Category: Russian Economy

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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 –

An important disclaimer is at the bottom of this article.

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.

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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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Financial news: Optimization of issuers' reporting: proposals from 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 plans to improve the quality of issuers’ reporting, increase its value and ensure greater demand. Your suggestions the regulator puts it up for public discussion.

First of all, it is proposed to eliminate duplication of information. Currently, issuers are required to publish reports on their activities twice a year – at the end of 6 and 12 months. Moreover, these documents have static sections where there is no promptly updated information, for example, a section on corporate governance. It is advisable to disclose such information in the annual report – a key tool for communicating with investors. Moreover, the regulator considers it necessary to standardize this document: it will have mandatory chapters that the issuer will be able to structure at its own discretion. Currently, there are no strict requirements for its composition – it is important that it simply exists.

The Bank of Russia also proposes to eliminate the time lag between the publication of consolidated financial statements and the issuer's report, which explains the reasons for achieving such results. According to the regulator, these documents should be disclosed simultaneously so that the market has up-to-date information on the company's activities.

One of the important initiatives is the transition from manual preparation of reports to electronic formats. The use of machine-readable forms will reduce the time for processing and analyzing data, which will help investors make investment decisions based on high-quality information.

The discussion of the Bank of Russia's initiatives will last until August 1, 2025 inclusive.

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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: Insurance license revoked from SK KHATKHOR LLC (10.07.2025)

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

By order No. OD-1469 dated 10.07.2025, the Bank of Russia revoked the license dated 28.12.2023 OS No. 4404-03 for the implementation of compulsory motor third party liability insurance (MTPL) of the limited liability company INSURANCE COMPANY HATHOR (registration number according to the unified state register of insurance entities 4404, hereinafter referred to as SK HATHOR LLC).

The Bank of Russia made this decision on the basis of subparagraph 3 of paragraph 2 of Article 32.8 of Law No. 4015-1 of the Law of the Russian Federation of 27.11.1992 “On the Organization of Insurance Business in the Russian Federation” (hereinafter referred to as Law No. 4015-1), guided by the fact that SK KHATKHOR LLC:

violated the minimum permissible value of the standard ratio of own funds (capital) and accepted liabilities established by the Bank of Russia in accordance with paragraph 4.1 of Article 25 of Law No. 4015-1, which creates a threat to the rights and legitimate interests of policyholders, insured persons, and beneficiaries. In order to comply with the requirements of the financial stability of the insurer, the minimum permissible value of the standard ratio is 1. The value of the standard ratio of SK KHATKHOR LLC has been steadily decreasing in 2025 from 0.75 on 31.01.2025 to 0.31 on 31.05.2025; previously violated the requirements of insurance legislation, in connection with which the Bank of Russia applied to it for one year the measures provided for in the third paragraph of subparagraph 2 of paragraph 2 of Article 32.5-1 of Law No. 4015-1.

The decision came into force on the day of its adoption.

By order of the Bank of Russia dated 10.07.2025 No. OD-1470, a temporary administration of SK KHATKHOR LLC was appointed from 10.07.2025 for a period of six months.

The functions of the temporary administration are assigned to the State Corporation “Deposit Insurance Agency”, which exercises the powers of the executive bodies of LLC “SK “KHATKHOR”, identifies creditors of LLC “SK “KHATKHOR” and maintains a list of submitted claims.

After the revocation of the license of SK KHATKHOR LLC, the MTPL contracts continue to be valid until their expiration.

Compensation payments for damage caused to the life, health or property of the victim under the OSAGO contracts of LLC "SK "KHATKHOR" will be carried out by the Russian Union of Auto Insurers (RSA). Information on the implementation of compensation payments can be found on the official website of the RSABBV. Autoins.ru, section "Compensation payments".

