Category: Russian Economy

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22% of small and medium-sized businesses operate in priority sectors of the economy

Translation. Region: Russian Federal

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

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More than 1.5 million small and medium-sized businesses in Russia operate in priority sectors of the economy, including manufacturing, tourism, information technology, communications, as well as professional, scientific and technical activities.

"Small and medium-sized enterprises operating in priority sectors continue to demonstrate sustainable growth, create jobs, promote technological development and provide a powerful multiplier effect for the economy. Today, more than 1.5 million companies operate in such industries as manufacturing, tourism, IT, communications, professional and scientific and technical activities – this is 22% of all SMEs. The creative economy is also acquiring special significance – more than 402 thousand small and medium-sized businesses are successfully developing in the areas of digital technology, leisure, hospitality. These companies are becoming growth points both for the regions and for the country as a whole," emphasized Deputy Minister of Economic Development of Russia Tatyana Ilyushnikova.

Financial indicators also confirm the positive dynamics. According to the results of 2023, the revenues of companies operating in priority industries amounted to 336 billion rubles, which is 22% more than in 2021 (234 billion rubles).

In total, almost 6.5 million people are employed in priority sectors, which is 34% of all workers in the SME sector. Over 821 thousand people work in the creative economy.

The top regions with the largest number of SMEs from priority sectors include:

— manufacturing industries: Moscow, Moscow region, St. Petersburg, Sverdlovsk region, Krasnodar region;

— hotels and catering establishments: Moscow, Krasnodar Krai, Moscow Region, St. Petersburg, Rostov Region;

— information and communication, as well as professional, scientific and technical activities: Moscow, St. Petersburg, Moscow region, Krasnodar region, Sverdlovsk region.

Government support facilitates the development of companies from priority sectors. Investment loans under the new program of the Ministry of Economic Development of Russia and the Bank of Russia, subsidies for the placement of securities on the stock exchange, the mechanism of "umbrella" guarantees, microloans, guarantees of regional guarantee organizations and other types of support are available to enterprises.

Assistance is provided within the framework of the national project “Efficient and Competitive Economy”.

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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Alexey Khersontsev congratulated on the Day of the MFC employee.

Translation. Region: Russian Federal

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

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State Secretary – Deputy Minister of Economic Development of Russia Alexey Khersontsev congratulated the specialists of the My Documents government services centers on their professional holiday – MFC Employee Day.

In particular, he noted that for many years, MFCs have remained a shining example of effective interaction between the state and the individual, combining high standards of comfort and accessibility of state and municipal services, related services and services. This is largely due to the high level of professionalism and responsible approach to the work of the center's specialists.

"Today, MFC is not just a recognizable name and logo, modern centers designed in a single style. First of all, MFC is a strong and close-knit team of dedicated professionals who daily provide comfortable public services to thousands of Russians. Together with you, we created a network of MFCs and continue to improve it. Together with you, we quickly expanded the MFC network in new regions. Together with you, we continue to work hard to ensure quick solutions to life situations of Russians," said Alexey Khersontsev.

MFCs of Russia retain their leadership in the use of modern technologies. Social media services, biometrics-based applicant services, new services, regional projects – all this sets the prospects for further implementation of innovations. The implementation of socially significant initiatives is also one of the key aspects of the MFC work.

"Thanks to the coordinated work of federal authorities and government service centers, it has become possible to obtain a certificate confirming participation in a special military operation in the shortest possible time in the MFCs of all regions. Currently, a pilot project is being implemented in the MFCs of a number of Russian regions to obtain several support measures for military personnel within the framework of a comprehensive request. In your desire to provide the necessary support to those who need it most, we see your sincere interest, and we express our deep gratitude," Kirill Albychev, Director of the Department for Ensuring the Quality of Public Services to the Population and the Performance of Government Functions, addressed the MFC specialists.

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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Changes in the issuance of licenses and permits were enshrined in law.

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.

