The government will support the construction of modular hotels in the regions.

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

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The Russian government has approved a regulation on the distribution of funds between regions to support the construction of modular hotels. It is planned to allocate 15 billion rubles in the next three years.

The modular hotel support program is in high demand among businesses and regions. 13 thousand rooms have already been introduced under this program. Given the demand for the program, the Government decided to extend the term of the program, and a selection of projects was conducted for the next three years. 77 regions took part in the competition, submitting 1.8 thousand projects for the creation of more than 40 thousand rooms. This is one and a half times higher than the figures for a similar competition two years ago.

Based on the results of the selection, 380 projects from 55 regions will receive support; they are aimed at creating almost 11 thousand rooms. State support funds will be used to provide financial support or reimburse the costs of purchasing and installing modular non-capital accommodation facilities for tourists. The largest amount of funding was allocated to regions with projects in tourist SEZs (North Caucasus Federal District, Irkutsk Region, Kemerovo) and entities through which popular tourist routes pass (Vladimir and Yaroslavl Regions).

For the first time, the Republic of Mordovia, Vologda Oblast and Kamchatka Krai will receive subsidies under the program, which became possible thanks to the high-quality development of their projects.

“It is important that such projects are implemented within the specified timeframes, that they meet the highest safety requirements and provide comfortable conditions,” emphasized the Chairman of the Government of the Russian Federation Mikhail Mishustin.

At the same time, investors in the Far East, the Arctic and the Far North are allowed to use subsidies for the construction of non-capital facilities for the placement of non-factory production. This is due to the remoteness of such territories from the centers of production of modular structures and the high cost of their delivery.

Among the priority areas are the implementation of investment projects in new regions and in the territories of special economic zones of the tourist and recreational type, the construction of facilities near automobile tourist routes passing through sections of the federal roads M-4 "Don", M-8 "Kholmogory", M-11 "Neva", M-12 "Vostok".

"The modular hotel support program has proven its relevance: businesses and regions have actively joined the work, proposing large-scale initiatives. We paid special attention to the transparency of the selection, stimulating responsible use of funds and compliance with implementation deadlines. Within two weeks, we plan to conclude agreements with the regions and provide funding so that within a month the funds will be received by investors and practical work will begin," said Maxim Reshetnikov, Minister of Economic Development of Russia.

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.

Financial News: Monetary Conditions Indicators Showed Retention of Achieved Tightness in May

Translation. Region: Russian Federal

Source: Central Bank of Russia –

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Nominal interest rates declined in May, but a renewed decline in inflation expectations helped maintain the achieved tightness of monetary conditions. However, the decline in nominal rates became more pronounced in June.

Operational estimates indicate a further decrease in interest rates on loans and deposits in June. Credit activity in the corporate and retail segments remained moderate. This restrained the growth of the money supply. The dynamics of monetary aggregates in June were comparable to May.

For more details, read the information and analytical commentary "Monetary conditions and the transmission mechanism of monetary policy".

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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.

Study: This summer, Russians are more likely to travel around the country by car with their families

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

An important disclaimer is at the bottom of this article.

Two thirds (62%) of Russians plan to go on holiday this summer, half (49%) will go on holiday with their spouse, and another 40% will take their children with them.

Most often, citizens plan tourist trips by car (38%), in second place among modes of transport is the train (29%), in third place is the plane (21%). The demand for various formats of recreation is growing: the most popular were trips along eco-trails (37%) and signature tours (33%). The main motive for summer travel is a reboot. These are the results of a study on the preferences of summer recreation of Russians, conducted by ANO "National Priorities" and the Ministry of Economic Development in June 2025.

Family vacations are still at the top of our citizens’ preferences: 49% of respondents will vacation with their spouse, and another 40% will take their children with them. This format is most popular among respondents in two age groups: 35–44 years old (57%) and 45–54 years old (54%). Among the types of transport that people will travel by this summer, the most popular is the car: 38% of respondents choose it. 29% of respondents will travel to their vacation spots by train, and 21% by plane.

