Russian Economy – Page 23 – MIL Translation Engine 1

March 3, 2026

Financial news: Demand for KSU on the Moscow Exchange money market has grown by one and a half times in a year.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

The share of transactions with clearing participation certificates (CPC) in the open position in repo transactions for businesses and private investors increased by one and a half times over the year and amounted to 51% at the end of February 2026.

The GSU is the most liquid instrument on the exchange-traded money market. The current open position of all Moscow Exchange money market participants in repo transactions with the GSU exceeds 4 trillion rubles.

The volume of repo transactions with clearing participation certificates (CPC) on the Moscow Exchange money market as of February 2026 amounted to 50.2 trillion rubles, which is 44% of the total volume of repo transactions with the central counterparty (CCP).

Dmitry Danilenko, Director of Money Market Development at Moscow Exchange:

"Exactly 10 years ago, we launched clearing participation certificates to give participants more collateral management options. Today, the repo market with CPCs accounts for more than a third of the total exchange-traded repo market, and over the 10 years of its existence, nearly 16,000 companies, as well as over two million private investors through money market funds, have used it to conduct transactions totaling over 1.6 quadrillion rubles. CPCs have become not just a convenient and flexible collateral tool for repo transactions, but a strategically important element of the Russian financial system."

CSUs are actively used in the money market fund segment—the share of transactions involving certificates in February 2026 was 39%. In the business repo segment, the share of transactions involving CSUs was 19% (9% compared to February 2025). Russian financial institutions account for 42% of the volume of repo transactions involving CSUs.

Since the introduction of CPCs on the Moscow Exchange, money market participants have concluded over 3.3 million transactions with them. Clearing participation certificates are also actively used in the CCP deposit segment. For example, the average daily open position in CCP deposits last year doubled compared to 2024, exceeding 515 billion rubles.

Based on repo operations with the CSU, the indicator is calculated RUSFAR, reflecting the value of secured money on the Russian market.

A CSU is a security issued to a participant in exchange for assets contributed to a repo pool. These assets may include stocks, bonds, Russian rubles, Chinese yuan, and precious metals such as gold and silver. The participant retains ownership of the contributed assets, including the right to receive income and voting rights.

Money market The Moscow Exchange is one of the most important segments of the Russian financial market, used by financial companies, large, medium, and small businesses, and individual investors to manage their liquidity. Money market instruments include repos with the Central Custody Transfer (CCT), repos with the Central Custody Transfer (CCT), repos with the Bank of Russia (CBR), interdealer repos, deposits with the CCT, loans, and deposit and loan auctions. Trading is organized by the Moscow Exchange, and clearing and settlement are performed by the National Clearing Center (NCC, part of the Moscow Exchange Group).

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.

March 3, 2026

Financial news: 03.03.2026, 10-03 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RNFT (RussNft JSC) security were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

March 3, 2026

10:03

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the NCC (JSC) on 03.03.2026, 10-03 (Moscow time), the values of the upper limit of the price corridor (up to 154.15) and the range of market risk assessment (up to 170.29 rubles, equivalent to a rate of 31.25%) of the RNFT (RussNft JSC) security were changed.

March 3, 2026

Financial news: On March 3, 2026, the Interregional Federal Treasury will hold deposit auction 22,026,054 in the field of liquidity management.

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 03/03/2026. Unique application selection identifier 22 026 054. Deposit currency rubles. Fund type – Unified Treasury Account. Maximum amount of funds placed on bank deposits, monetary units 200,000,000,000. Placement period, in days 21. Date of depositing funds 03/03/2026. Date of return of funds 03/24/2026. Interest rate for placement of funds (fixed or floating) FLOATING. Minimum fixed interest rate for placement of funds, % per annum – Basic floating interest rate for placement of funds RUONmDS. Minimum spread, % per annum 0. Terms of conclusion of the bank deposit agreement (term, replenished or special) Term.

The minimum amount of funds placed per application, in monetary units, is 1,000,000,000. The maximum number of applications from one credit institution is 2. Terms of offsetting mutual obligations under bank deposit agreements, repurchase agreements, and securities loan agreements (with or without offsetting mutual obligations). Without offsetting mutual obligations. Application selection form (Open with random completion, Closed, Open with extension). Open with extension. Application selection schedule (Moscow time).

Place of the order selection: Moscow Exchange. Orders will be accepted from 10:00 to 10:40. Preliminary orders will be submitted from 10:00 to 10:05. Competition orders will be submitted from 10:35 to 10:40. Random trading end period (sec.): 0. Bid increment: 0.1. Time increment (sec.): 60. The extension period ends at 10:50:00.