The results of four years of work to reduce the time for issuing licenses, permits and the number of required documents, convert permits into electronic form and other simplifications for businesses and citizens are enshrined in amendments to the relevant federal laws. The bill was developed by the Ministry of Economic Development of Russia on the instructions of Deputy Chairman – Head of the Government Staff Dmitry Grigorenko. Today, the Federation Council approved these amendments.

"The government is creating conditions for comfortable business in Russia. Optimizing the process of obtaining permits is an important part of this work. We have digitalized the entire procedure – from filing an application to issuing the permit itself. We have established interdepartmental cooperation so that the state does not request documents from an entrepreneur that are at the disposal of government agencies. This approach has allowed us to halve the number of requested documents and the time it takes to obtain a permit. At the same time, the requirements for organizations and individuals themselves remain at the same level," commented Deputy Prime Minister and Head of the Government Staff Dmitry Grigorenko.

According to the State Secretary – Deputy Minister of Economic Development of Russia Alexey Khersontsev, as a result of the implementation of this legislative initiative, 69 federal laws in various areas have been adjusted. It is important to note that the optimization of those government services that have shown positive results and for which it has been possible to obtain confirmation in practice that permits can be provided in a shorter time frame and with a smaller package of documents for the applicant is being consolidated. Such services are included in the law.

"When finalizing the bill at the State Duma with the participation of industry departments and businesses, in particular, the number of types of licenses and permits affected by optimization was expanded. These are permit regimes in the areas of transport, construction, nature management and environmental protection, industrial safety, education, communications, tourism, accreditation of legal entities," explained Alexey Khersontsev, adding that we are talking about areas in demand by businesses and citizens. At the same time, about 9.5 million applications for experimental services were received in 2024 alone.

The law also forms a list of tools with which the experiment was implemented. Firstly, this is a comprehensive application. With its help, you can apply for several permits at once by submitting one application on the Unified State Services Portal. For example, the "Opening a Pharmacy" complex is already available. By the end of the year, it is planned to make about 20 more comprehensive applications available to businesses.

Secondly, the mechanisms of interdepartmental information exchange are being improved. At the stage of preparing applications to the permitting authority on the Unified State Services portal, the necessary information is automatically pulled up and after the application is sent, it is also forwarded to the authority. Since May 2025, such functionality has been tested by Rosreestr when requesting an extract from the Unified State Register.

The bill also develops a mechanism for proactive work between the state and business, noted Alexey Khersontsev.

"The proactive mode is when the systems of the Unified State Services portal remind businesses and citizens of the need to renew permits and automatically send a pre-filled application for their registration – taking into account the current information from other state systems. Since May of this year, eight proactive services from Rosrybolovstvo, FMBA, Rostransnadzor, Rosmorrechflot and other agencies have already been implemented on the Unified State Services portal," he emphasized.

After the adoption of the law, more than 250 by-laws will have to be adopted, summed up Oleksiy Khersontsev.

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: Registration for Finopolis-2025 is open.

Translation. Region: Russian Federal

Source: Central Bank of Russia –

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The Finopolis Forum of Innovative Financial Technologies is 10 years old. This year it will be held from October 8 to 10 at the Sirius federal territory. You can register atwebsite.

The forum will be attended by the management of the Bank of Russia, representatives of relevant ministries and departments, leading financial and digital fintech companies, as well as opinion leaders in the field of technology. They will discuss trends and vectors of development of financial technologies in various segments of the financial market.

According to established tradition, an exhibition will open for forum guests, where the latest achievements in the field of innovation will be presented.

Preview photo: Elizaveta Ageenko / Bold Friday Studio

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: Bank of Russia to supervise installment service operators

Translation. Region: Russian Federal

Source: Central Bank of Russia –

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Laws The State Duma adopted a resolution on requirements for installment service operators and contracts with them.

Now sellers and installment service operators (intermediaries between the seller and the buyer) will not be able to disguise interest on deferred payments by setting different prices for goods in installments and for cash. The amount of fines that installment service operators can collect from users is also limited.