"Studies of Russian tourists' preferences regularly record the growth in popularity of car trips. We expect that this summer the share of car tourists will grow from 38% to 43% compared to last year. For this category, we have created more than 93 ready-made tourist routes together with the regions. Detailed information about them can be found on the National Tourism Portal "Puteshestvoem.rf". We support the development of car routes, as well as their infrastructure, with measures that are in effect within the framework of the national project "Tourism and Hospitality". In particular, this is a program for the creation of modular hotels, non-capital infrastructure facilities within the framework of a single subsidy. In these measures, projects related to the development of car tourism are highlighted as a priority. We are working separately with the Russian Ministry of Transport on repairing roads along routes, with the Ministry of Digital Development on developing communications on roads, and with the Ministry of Culture and the Ministry of Natural Resources on equipping tourist attractions with the necessary infrastructure,” notes Minister of Economic Development Maxim Reshetnikov.

The main tourist motive this summer is a reboot: 58% of Russians go on vacation to clear their heads and relax. In second place is the search for new experiences (52%), in third place is the restoration and strengthening of health, as well as providing an interesting vacation for their children (29% each).

48% of respondents plan to spend less than 50 thousand rubles on a summer vacation, 32% – from 50 to 100 thousand rubles. The majority of respondents planning a summer vacation this year are young people aged 18-24 (71%) and 25-34 (73%). Half of the respondents (52%) plan to vacation for one to two weeks, while younger people (18-34) are more likely than others to plan shorter trips.

"The study shows that Russians have begun to split the classic two-week vacation more often. Modern tourists prefer to vacation several times in the summer, choosing short trips – the so-called weekend trips. This is confirmed by the statistics of the National Tourism Portal "Puteshestvoem.rf": the corresponding section on it is one of the most popular along with car routes. Today, the portal offers more than 200 options for short trips to almost all regions of the country, and most of them will be of interest to families with children. Family vacations are an ongoing trend, and their popularity will only grow, which is reflected in the demand for a variety of formats. We also see a growing interest in event and cultural and educational tourism," notes Sofia Malyavina, General Director of ANO "National Priorities".

Perhaps the most interesting and unexpected conclusion from the study is the diversity of popular recreation formats. Thus, the leaders are eco-trail travel and signature tours: they are chosen by 37% and 33% of respondents, respectively. These formats are most in demand among young people (25-34 years old). Also popular with this age group are retreats – a quiet holiday that involves removing yourself from society, various spiritual and health practices. Creative tourism is also gaining popularity – active recreation, where you can gain new knowledge and learn new skills: it was noted by 26% of respondents.

This year, 17% of Russians will go to the Black Sea coast of Krasnodar Krai, 12% plan to vacation in Crimea or take short trips close to home. Almost half (46%) of respondents assess seaside vacations in Krasnodar Krai as safe, 38% of respondents are ready to consider trips to the Black Sea coast if prices drop.

8% are planning to travel abroad, while 57% of respondents expressed a desire to visit other countries if restrictions are lifted.

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.

Financial News: Ruble Strengthens Against Dollar in June, Stocks and Bonds Rise in Price

Translation. Region: Russian Federal

Source: Central Bank of Russia –

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The ruble rose against the US dollar for the seventh month in a row in June, while weakening slightly against the yuan. Demand for the currency from companies reached a year-low.

The softening of the Bank of Russia's rhetoric regarding the further trajectory of the key rate amid signs of slowing inflation supported the Russian financial market.

Yields on the OFZ and corporate bond markets continued to decline. Most major stock indices began to grow, with the Moscow Exchange Index up 0.7% over the month.

Read more in the next issue "Review of Financial Market Risks".

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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.

Financial news: Future rules on the IPO market: results of the discussion of the Bank of Russia report

Translation. Region: Russian Federal

Source: Central Bank of Russia –

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Bank of Russia defined prospects for regulating the IPO market after publicly discussing their initiatives. The proposed measures will contribute to the formation of best practices and improving the quality of IPOs.

The first part of the changes is aimed at adapting the information disclosed by issuers to the needs of investors. The summary of the securities prospectus will be transformed into a short and clear document, which reflects financial indicators in comparison with previous periods, a description of the company's development strategy, information on dividend policy and other key information. And the securities prospectus itself will need to include forecast indicators for the coming year.