In connection with the revocation of the license of LLC "SK "KHATKHOR", policyholders have the right to terminate the MTPL agreement early. In this case, the policyholder must be returned a portion of the insurance premium minus the costs of implementing MTPL and deductions to the reserve for compensation payments, in the amount of the share attributable to the unexpired term of the agreement or the unexpired period of use of the vehicle.

For early termination of the MTPL agreement, as well as other issues related to the activities of LLC "SK "KHATKHOR", please contact the following address: 283001, Donetsk People's Republic, Donetsk city district, Donetsk city, Ilyicha ave., 3.

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

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The Caucasus Investment Forum 2026 will be held from May 17 to 19 in Mineralnye Vody.

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.

Deputy Prime Minister of the Russian Federation Alexander Novak, who oversees the North Caucasus Federal District, held the first meeting of the Organizing Committee for the preparation and holding of the Caucasus Investment Forum in 2026.

The event was attended by representatives of federal authorities, heads of regions that are part of the North Caucasus Federal District, top managers of the largest state corporations, members of business associations and public organizations, representatives of industry communities. According to the decision of the Organizing Committee for the preparation and holding of KIF-2026, next year the Forum will be held from 17 to 19 May in Mineralnye Vody at the MinvodyEXPO IEC.

The Caucasus Investment Forum is held in order to increase the investment potential of the North Caucasus Federal District and in the interests of its sustainable socio-economic development.

Opening the meeting, Deputy Prime Minister of the Russian Federation Alexander Novak thanked the organizers, members of the Organizing Committee, representatives of departments and companies that took part in organizing the Caucasus Investment Forum in 2025, noted the high assessment of the past event by the country's leadership, the high-quality composition of the participants, including foreign ones. "The Caucasus Investment Forum 2025 in Mineralnye Vody was an important step forward – both in terms of organization and content. We were able to exceed the bar of last year, and this is the result of the teamwork of all participants. I thank the Organizing Committee, the Government of the Stavropol Territory and the Ministry of Economic Development of Russia for their contribution to the preparation of the Forum. Special thanks to the Roscongress Foundation, the team and partners – your support made the Forum meaningful and large-scale. The Vershina Award showed an increase in investor interest in the region – 266 applications from 49 regions. I consider it important to continue holding it in 2026. The youth program covered key areas – IT, science, entrepreneurship, tourism. This confirms that the Caucasus has a strong human resource. Today we are already starting preparations for KIF-2026 in order to hold it even more effectively," noted Alexander Novak.

Adviser to the President of the Russian Federation, Executive Secretary of the Organizing Committee of the Caucasus Investment Forum Anton Kobyakov noted that the North Caucasus is a promising region with many growth points. "Among the areas of active development of the regions of the district are tourism, agriculture, employment. Systematic work on the infrastructure development of the North Caucasus continues. Holding the Caucasus Investment Forum opens up broad opportunities for cooperation between the North Caucasus Federal District and other regions of Russia, including in terms of attracting new economic partners and expanding prospects for the development of industrial and agricultural production, as well as strengthening the region's position in the tourism market."

The business program of KIF-2026 will be attended by heads of government bodies, representatives of Russian and international companies, mass media, youth and scientific communities. The forum will become a platform for negotiations and conclusion of business contracts for the purpose of developing investment projects and public-private partnerships in Russian regions.

The business program in 2026 will place special emphasis on expanding international economic cooperation, primarily with the countries of the Azov-Black Sea and Caspian basins. It is planned that representatives of these states will actively participate in the forum, which will open up new opportunities for creating international transport and logistics routes and implementing joint investment projects in such areas as mining, ecology and cultural interaction.

The organizer of the KIF is the Roscongress Foundation with the support of the Ministry of Economic Development of the Russian Federation.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of national and international congress, exhibition, business, public, youth, sporting, and cultural events, created in accordance with the decision of the President of the Russian Federation.

The Foundation was established in 2007 with the aim of promoting the development of economic potential, advancing national interests and strengthening the image of Russia. The Foundation comprehensively studies, analyzes, forms and covers issues of the Russian and global economic agenda. Provides administration and facilitates the promotion of business projects and attracting investments, promotes the development of social entrepreneurship and charitable projects.

