Category: Russian Economy

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Financial news: 23.01.2026, 10-36 (Moscow time) the values of the lower limit of the price corridor and the range for assessing market risks for the KZT/RUB currency pair were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

In accordance with the Methodology for determining the risk parameters of the foreign exchange market and the precious metals market of Moscow Exchange PJSC by the National Clearing Center (JSC) on January 23, 2026, at 10:36 (Moscow time), the values of the lower limit of the price corridor (up to RUB 12,635 in the TOD settlement mode) and the range of market risk assessment (up to RUB 12,0749, equivalent to a rate of 19.51%) for the KZT/RUB currency pair were changed. New values are available. Here.

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.

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Financial news: On January 23, 2026, the Interregional Federal Treasury will hold deposit auction 22,026,006 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.

Information on the selection of applications from credit institutions for the conclusion of bank deposit agreements

Application selection parameters
Date of the application selection January 23, 2026
Unique identifier for the selection of applications 22026006
Deposit currency rubles
Type of funds funds of the single treasury account
Maximum amount of funds placed in bank deposits, million monetary units 98,000
Placement period, in days 4
Date of deposit January 23, 2026
Refund date January 27, 2026
Interest rate for placement of funds (fixed or floating) FIXED
Minimum fixed interest rate for placement of funds, % per annum 15.28
Basic floating interest rate for placement of funds –
Minimum spread, % per annum –
Terms and conditions for concluding a bank deposit agreement (fixed-term, replenishable or special) Urgent
Minimum amount of funds placed per application, million monetary units 1,000
Maximum number of applications from one credit institution, pcs. 2
Conditions for the offsetting of 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 or closed) Open
Application selection schedule (Moscow time)
Venue for the selection of applications Moscow Exchange PJSC
Applications accepted: from 10:00 to 10:10
*Preliminary applications: from 10:00 to 10:05
*Competition mode applications: from 10:05 to 10:10**
**Time interval for the end of accepting applications (seconds): 120
***Extension period (seconds): –
***Bet step: –
***End of renewal periods: –
Formation of a consolidated register of applications: from 10:30 to 11:00
Setting the cut-off percentage and recognizing the selection of applications as successful or unsuccessful: from 10:30 to 11:10
Formation of a consolidated register of bank deposit agreements from 11:10 to 11:30
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

* for the open form of selection of applications from credit institutions for the conclusion of bank deposit agreements.

** the closing time for accepting applications from credit institutions for concluding bank deposit agreements is set within a time interval and is determined by the exchange’s information software and hardware arbitrarily, within the established time interval.

*** The deadline for accepting applications from credit institutions to conclude bank deposit agreements and for the formation of a consolidated register of applications may be extended if parameters are established for extending the deadline for accepting applications from credit institutions to conclude bank deposit agreements.

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.

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Financial news: On the placement of additional issue No. 1 of exchange bonds series 001P-07P of GPB Finance LLC on January 23, 2026.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

For bidders

We inform you that in accordance with Part I. General Part of the Rules for Conducting Trading on the Stock Market, Deposit Market, and Credit Market of PJSC Moscow Exchange MICEX-RTS and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market, and Credit Market of PJSC Moscow Exchange MICEX-RTS, approved by the decision of the Supervisory Board of PJSC Moscow Exchange on August 1, 2025 (Minutes No. 4), the following form, time, term, and procedure for the placement of exchange-traded bonds of series 001P-07P of GPB Finance LLC (Additional Issue No. 1) have been established:

Name of the Issuer LLC "GPB Finance"
Name of the security Exchange-traded interest-bearing non-convertible, non-documentary secured bonds, series 001P-07P (additional issue No. 1)
Identification/registration number of the issue 4B02-07-00158-L-001P dated 01/19/2026
Placement start date January 23, 2026
Trading start date January 23, 2026
Information about the placement (Trading mode, placement form) The "Placement: Addressed Orders" trading mode involves concluding transactions based on addressed orders at a fixed price (yield). (Settlement: Ruble)
Trade code RU000A10DYH7
ISIN code RU000A10DYH7
Placement price The placement price of Exchange Bonds is set equal to 1,000 (One thousand) Russian rubles per Exchange Bond, which corresponds to 100% of the par value of the Exchange Bond.
Settlement code Z0
Additional conditions of placement The minimum amount of an application to purchase bonds that may be submitted by a Bidder, acting on its own account or on the account and on behalf of a potential purchaser of bonds, is RUB 1,400,000.
Underwriter Gazprombank (JSC) (Bidder Identifier: MC0009800000)
Trading time on the placement start date Trading hours: period for collecting applications: 10:00 – 13:00; period for satisfying applications: 14:00 – 16:30;

