Category: Russian Economy

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Financial news: On December 10, 2025, the Federal Treasury will hold a deposit auction of 22,025,422.

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 is 10.12.2025. Unique application selection identifier is 22,025,422. Deposit currency is rubles. Type of funds is the Unified Treasury Account. The maximum amount of funds placed on bank deposits, in monetary units is 428,000,000,000. Placement period, in days is 2. Date of depositing funds is 10.12.2025. Date of return of funds is 12.12.2025. Interest rate for placing funds (fixed or floating) is FIXED. Minimum fixed interest rate for placing funds, % per annum is 15.76. Base floating interest rate for placing funds is the Minimum spread, % per annum. Terms and conditions of concluding a bank deposit agreement (term, replenishable or special) is Term. The minimum amount of funds placed for one application, in monetary units, is 1,000,000,000. The maximum number of applications from one credit institution, pcs. 2.

Order selection form (Open with random completion, Closed, Open with extension). Open with random completion. Order selection schedule (Moscow time). Order selection venue: Moscow Exchange. Orders will be accepted from 10:00 to 10:10. Preliminary orders from 10:00 to 10:05. Competition orders from 10:05 to 10:10. Random trading completion period (sec.): 120 Bid increment:

Time step (sec.):

Extension period end time:

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. Sending an offer to credit institutions to conclude a bank deposit agreement from 11:30 to 11:50. Receipt of acceptance of the offer to conclude a bank deposit agreement from credit institutions from 11:30 to 11:50. The time of deposit transfer in accordance with the requirements of paragraphs 63 and 64 of the Order of the Federal Treasury dated April 27, 2023 No. 10n.

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 Bank of Russia simplifies the accounting of isolated securities.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

Depositories until December 18, 2025 inclusive must transfer segregated securities to non-trading accounts: Russian shares, if they or depositary receipts for them were acquired after March 1, 2022, as well as Eurobonds and replacement bonds that were acquired after March 3, 2023.

The requirement for separate accounting of such securities was established by Decree No. 138 of the President of the Russian Federation dated March 3, 2023. This requirement can only be lifted after verification of documents and information confirming that there were no hostile investors in the ownership chain.

Now, only clean securities can be held in trading depository accounts and freely traded on the exchange, including through negotiated transactions. The Bank of Russia's decision also specifies the minimum set of documents that a depository (registrar) must receive from a client to discontinue separate accounting. When transferring securities to another depository (registrar), it is obligated to share all available information upon request. Now, each participant in the accounting infrastructure no longer needs to compile the entire set of documents on a security's ownership history—one participant only needs to do this once and then pass on the received information up the chain. This will reduce the burden on market participants and simplify the client experience.

A cooling-off period is also being introduced: it will be possible to terminate the separate accounting of securities or execute an order to transfer them to another depository (registrar) 6 business days after sending a notice to the Bank of Russia.

They will come into effect on January 12, 2026. new requirements Separate accounting: from now on, securities acquired on exchanges will no longer need to be segregated and their owners verified. As for over-the-counter transactions, the requirement to segregate securities remains. Depositories and registrars are required to submit daily reports on transactions with segregated securities to the Bank of Russia.

The regulator closely monitors market participants' compliance with the requirements of Decree No. 138 of the President of the Russian Federation. In the event of violations, the Bank of Russia will apply strict supervisory measures.

Preview photo: Tsyhun / Shutterstock / Fotodom

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 holding auctions on December 10, 2025, to place OFZ issues No. 26252RMFS and No. 26254RMFS.

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, based on a letter from the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Trading on the Stock Market, Deposit Market, and Loan Market of Moscow Exchange PJSC, the order establishes the form, time, duration, and procedure for holding auctions for the placement and trading of the following federal loan bonds:

1.

Name of the Issuer Ministry of Finance of the Russian Federation
Name of the security federal loan bonds with constant coupon income
State registration number of the issue 26252RMFS from October 17, 2025
Date of the auction December 10, 2025
Information about the placement (Trading mode, placement form) The placement of Bonds will be carried out in the “Placement: Auction” trading mode by holding an Auction to determine the placement price.BoardId: PACT (Settlement: Ruble)
Trade code SU26252RMFS5
ISIN code RU000A10D4Y2
Settlement code B01
Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

2.

Name of the Issuer Ministry of Finance of the Russian Federation
Name of the security federal loan bonds with constant coupon income
State registration number of the issue 26254RMFS from October 17, 2025
Date of the auction December 10, 2025
Information about the placement (Trading mode, placement form) The placement of Bonds will be carried out in the “Placement: Auction” trading mode by holding an Auction to determine the placement price.BoardId: PACT (Settlement: Ruble)
Trade code SU26254RMFS1
ISIN code RU000A10D533
Settlement code B01
Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time Trading hours: bid collection period: 12:00–12:30; bid execution period: 13:00–18:00.