Formation of a consolidated register of applications from 10:50 to 11:20. Establishing a cutoff interest rate and/or recognizing the selection of applications as unsuccessful from 10:50 to 11:30. Formation of a consolidated register of bank deposit agreements from 11:30 to 11:50. Information on settlements in accordance with the requirements of paragraphs 64 and 65 of the Order of the Federal Treasury dated September 18, 2025, No. 8n.

March 3, 2026

Financial news: On March 3, 2026, the Interregional Federal Treasury will hold deposit auction 22,026,053 in the field of liquidity management.

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 March 3, 2026. Unique application selection identifier is 22,026,053. Deposit currency is rubles. Fund type is a Single Treasury Account. The maximum amount of funds placed in bank deposits is 300,000,000,000. Placement period, in days, is 14.

Date of depositing funds 03/03/2026. Date of return of funds 03/17/2026. Interest rate for placement of funds (fixed or floating) FLOATING. Minimum fixed interest rate for placement of funds, % per annum – Basic floating interest rate for placement of funds RUONmDS. Minimum spread, % per annum 0. Terms of concluding a bank deposit agreement (term, replenishable or special) Term. Minimum amount of funds placed for one application, monetary units 1,000,000,000. Maximum number of applications from one credit institution, pcs. 2. Terms of offsetting mutual obligations under bank deposit agreements, repo agreements and securities loan agreements (with offsetting mutual obligations or without offsetting). Without offsetting mutual obligations. Application selection form (Open with random completion, Closed, Open with extension). Open with extension. Order selection schedule (Moscow time). Order selection venue: Moscow Exchange.

Acceptance of applications from 10:00 to 10:20. Applications in preliminary mode from 10:00 to 10:05. Applications in competition mode from 10:15 to 10:20. Random end of trading period (sec.): 0 Bid step: 0.1 Time step (sec.): 60. End time of the extension period: 10:30:00. Formation of a consolidated register of applications from 10:50 to 11:20. Setting the cutoff interest rate and (or) recognizing the selection of applications as unsuccessful from 10:50 to 11:30. Formation of a consolidated register of bank deposit agreements from 11:30 to 11:50. Information on settlements In accordance with the requirements of paragraphs 64 and 65 of the Order of the Federal Treasury dated September 18, 2025 No. 8n

March 3, 2026

Financial news: On March 3, 2026, the Interregional Federal Treasury will hold deposit auction 22,026,052 in the field of liquidity management.

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: 03/03/2026. Unique application selection identifier: 22,026,052. Deposit currency: rubles. Fund type: Single treasury account. Maximum amount of funds placed on bank deposits, monetary units: 278,000,000,000. Placement period, in days: 2. Funds deposit date: 03/03/2026. Funds return date: 05/03/2026. Interest rate for funds placement (fixed or floating): FIXED.

Minimum fixed interest rate for placing funds, % per annum 14.8. Base floating interest rate for placing funds – Minimum spread, % per annum – Terms and conditions of concluding a bank deposit agreement (term, replenishable or special) Term. Minimum amount of funds placed per application, monetary units 1,000,000,000. Maximum number of applications from one credit institution, pcs. 2. Conditions for offsetting mutual obligations under bank deposit agreements, repurchase agreements and securities loan agreements (with or without offsetting mutual obligations). Without offsetting mutual obligations Application selection form (Open with random completion, Closed, Open with extension). Open with random completion. Application selection schedule (Moscow time).

The Moscow Exchange PJSC will host the order selection. Orders will be accepted from 10:00 AM to 10:10 AM. Preliminary orders will be submitted from 10:00 AM to 10:05 AM. Competition orders will be submitted from 10:05 AM to 10:10 AM. Random closing period (sec.): 120 Bid increments:

Time step (sec.):

Extension period end time:

Formation of a consolidated register of applications from 10:50 to 11:20. Establishing a cutoff interest rate and (or) recognizing the selection of applications as unsuccessful from 10:50 to 11:30. Formation of a consolidated register of bank deposit agreements from 11:30 to 11:50. Information on settlements In accordance with the requirements of paragraphs 64 and 65 of the Order of the Federal Treasury dated September 18, 2025, No. 8n

March 3, 2026

Financial news: The Bank of Russia challenged the Council Regulation of the European Union of 12 December 2025 in the EU Court of Justice in Luxembourg (03.03.2026).

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

On February 27, 2026, the Bank of Russia filed a challenge application with the General Court of the European Union (Luxembourg) Council Regulation (EC) No. 2025/2600 of 12 December 2025(hereinafter referred to as the EU Regulation). The application is submitted in accordance with Article 263 of the Treaty on the Functioning of the European Union. This continuation of workto challenge the European Union's illegal actions in relation to the sovereign assets of the Bank of Russia.

The contested EU Regulation established a permanent blocking (freezing) of the assets of the Bank of Russia, and also excluded the possibility of judicial protection of violated rights to assets, including by enforcing any court/arbitration decisions in connection with the measures adopted by this act.