The Foundation's events bring together participants from 209 countries and territories, more than 15,000 media representatives work annually at Roscongress venues, and more than 5,000 experts in Russia and abroad are involved in analytical and expert work.

The Foundation interacts with UN structures and other international organizations. It develops multi-format cooperation with 226 foreign economic partners, associations of industrialists and entrepreneurs, financial, trade and business associations in 89 countries of the world, with 358 Russian public organizations, federal and regional executive and legislative bodies of the Russian Federation.

Official Telegram channels of the Roscongress Foundation: in Russian — t. me/Roscongress, in English — t. me/RoscongressDirect, in Spanish — t. me/RoscongressEsp, in Arabic — t. me/RosCongressArabic. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Financial news: Volunteers will teach how to check information and will identify unfair practices of financial organizations

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

Volunteers will teach people how to navigate the information space in order to distinguish fraudsters' tricks from current offers in the financial sector. They will also help financial institutions better understand the problems of clients with different types of disabilities and identify unfair practices in the market. Such priorities were identified by participants of the XI All-Russian Congress of Financial Education Volunteers.

The Congress traditionally brings together volunteers from all over the country and serves as a platform for exchanging experiences, developing and scaling initiatives, identifying modern trends and promising areas for promoting financial literacy.

Most of the initiatives presented at the congress are designed for adults. The emphasis is on a targeted approach, the ability to adapt an idea to the needs of the target audience. For example, volunteers conduct classes on family budget management with newlyweds, where they teach how to find a compromise in delicate financial matters. Financial activists also help organize training and employment for young people with disabilities, tell military personnel how to resist fraudsters, and explain the peculiarities of Russian financial legislation to residents of new regions.

"Teaching adults is not easy: everyone has their own life experience, education, priorities. Not everyone is ready to learn just because someone said it is important and necessary. But people are happy to learn when they are given knowledge at the right time and in a convenient form. Therefore, flexibility and a variety of formats are very important, and this is exactly what we are learning from you, from financial education volunteers," said Elvira Nabiullina, Chairman of the Bank of Russia.

Today, the register of financial education volunteers already includes 19 thousand activists: students, professional financiers, employees of educational institutions, public organizations, and commercial companies.

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Financial News: Five principles for artificial intelligence: regulator's recommendations on the use of AI

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

For example, customers should be informed when they are interacting with AI and provided with the opportunity to opt out of such interactions.

The Bank of Russia also suggests that organizations regularly check the quality of AI, pay attention to maintaining the confidentiality of personal data, and organize AI risk management.

“We have studied global trends in AI regulation, discussed with market participants and came to the conclusion that for the Russian financial market at this stage, soft regulation of the use of such technology will be relevant. We hope that the guidelines laid down in the Code of Ethics will be able to make financial services, in which artificial intelligence is integrated, even more high-quality, safe and convenient,” said Stanislav Korop, Head of the Department of Financial Technologies.

In addition, according to the Bank of Russia, the exchange of experience and best practices in compliance with ethical recommendations can play a special role in the trusted and responsible use of AI in the financial market. The regulator is ready to facilitate this.

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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: Heirs will be exempted from penalties for late payments on loans of their relatives for six months

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

From September 1, 2025, banks and microfinance organizations will not be able to charge penalties, fines and fines on the debts of a deceased borrower while his relatives are processing the inheritance. law adopted by the State Duma.

The ban will be in effect for 6 months, unless another period for entering into inheritance rights is established by law or a court decision. This rule applies to both consumer credit or loan agreements of the deceased, and mortgage loans.

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The Ministry of Economic Development and the leadership of the Omsk region discussed the development of the territory of the SEZ "Avangard"

Translation. Region: Russian Federal

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

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Deputy Minister of Economic Development of the Russian Federation Svyatoslav Sorokin held a meeting on the development of the territory of the special economic zone (SEZ) "Avangard" during a working visit to Omsk Oblast.