Companies are also required to disclose information on the planned and actual distribution of shares among buyers, the existence of restrictions on the sale of securities by the issuer and current shareholders, as well as the mechanisms used to stabilize the price of shares to reduce their volatility after the IPO.

The regulator plans to establish a new listing condition. When entering an IPO, the issuer must submit at least two independent analytical reports with an assessment of the fair value of the company. They can be prepared by professional participants or audit organizations in the financial market. In their reports, they must reflect all the essential information about the company: the current position on the market and the results of activities, prospects and forecasts for development, possible risks. At the same time, they must justify the methodology of their assessment. As a result, retail investors will have access to high-quality analytics for making informed decisions.

For third-tier companies, additional guarantees of the reliability of information and the quality of the preparation of issue documentation will be attracted organizations providing services for the preparation of a securities prospectus and (or) the organization of placement. All changes are planned to be prepared by the end of 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.

The SCO countries agreed to cooperate in the creative economy.

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

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The meeting of the Commission of Senior Officials of the Ministries and Departments of the Member States of the Shanghai Cooperation Organization (SCO) responsible for foreign economic and foreign trade activities took place on July 10. The event was held under the auspices of Russia's chairmanship of the Council of Heads of Government (Prime Ministers) of the SCO Member States. The meeting was attended by Nikita Kondratyev, Director of the Department of Multilateral Economic Cooperation and Special Projects.

"For Russia, as well as for other SCO countries, the development of a creative economy is not just a strategic choice, but a natural path. Our countries have a rich cultural heritage, the necessary educational base and technologies, and most importantly, significant human capital," said Nikita Kondratyev.

During the event, the Russian side presented its partners with initiatives to develop the creative economy within the SCO. The meeting participants outlined further steps to implement targeted support measures for businesses engaged in creative industries, stimulate the implementation of joint projects for the production of animation content, and develop advanced digital solutions, video games, and software.

"Russian creative industries are ready to enter friendly foreign markets. We have already formed a pool of Russian creative products and technological solutions aimed at export to the SCO countries. As a result of the chairmanship, we plan to present to partners the trade and investment potential of domestic creativity and create a basis for scaling our creative industries to the markets of the SCO countries," added Nikita Kondratyev.

In the context of the “SCO Year of Sustainable Development,” the Russian side put forward an initiative to create the SCO Sustainable Development Council, a specialized platform for dialogue between business and academic circles.

"Today, business is the most important partner in solving sustainable development problems. Russian companies are actively implementing ESG strategies, investing in green technologies, and forming new models of responsible business management. We are ready to share best practices in developing effective management tools to achieve sustainable development goals (SDGs), attracting sustainable financing, and improving mechanisms for monitoring the achievement of goals at the enterprise level," said Nikita Kondratyev.

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.

Financial news: Monitoring of industry financial flows: payments in June at the level of the first quarter

Translation. Region: Russian Federal

Source: Central Bank of Russia –

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In June, the volume of incoming payments processed through the Bank of Russia increased after a decline in May and was 0.1% higher than the average level in Q1 2025.

Excluding extractive industries, oil product manufacturing and public administration, receipts decreased by 0.6%. A decrease in incoming payments in June was recorded in the consumer, investment and external demand sectors.

Read more in the next issue "Monitoring of industry financial flows".

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Over the year, the number of small and medium-sized companies has grown by 3%.

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

An important disclaimer is at the bottom of this article.

According to the annual update of the Unified Register of Small and Medium-Sized Businesses, which is administered by the Federal Tax Service of Russia, the country has recorded an increase in companies and individual entrepreneurs. Currently, there are almost 6.4 million SMEs.

"Based on the results of the annual update of the Unified Register of Small and Medium-Sized Businesses in Russia, 6.4 million operating companies and individual entrepreneurs have been registered. This is the highest figure since 2017, when the register was launched. We are recording a stable positive trend: compared to the previous period, the number of SMEs has increased by 3.2%, or about 200 thousand. Such results confirm the high role of small and medium businesses in the country's economy and the effectiveness of the measures taken to support and develop them," said Deputy Prime Minister of the Russian Federation Alexander Novak.