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 December 10, 2025, JSC “SME Corporation” 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 10.12.2025. Placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 2,235,000,000. Placement term, days – 41. Date of depositing funds is 10.12.2025. Date of return of funds is 20.01.2026. Minimum placement interest rate, % per annum is 15.5. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 2,235,000,000. 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 bids from 10:30 to 10:40. Competitive bids from 10:40 to 10:50. The cutoff percentage may be set or the auction may be declared void by 11:30. Additional terms and conditions.

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: Cryptocurrency futures trading volume on the Moscow Exchange reached a record 49 billion rubles in November.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

The total trading volume on the Moscow Exchange derivatives market at the end of November 2025 amounted to 11.7 trillion rubles (15.8% compared to November 2024). The volume of open positions on the exchange-traded derivatives market at the end of the month amounted to over 2.7 trillion rubles (22.7% compared to November 2024).

In November, more than 135,000 unique clients (16% of November 2024) traded futures and options on the Moscow Exchange, with more than 190,000 active accounts. The share of individuals in the total volume of exchange-traded derivatives trading was 54.8%.

Commodity futures transactions accounted for the largest share of retail transactions at 43.8%. Index and stock derivatives accounted for 31.1%, and currency derivatives accounted for 25.1%.

Top 10 most popular instruments in individuals' portfoliosyu1sch As of the end of November: quarterly and perpetual futures on the US dollar-Russian ruble (Si and USDRUBF) and Chinese yuan-Russian ruble (CNY and CNYRUBF) currency pairs, perpetual and quarterly futures on the Moscow Exchange IMOEX index (MIX, MXI and IMOEXF), quarterly futures on gold and silver (GOLD and SILV), and natural gas futures (NG).

The evening trading session accounted for 19% of total trading volume on the derivatives market. Morning trading in October accounted for 6% of total volume. On weekends, the average daily trading volume on the derivatives market amounted to 7.4 billion rubles.

High volatility in cryptocurrency markets has driven increased interest among qualified investors in digital asset derivatives on the Moscow Exchange. As a result, trading volume for these futures reached an all-time high in November, reaching 48.7 billion rubles since the contracts' launch.

The trading volume of futures on shares of the IBIT Trust ETF (IBIT) investment fund was 29.3 billion rubles (21.4 billion rubles in October 2025). The trading volume of futures on shares of the ETHA Trust ETF (ETHA) investment fund was 10.4 billion rubles (6.6 billion rubles in October 2025).

Also in November, the Moscow Exchange's derivatives market began Cryptocurrency index futures trading (BTC, ETH)The trading volume of new instruments in November exceeded 9 billion rubles, open positions amounted to 2.3 billion rubles, and the number of active unique clients reached 7.7 thousand.

The Moscow Exchange Derivatives Market is the leading derivatives trading platform in Russia and Eastern Europe, combining advanced infrastructure, reliability, and guarantees, as well as state-of-the-art futures and options trading technologies. Today, the Moscow Exchange derivatives market trades 41 stock options, 3 currency options, a gold option, an index option, and over 150 futures contracts and options on them, with underlying assets including stock indices, stocks, currency pairs, precious and industrial metals, oil, gas, and other commodities, as well as interest rates.

yu1sch The calculation is based on the number of unique individuals with open positions in the specified instruments. Media contact information: 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: Growth of the credit union sector driven by cooperatives associated with microfinance organizations: third-quarter results.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

In the third quarter of 2025, the volume of loans issued by consumer credit cooperatives (CCCs) increased for the first time since the beginning of the year (35% compared to the previous quarter). Consumer loans issued were almost seven times higher than in the same period last year, and the total number of shareholders increased to 498,000.

The overall market loan portfolio increased slightly. The exclusion of a large number of cooperatives from the state register for violating legal requirements, as well as the rapid turnover of short-term loans, were constraints.

The increased activity in the credit union sector is driven by this year's tightening of microfinance regulation, including the introduction of macroprudential limits on car loans for microfinance organizations and a requirement to verify the presence of self-exclusions when issuing loans. Against this backdrop, companies are exploring the possibility of diversifying their businesses. The Bank of Russia is constantly monitoring emerging market practices. If instances of unfair use of regulatory arbitrage are identified, the Bank of Russia will take measures to prevent them.