The adoption of the EU Regulation has resulted in the violation of, among other things, the basic and inalienable rights of access to justice, the inviolability of property, the principle of sovereign immunity of states and their central banks, guaranteed by international treaties and European Union law, which is contrary to the fundamental principles of law and cannot be considered compatible with the principle of the rule of law.

Furthermore, the adoption of the contested EU Regulation was subject to significant procedural irregularities, in particular since it was adopted not by unanimity of EU members but by a majority vote, in contravention of the requirements of Article 215 of the Treaty on the Functioning of the European Union.

The Bank of Russia reserves all rights, claims, objections and remedies available to it in connection with the EU Regulation and any other measures taken by the European Union and/or its Member States in relation to the Bank of Russia or its assets.

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

March 3, 2026

08:00:00

March 3, 2026

Fewer clients – Russians' debt to microfinance organizations has decreased amid industry transformation

Translation. Region: Russian Federation –

Source: Mainfin Bank –

An important disclaimer is at the bottom of this article.

Image: mainfin.ru

What changes have the greatest impact on the work of microfinance organizations?

Concerned about the high debt burden of the population, the Bank of Russia has been implementing reforms in the microfinance sector for several years. The most significant changes affect microfinance organizations in 2025 and 2026:

In 2025, restrictions on issuing loans to microfinance organizations will be tightened loans Clients with high debt burdens; a "cooling-off period" has been introduced for loan and credit applications—this change affects both banks and microfinance organizations (MFOs); starting in 2026, the approach to assessing borrowers' solvency has changed—MFOs can no longer rely on credit history; clients must request proof of income; starting March 1, remote loan issuance is only possible using biometrics—this measure is intended to help combat fraud; starting in April of this year, the maximum overpayment on a microloan will be 100% of the debt amount (currently, the limit is 130%); in October, the rule of issuing one loan per client is planned to begin—lending will initially be limited to clients with two active contracts.

Overall, the industry is seeing a trend toward stricter regulation. However, microfinance companies are attempting to circumvent legal provisions. For example, marketplaces have been caught substituting concepts: instead of a loan agreement with a client, they issue an agency agreement. Such a transaction is possible even if a self-imposed loan ban has been established through Gosuslugi.

How is the microfinance services market undergoing a transformation?

Tighter regulations and the introduction of increased surcharges have led to a contraction of microloan portfolios in microfinance organizations. Thus, in 2025, microfinance companies reported the following performance results:

The total loan portfolio of microfinance organizations decreased by 1.1% in the fourth quarter; the portfolio of companies issuing loans offline decreased by 7.2% over the same period, and by 10.4% over the year; new loans from microfinance organizations began to be issued more frequently – in the fourth quarter, the increase was 6.4%, over the year – more than 11%, the value of such agreements was 380 billion rubles; a decline was also observed in the banking microfinance organization segment – the decline over the quarter exceeded 3.2%.

"The microfinance services market is undergoing a transformation—MFIs are trying to adapt to legislative changes and are choosing clients with great caution," experts note.

The microloan segment is expected to experience a traditional seasonal lull in the first months of 2026. However, analysts also predict a decline by mid-year, largely due to the requirement to use biometrics when reviewing client applications. To avoid this requirement, many microfinance institutions (MFIs) are changing their status to microcredit credit companies (MCCs): for the latter, mandatory biometrics will only be introduced in March 2027, allowing businesses a brief grace period.

09:35 03.03.2026

Source:

March 2, 2026

Financial news: 02.03.2026, 17-17 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the TATN security (Tatnft 3ao) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

March 2, 2026

17:17

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the NCC (JSC) on 02.03.2026, 17-17 (Moscow time), the values of the upper limit of the price corridor (up to 636.8) and the range of market risk assessment (up to 682.59 rubles, equivalent to a rate of 25.5%) of the TATN security (Tatnft 3ao) were changed.

March 2, 2026

Financial news: 02.03.2026, 15-58 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the TATNP (Tatnft 3ap) security were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

March 2, 2026

15:58

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the NCC (JSC) on 02.03.2026, 15-58 (Moscow time), the values of the upper limit of the price corridor (up to 595.9) and the range of market risk assessment (up to 647.3 rubles, equivalent to a rate of 25.0%) of the TATNP (Tatnft 3ap) security were changed.

March 2, 2026

Financial news: 02.03.2026, 15-30 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for security RU000A1036S6 (FSC RS1R3) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

March 2, 2026

15:30

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the NCC (JSC) on 02.03.2026, 15-30 (Moscow time), the values of the upper limit of the price corridor (up to 92.89) and the range of market risk assessment (up to 996.21 rubles, equivalent to a rate of 13.75%) of the security RU000A1036S6 (FSC RS1R3) were changed.