In addition, if the citizen’s installment obligations exceed 50 thousand rubles, the service operator will be obliged transfer this information to the credit bureau. This will help banks and microfinance organizations assess the level of a person's debt burden when applying for a loan or credit. Thus, citizens will be better protected from debt overload and default risks.

Legislators also gradually limited the maximum period of interest-free installments: from April 1, 2026 – 6 months, from April 1, 2028 – 4 months.

The changes will come into force on April 1, 2026.

Preview photo: Reshetnikov_art / 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.

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Financial News: Partner Financing Experiment Extended Until September 2028

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

Law, which extends the experiment in partnership financing, also provides for the improvement of its mechanisms. The law was adopted by the State Duma and approved by the Federation Council.

The experiment will be carried out from September 1, 2023, on the territory of Bashkortostan, Dagestan, Tatarstan and the Chechen Republic. It was initially announced for two years.

The law expands the list of partnership financing operations, including opening accounts by banks that have the appropriate license. The list of operations also includes mutual insurance.

A special committee will be created to approve standards for partner funding. Companies should indicate in their advertising that they are participants in the experiment.

In addition, the list of grounds for refusing to include organizations in the register of experiment participants is being expanded, as well as the list of grounds for exclusion from it. This will reduce the risks of unscrupulous companies participating in the experiment.

The purpose of the law is to create a more correct and uniform provision of partnership financing services, to increase the transparency and attractiveness of the experiment, including for foreign investors.

Preview photo: Ele Sviridova / 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.

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Financial news: The Russian market has launched an index of benchmark stock issuers

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

"Companies from the financial and non-financial sectors were among the applicants for inclusion in the Program," notes Ekaterina Abasheeva, Director of the Bank of Russia's Corporate Relations Department. "Following the review of applications, several issuers demonstrating the necessary institutional quality were selected. We hope that they will grow into a new generation of blue chips — companies that adhere to high standards of corporate governance and are interested in increasing their investment attractiveness. Together with the Moscow Exchange, we will continue to work on forming a pool of high-quality issuers participating in the Program."

The decision to include shares in the index is made by a committee, which includes representatives of the Bank of Russia, Moscow Exchange, and the Analytical Credit Rating Agency. The committee evaluates corporate governance, the level of information transparency of the issuer, and its financial and economic indicators. The status of a participant in the Program must be confirmed at least once a year. Issuers whose shares are included in the first or second level of the Moscow Exchange listing can participate in it.

Preview photo: Igor Paszkiewicz / 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.

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Financial news: On July 25 at 15:00 a press conference will be held on the results of the meeting of the Board of Directors on monetary policy

Translation. Region: Russian Federal

Source: Central Bank of Russia –

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

Elvira Nabiullina will make a statement on monetary policy and medium-term forecast.

The press conference will be held at the Bank of Russia press center. The broadcast of the speech will be available on our website, channel inTelegram, as well as on the official page in"VKontakte".

Accreditation for journalists is open until 17:00 on July 23 at the address Media@kbr.ru.

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: How to Inform Investors About Complex Financial Products

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

Information about such products should be placed in special sections of websites and mobile applications. It will be available to the user after he confirms the status of a qualified investor and becomes familiar with the risks of these instruments.

The recommendations are aimed at reducing the likelihood of unqualified investors being forced to buy complex financial instruments that could result in losses.

Let us recall that, according to the law, financial market participants are prohibited from offering a number of complex financial products to unqualified investors.

Preview photo: Sacred Spark Art / 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.

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Financial news: The Bank of Russia has decided to reduce the key rate by 200 bp, to 18.00% per annum (07/25/2025)

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

On July 25, 2025, the Board of Directors of the Bank of Russia decided to reducekey rateby 200 bp, to 18.00% per annum. Current inflationary pressures, including persistent ones, are declining faster than previously forecast. Domestic demand growth is slowing. The economy continues to return to a balanced growth trajectory.