After the satisfaction period ends:

period for collecting and processing applications: 16:45 – 18:30;

However, the submission of applications for concluding transactions is not permitted from 17:29 until information is received from the NCO NCC (JSC) about the completion of processing the report on the consolidated order of the DEPO.

On the basis of the issue documents, when placing securities, it is not allowed Submission of applications and execution of transactions at the expense of the Bidders, as well as at the expense of the Bidders' Clients, if such persons are associated with a foreign state included in the List of foreign states and territories committing unfriendly acts against the Russian Federation, Russian legal entities and individuals, approved by the Order of the Government of the Russian Federation dated 05.03.2022 No. 430-r (as amended on the date of filing the application), or are under the control of the said persons, with the exception of controlled foreign companies in accordance with the Decree of the President of the Russian Federation dated 05.03.2022 No. 95 "On the temporary procedure for fulfilling obligations to certain foreign creditors".

Contact information for media: 7 (495) 363-3232PR@moex.com

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: The average daily silver trading volume on the Moscow Exchange exceeded five tons for the first time.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

The average daily silver spot trading volume on the Moscow Exchange precious metals market during the first week of January 2026 was 5.4 tonnes, the highest level ever recorded. By comparison, this figure for 2025 was 1.3 tonnes.

The total spot silver trading volume for the first ten trading days of January of this year amounted to 43 tonnes, more than double the volume for all of January 2025. In monetary terms, trading volume for this period quadrupled compared to the volume for all of January last year, reaching 9.4 billion rubles.

Retail investors account for 61% of spot silver transactions this month. Since the beginning of 2025, individuals have already concluded over 35,000 silver transactions on the Moscow Exchange, totaling 5.1 billion rubles.

Moscow Exchange launched Russia's first delivery trading of precious metals in October 2013. An instrument with a trading code SLVRUB_TOM makes it possible to conduct transactions with silver, secured by physical metal in the vault.

The volume of spot and swap transactions involving silver on the Moscow Exchange precious metals market in 2025 amounted to 52 billion rubles (365 tonnes). The total volume of transactions on the precious metals market tripled last year, exceeding 3 trillion rubles.

On precious metals market Moscow Exchange offers investors access to gold, silver, platinum, and palladium trading. Trading and settlement are conducted in rubles through the National Clearing Center, a central counterparty, allowing participants to take advantage of a modern risk management system and secure settlements. Precious metals are delivered anonymously to the metal accounts of clearing participants.

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.

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Financial news: 01/22/2026, 11:28 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for security RU000A0JS4L7 (WHSD 05) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

January 22, 2026

11:28

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the National Credit Center (JSC) on 22.01.2026, 11:28 (Moscow time), the values of the upper limit of the price corridor (up to 131.26) and the range of market risk assessment (up to 1620.18 rubles, equivalent to a rate of 62.5%) of the security RU000A0JS4L7 (ZSD 05) were changed.

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.

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Financial news: 01/22/2026, 11:27 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for security RU000A109916 (Rostel P10R) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

January 22, 2026

11:27

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the National Credit Center (JSC) on 22.01.2026, 11-27 (Moscow time), the values of the upper limit of the price corridor (up to 108.11) and the range of market risk assessment (up to 1155.79 rubles, equivalent to a rate of 8.75%) of the security RU000A109916 (Rostel P10R) were changed.

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.

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Financial news: 01/22/2026, 10:53 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RU000A0ZYFM5 security (DOM.RF B-8) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

January 22, 2026

10:53

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 January 22, 2026, 10:53 (Moscow time), the values of the upper limit of the price corridor (up to 105.52) and the range of market risk assessment (up to 1123.06 rubles, equivalent to a rate of 7.5%) for the security RU000A0ZYFM5 (DOM.RF B-8) were changed.

