactive gastronomic map of Vietnam with Rospatent. The digital guide allows for a deeper dive into the country's culture, planning delicious itineraries, and supporting local businesses.

The project, created under the guidance of academic supervisor Olga Zeveke, is more than just a website. It is a research project that combines modern IT technologies with the preservation of cultural heritage.

What can the card do?

An interactive map is a comprehensive digital product that solves several traveler's problems at once:

Information. The map displays traditional dishes, drinks, and local products (delicacies) from different regions of Vietnam. Navigation. Users can find places to try local food, from street vendors to restaurants. Cultural immersion. Each spot is provided not just with a description, but also with cultural context—the history of the dish, its ingredients, and photographs.

This approach is fully consistent with the global trend of considering cuisine a key element of cultural identity and a powerful tourism resource. Vietnam's culinary heritage is rich and diverse.

Relevance of the project

The RUDN University student's development is interesting not only from a tourism perspective but also from an economic one. The map could become a tool for supporting local businesses, as it directly assists producers and restaurants by providing them with a digital "shopfront" to attract tourists.

"The project also fulfills an important mission of preserving and digitally recording unique recipes and traditions, which is especially valuable in the era of globalization," noted Le Thi Huong Ly.

Furthermore, the map is in line with the development of culinary tourism. The project fits perfectly into Vietnam's strategy for developing as a tourist destination, where experiencing authentic cuisine is the primary motivation for travel. The development of culinary tourism has been officially recognized as one of the country's priorities.

Technology and the Future

The project is designed as a website, making it accessible from any device. Its interactivity is a key advantage. Users can select regions, explore detailed information about dishes, filter establishments by type, and plan their own personal gastronomic itinerary.

The project's overall goal is to create a unified platform uniting culinary specialties (gastronomic attractions) from around the world. This is a striking example of how academic knowledge, applied research, and the personal initiative of a RUDN student can lead to the creation of a real, sought-after product at the intersection of education, culture, and modern technology.

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: 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.

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

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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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.

Retailers want to legalize logistics "taxes" from suppliers.

Translation. Region: Russian Federation –

Source: KMZ Cargo – KMZ CARGO –

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Networks want to exempt their transportation services from the 5% commission cap. They promise efficiency to their partners, but manufacturers fear this will become a tool for covertly increasing their costs and compensating for their own margins.

One of the key legislative initiatives in the trade sector—the possibility of exempting retail chain logistics services from the maximum 5% supplier-to-retailer remuneration—has received mixed reviews from industry associations, Izvestia reports.

AKORT, which represents the interests of large retailers, insists the measure will reduce supplier costs and will not lead to price increases, while Rusprodsoyuz, which represents manufacturers, sees this as a threat of a return to opaque schemes and increased pressure on suppliers. The discussion was sparked by the Federal Antimonopoly Service's response to the new trade rules prepared by the Ministry of Industry and Trade, in which the regulator expressed concerns about the initiative's potential impact on the final cost of goods.

Stanislav Bogdanov, Chairman of the AKORT Presidium, categorically disagrees with the FAS position. He explained to Izvestia that the chain's remuneration is not included in the product price, but is a separate payment. In his opinion, providing suppliers with access to an efficient retail logistics infrastructure will, on the contrary, reduce their costs. Bogdanov noted that chains' transportation, storage, and handling services are often cheaper than market rates due to their scale, but they cannot offer them in full due to the statutory 5% cap. Already, many suppliers, especially those operating in remote regions, have logistics costs reaching 3.9-4.1% of this cap, and for deliveries outside of Central Russia, costs increase exponentially. This, according to the expert, makes the existing strict cap economically inadequate to the actual cost structure of manufacturers.

Dmitry Vostrikov, Executive Director of Rusprodsoyuz, holds a diametrically opposed view. He believes the initiative will allow chains to formally declare "zero markups" and their role in price containment while maintaining profit margins. Revenue will be secured through logistics services, for which chains will be able to dictate tariffs to suppliers, forcing them to compensate for the retailers' desired profits. According to him, this tactic shifts the blame for rising prices to the food industry, since suppliers, without direct contact with the end customer, are forced to negotiate any cost increases with the chain. Vostrikov noted that producers see this move as a return to opaque revenue distribution along the chain and do not support it. The debate is taking place against the backdrop of discussions on the roadmap for a national retail model developed by the Ministry of Industry and Trade. Earlier, on December 12, 2025, business representatives, including AKIT President Artem Sokolov, proposed that the agency revise the document by eliminating a number of provisions and adding new ones.

As a reminder, the Russian retail market and related logistics will likely remain in a full-blown crisis throughout 2026, according to Fedor Virin, a partner at Data Insight and co-founder of EW Club. The main problem, according to the expert, is that the long-standing growth model based on market expansion has exhausted itself. Companies can now stay afloat only by redistributing their existing, shrinking capital, which requires aggressively taking market share from competitors. This fundamentally changes the rules of the game that have characterized business over the past quarter century, Virin asserts. LR

Read more:http://logirus.ru/nevs/transport/retail_wants_to_legalize_logistics_obrok_from_suppliers.html

Publication date: 12/22/2025

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

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

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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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.

Financial news: Depository accounting: new regulations.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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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.