The Bank of Russia will maintain the tightness of monetary conditions that is necessary to return inflation to the target in 2026. In the baseline scenario, this implies an average key rate in the range of 18.8-19.6% per annum in 2025 and 12.0-13.0% per annum in 2026, and means a long period of tight monetary policy. Further decisions on the key rate will be made depending on the sustainability of the inflation slowdown and the dynamics of inflation expectations. According to the Bank of Russia's forecast, given the current monetary policy, annual inflation will decrease to 6.0-7.0% in 2025, return to 4.0% in 2026, and remain on target thereafter.

In 2Q25, seasonally adjusted current price growth slowed to 4.8% annualized, after averaging 8.2% in 1Q25. Core inflation was 4.5%, after averaging 8.8% in the previous quarter. Annual inflation, as of July 21, was 9.2%. However, the monthly growth of the consumer price index will temporarily increase in July due to the significant indexation of utility tariffs.

The impact of tight monetary conditions on demand is increasingly evident in the reduction of inflationary pressure. The effects of tight monetary policy, including through the strengthening of the ruble, are largely reflected in the low growth rates of prices for non-food products. These effects are gradually manifesting themselves in the reduction of inflationary pressure in food products and services. Price dynamics remain uneven, but the spread by components has somewhat decreased.

A stable downward trend in inflation expectations has not yet formed. Long-term expectations calculated from financial market instruments have slightly decreased. Inflation expectations of professional analysts and the population have not changed significantly. Business price expectations in July slightly increased for the first time since the beginning of the year. In general, inflation expectations remain at an elevated level. This may prevent a more sustainable slowdown in inflation.

The Russian economy's upward deviation from the balanced growth trajectory is decreasing. Operational data, including in 2Q25, and survey indicators indicate a further slowdown in domestic demand growth while overall economic activity continues to grow moderately.

There are more signs that the tension in the labor market is easing. According to surveys, the share of companies experiencing a labor shortage continues to decline. There is still a decrease in demand for labor in certain industries and its flow to other sectors. Wages are growing more slowly than in 2024, but the rate of their increase is still outpacing the growth of labor productivity. Unemployment is at historical lows.

Monetary conditions remain tight, influenced by the monetary policy and autonomous factors. Since June, nominal interest rates have fallen in most financial market segments following the reduction in the key rate and the revision of market participants’ expectations for its further trajectory, but they remain high in real terms. Non-price conditions for bank lending are also tight.

While deposit rates are falling, households remain highly inclined to save. Lending trends are uneven across segments. Unsecured consumer lending is declining, while the portfolio of mortgage and corporate loans is growing at a moderate pace. Lending activity remains generally subdued.

Pro-inflationary risks prevail over disinflationary ones over the medium term. The main pro-inflationary risks are associated with a longer-term continuation of the upward deviation of the Russian economy from the balanced growth trajectory and high inflation expectations, as well as with the deterioration of foreign trade conditions. A further decline in the growth rates of the global economy and oil prices in the event of increased trade tensions may have pro-inflationary effects through the dynamics of the ruble exchange rate. Geopolitical tensions remain a significant uncertainty factor. Disinflationary risks are associated with a more significant slowdown in lending growth and domestic demand under the influence of tight monetary conditions.

The Bank of Russia proceeds from the declared parameters of the budget policy. Its normalization in 2025 will have a disinflationary effect. A change in the parameters of the budget policy may require an adjustment of the monetary policy being pursued.

Following the meeting of the Board of Directors on the key rate on July 25, 2025, the Bank of Russia updated medium term forecast.

August 6, 2025The Bank of Russia will publish a Summary of the Key Rate Discussion and a Commentary on the Medium-Term Forecast.

The next meeting of the Board of Directors of the Bank of Russia, at which the issue of the key rate level will be considered, is scheduled forSeptember 12, 2025The press release on the decision of the Board of Directors of the Bank of Russia will be published at 13:30 Moscow 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.