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.

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Financial news: January 22, 2026. The Moscow Small Business Lending Assistance Fund will hold a deposit auction.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

Parameters;

The deposit auction date is 22.01.2026. Placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 315,000,000. Placement period, days – 181. Date of depositing funds is 22.01.2026. Date of return of funds is 22.07.2026. Minimum placement interest rate, % per annum is 15.2. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 315,000,000. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open).

The basis of the Agreement is the General Agreement. Schedule (Moscow time). Preliminary applications from 11:30 to 11:40. Competitive applications from 11:40 to 11:45. Setting the cutoff interest rate or declaring the auction invalid before 12:00. Additional terms and conditions – Placement of funds with the option of early withdrawal of the entire deposit amount and payment of interest accrued on the deposit amount at the rate established by the deposit transaction, in the event of the Bank's non-compliance with the requirements set forth in paragraph 2.1. of the Regulation "On the procedure for selecting banks for the placement of funds of the Moscow Small Business Lending Promotion Fund in deposits (deposits) under the GDS" (as amended on the date of the deposit transaction), early withdrawal at the "on demand" rate, interest payment monthly, on the last business day of the month, without replenishment.

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.

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Microfinance organizations will not be subject to a blanket ban – the Central Bank of the Russian Federation has revealed the reasons.

Translation. Region: Russian Federation –

Source: Mainfin Bank –

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Image: mainfin.ru

Why did the authorities abandon the idea of banning microfinance organizations?

The Central Bank did not support the idea of a complete ban on the activity microfinance companiesRegulatory officials cite several reasons why microfinance organizations should continue operating:

The services of such companies are in demand on the market, and the number of borrowers exceeds 15 million people;
microloans They allow for quick and easy cash withdrawals; microfinance products are also popular in the POS loan segment, which citizens can apply for directly in stores; the microfinance services market is actively developing and improving.

"We need to focus not on banning microfinance organizations, but on improving the quality of services, including combating unscrupulous market players and fraudsters," the regulator's representative noted.

By the end of 2025, the microfinance services market is expected to grow by between 5% and 16%, half the 2024 figures. However, MFI services remain in demand, and the total amount of problem debt owed by clients of such companies exceeds 1.1 trillion rubles.

How is microloan regulation being tightened in Russia?

The authorities abandoned the idea of banning microfinance organizations, but decided to focus on tightening regulation. Among the most significant changes in the microcredit sector:

In July 2025, microfinance organizations (MFOs) were prohibited from using unofficial income data; in September of last year, lenders were prohibited from making mass calls to clients; also, starting in the fall, MFOs must verify loan recipients – money can only be sent to the person specified in the loan agreement; in January 2026, it was prohibited to issue more than one loan per citizen with an interest rate exceeding 200% per annum; in the spring of 2026, MFOs will identify borrowers only by biometrics (with exemptions made only for small companies); in April 2026, the maximum cost of a microloan will be reduced from 130 to 100% of the original amount; in 2027, MFOs will be prohibited from entering into additional agreements under which lenders previously included fines and penalties in the loan principal.

As a result, experts predict a crisis in the microfinance services market due to the new laws. By the end of 2026, approximately 150 companies, or over 15% of all MFIs in Russia, could exit the industry.

10:00 01/20/2026

Source:

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.

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Financial news: Inflation for 2025 is the lowest since 2020.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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Annual inflation in 2025 was 5.6%, compared to 9.5% a year earlier.

Non-food items saw the smallest price increase last year, down 3.0% on average. Some items saw price declines, including footwear, communications equipment, personal computers, electrical goods and appliances, television and radio equipment, tools and equipment, and automobiles. Meanwhile, services increased in price by 9.3%, and food by 5.2%.

Monthly price increase excluding seasonality In December, the annualized price increase was 2.6%. Gasoline and sugar prices continued to fall. Egg, vegetable, and fruit prices also saw low growth for December.

Sustainable inflation rates remained in the range of 4–6% on an annualized basis.

The Bank of Russia will maintain the tightness of monetary conditions necessary to return inflation to 4%.

For more details, see the Bank of Russia's analytical commentary. Inflation in Russia.

Preview photo: Sergey Savostyanov / TASS

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.