To date, 11 residents have registered in the SEZ, who have already invested 5.7 billion rubles and created 108 jobs.

The plans for the development of the SEZ include the placement of new investment projects. The key project will be the construction of a tire plant of JSC Avangard (part of the Ural Mining and Metallurgical Company, UMMC). The total investment in the project will amount to 41.5 billion rubles. The start of production is scheduled for the first quarter of 2028. The enterprise will produce up to 10.5 thousand extra-large tires per year – for quarry equipment, dump trucks and heavy machines operating in the mining industry. Each such tire is designed for a load of over 20 tons. The products are oriented, among other things, to the needs of Kuzbass and the Far East. About half of the volume will be consumed within UMMC's own contour, which ensures guaranteed demand.

It was noted at the meeting that in order to continue working to attract investment to the SEZ territory, it is necessary to carry out measures to develop water supply and sanitation networks, the estimated cost of which is 3.044 billion rubles. The possibility of financing was announced by Svyatoslav Sorokin through the mechanism of providing the region with a treasury infrastructure loan. Following the meeting, the Government of Omsk Region sent a corresponding application to the Ministry of Economic Development of Russia.

"Development of the territory of the SEZ "Avangard" opens up opportunities for the placement of new high-tech production facilities. The company's tire plant project is a large-scale investment initiative with an import-substituting effect and a significant contribution to the regional budget. Such projects form a new industrial profile of the Omsk Region," said Deputy Minister of Economic Development of Russia Svyatoslav Sorokin.

SEZ "Avangard" was created in December 2020 on the territory of Omsk. The total area is 165 hectares, of which 116 are intended for the placement of residents, 73% have already been leased or owned.

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Ministry of Economic Development: monitoring the quality of public services covers all services in the country.

Translation. Region: Russian Federal

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

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The Ministry of Economic Development of the Russian Federation has approved a new regulation on the Information and Analytical System for Monitoring the Quality of Public Services (IAS MKGU). The key innovation of the document was a significant expansion of the system's functionality. Now, not only are citizen reviews on the quality of state and municipal services collected and processed, but they are also analyzed using the BI analytical module. This allows for continuous monitoring of service quality in automatic mode, analyzing objective data from information systems regardless of the form in which they are provided.

The monitoring tracks the life cycle of the provision of services and electronic services. Monitoring is carried out on more than 20 indicators: refusals, delays, technical errors, level of complaints, assessment, level of satisfaction, feedback conversion and others. Based on the results, ratings of services, departments and subjects of the Russian Federation are formed. Last year, modern public opinion research tools were integrated into the system, including monitoring of social networks, a service for sending notifications and collecting feedback from applicants via the VK social network was launched.

Currently, 57 subjects of the Russian Federation are connected to the system. More than 5.3 million notifications were delivered to citizens, of which more than 1.17 million contained a feedback collection questionnaire. By May 2025, the conversion rate of feedback collection in VK through the Vashkontrol service was 82.1%.

"All these changes will allow us to promptly identify problem areas in the provision of public services and respond to them promptly, which will ultimately increase citizens' satisfaction with the work of government agencies. The updated IAS MKGU has become another step in the digital transformation of public administration on the way to increasing the efficiency of interaction between the authorities and society," said State Secretary – Deputy Minister of Economic Development of Russia Alexey Khersontsev.

IAS MKGU was created in 2012 to collect feedback and calculate the level of citizen satisfaction with the quality of services. Initially, the system was limited to monitoring 63 of the most popular services, but now all services and electronic services in the country will be covered.

Currently, representatives of ministries and departments of federal and regional government levels and MFCs are registering to gain access to personal accounts of the IAS MKGU, where they will be able to monitor the quality of their services in real time, receive information on deviations from target values and recommendations for eliminating deficiencies identified during monitoring.

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.