The annual update of the Unified Register takes place on July 10 and reflects the most current number of SME entities. It is carried out on the basis of the reports submitted by entrepreneurs at the beginning of the year for the previous period. Companies and individual entrepreneurs that no longer meet the SME criteria or have not submitted the required reports within the established deadline are excluded from the register.

"More and more enterprises are demonstrating dynamic development, going beyond the criteria established for small and medium-sized businesses. If previously about three thousand companies made the annual transition beyond the SME sector, this year their number approached five thousand. This indicates qualitative growth of business, its transition to a new level of maturity and scale. For such companies, we are already developing special measures to support SMEs in order to ensure their stable development and further integration into a higher-level economy," explained Maxim Reshetnikov, Minister of Economic Development of Russia.

"The Ministry of Economic Development of Russia also notes positive dynamics in the growth of the number of medium-sized enterprises. Currently, more than 22 thousand medium-sized companies are registered, their number has grown by 6% over the year, and by 19% compared to 2023," commented Deputy Minister of Economic Development of Russia Tatyana Ilyushnikova.

As a result of monthly updates of the Unified Register of SMEs, as a rule, an increase in the number of small and medium-sized enterprises is recorded. However, during the annual update, which is carried out on July 10, a reduction in the total number of entities is usually observed. This is primarily due to the administrative features of maintaining the register and does not reflect the real state of the SME sector.

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.

Financial news: The Bank of Russia has published a ranking of insurers based on complaints about compulsory motor third-party liability insurance for 2024

Translation. Region: Russian Federal

Source: Central Bank of Russia –

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Results presented in two tables: insurers with a client base of more than 2 million OSAGO contracts and small companies that do not exceed this threshold. This breakdown will help car owners compare companies of the same size.

The ranking is based on statistics of complaints to the Bank of Russia on MTPL issues for 2024, for which consumer rights violations were confirmed and supervisory measures were taken. Companies are distributed by the level of the consumer risk indicator — from highest to lowest. It is calculated as the ratio of the number of complaints about a specific insurer to every 10 thousand contracts concluded by it. Insurance companies that received only one complaint are not included in the ranking.

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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.

Financial news: Prospects for the development of the retail mutual fund market: report of the Bank of Russia

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

The Bank of Russia has analyzed and summarized the accumulated law enforcement practice in the retail mutual investment fund (MIF) market, international experience, as well as initiatives of market participants, and proposes to discuss possible directions for the development of this segment.

One of the development vectors may be the expansion of investment opportunities for retail funds. It is proposed to increase the list of non-traded securities in which they can invest, but to set a limit. Digital financial assets may also appear in the list of objects available for mutual funds for investment. This will require creating a legal framework, as well as developing a procedure for separating and storing such assets. But retail funds will not be able to start investing in them immediately, but over time.

Market participants also proposed creating opportunities for the emergence of funds with increased financial leverage in Russia. These are borrowed funds or derivative financial instruments that the fund additionally uses to generate profit. Currently, the amount of financial leverage that a mutual fund for non-qualified investors can take on is limited to 20% of the fund's net asset value (with the possibility of deviation up to 40% as a result of market factors). The Bank of Russia believes that increasing the leverage entails increased risks and requires additional investor protection measures.

The idea of creating a fund of funds also requires a comprehensive assessment. Currently, in Russia, a management company cannot acquire investment units of one mutual fund under its management as part of the assets of another mutual fund under its management. However, in international practice, there are master-feeder fund structures – this is the name for a central fund consisting of assets collected from other funds under its management. The regulator proposes to discuss the prospects for using such structures in Russia, as well as the problems that they will help solve in the collective investment market.

In addition, the report considers proposals to speed up operations with units. Currently, the procedures for issuing, redeeming and exchanging investment units of open-end mutual funds, as a rule, take place within 1 to 4 business days from the moment the client provides all the necessary documents and makes the payment. It is proposed to consider the possibility of reducing this period so that operations are carried out in T 0 mode.

More about possible scenarios for the development of retail mutual fundsread in the report. Answers to questions presented in the material, comments and suggestions to it can be sent up to and including September 1.

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