Read more in the review Trends in the Consumer Credit Cooperative Market.

Preview photo: P Maxwell Photography / Shutterstock / Fotodom

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 December 9, 2025, the Territorial Development 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 December 9, 2025. The placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 900,000,000. The placement period is 7 days. The date of deposit is December 9, 2025. The date of return of funds is December 16, 2025. The minimum placement interest rate, % per annum is 16.5. The terms of the conclusion are fixed-term or special (fixed-term).

The minimum amount of funds placed per application (in the placement currency) is 900,000,000. The maximum number of applications from one Participant is 1. Auction format: open or closed (Open). The basis of the Agreement is the General Agreement. Schedule (Moscow time). Applications in preliminary mode from 11:30 to 11:40. Applications in competitive mode from 11:40 to 11:45. Setting the cutoff rate or declaring the auction void before 11:55. Additional terms.

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 December 9, 2025, 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 09.12.2025. Placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 300,000,000. Placement period, days – 177. Date of depositing funds is 09.12.2025. Date of return of funds is 04.06.2026. Minimum placement interest rate, % per annum is 15.9. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 300,000,000. 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 11:55. 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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Financial news: On December 9, 2025, the Federal Treasury will hold a deposit auction of 22,025,417.

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 09.12.2025. Unique application selection identifier 22 025 417. Deposit currency rubles. Funds type – Single Treasury Account. Maximum amount of funds placed on bank deposits, monetary units 12,000,000. Placement period, in days 1. Date of depositing funds 09.12.2025. Date of return of funds 10.12.2025. Interest rate for placing funds (fixed or floating) FIXED. Minimum fixed interest rate for placing funds, % per annum 15.76. Base floating interest rate for placing funds – Minimum spread, % per annum – Terms of concluding a bank deposit agreement (term, replenishable or special) Term. The minimum amount of funds placed for one application, in monetary units, is 12,000,000. The maximum number of applications from one credit institution, pcs. 1. Application selection form (Open with random completion, Closed, Open with extension). Open with random completion. Application selection schedule (Moscow time). Venue for application selection: Moscow Exchange. Applications will be accepted from 10:40 to 10:50. Applications in preliminary mode from 10:40 to 10:48. Applications in competition mode from 10:48 to 10:50. Random trading end period (sec.): 0 Bid increment:

Time step (sec.):

Extension period end time:

Formation of a consolidated register of applications from 10:50 to 11:00. Setting the cutoff interest rate and (or) recognizing the selection of applications as unsuccessful from 11:00 to 11:10. Sending an offer to credit institutions to conclude a bank deposit agreement from 11:10 to 11:15. Receipt of acceptance of the offer to conclude a bank deposit agreement from credit institutions from 11:10 to 11:15. The time of deposit transfer in accordance with the requirements of paragraphs 63 and 64 of the Order of the Federal Treasury dated April 27, 2023 No. 10n.

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: Metals in RFS.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

On December 22, new instruments will be added to the RFS service (RFS Auction mode) in a technically ready state on the foreign exchange market: GLDRUB_TOM, SLVRUB_TOM, PLTRUB_TOM, and PLDRUB_TOM. The trading start date will be announced later.

The parameters of the new tools are presented in the table below.

Spot deal code Val. lot code Name shaft. lot Name of resist. shaft Spot deal lot Price step Accuracy of course determination Date of settlement of the obligation under the spot transaction (T n) Min. order size Max. order size
GLDRUB_TOM GLD Gold RUB 1,000.0 grams of gold 0.01 rub. 0.01 rub. T 1 10,000.0 grams 3,000,000.0 grams
SLVRUB_TOM SLV Silver RUB 1,000.0 grams of silver 0.001 rub. 0.001 rub. T 1 10,000.0 grams 50,000,000.0 grams
PLTRUB_TOM PLT Platinum RUB 1,000.0 grams of platinum 0.001 rub. 0.001 rub. T 1 1,000.0 grams 3,000,000.0 grams
PLDRUB_TOM PLD Palladium RUB 1,000.0 grams of palladium 0.001 rub. 0.001 rub. T 1 1,000.0 grams 3,000,000.0 grams

The following schedule will be established for trading new instruments:

Auction initiation time 10:00 – 18:55
RFSP bid submission time 10:00 – 18:59
RFSM transaction time 10:00 – 19:00
Issuance of extracts from the register of OTC transactions (CCX123) Before 09:30 on the business day following the day of submission of proposals/conclusion of transactions
Early completion of transactions with the Clearing Center 6:00 PM
Issuance of statements upon early settlements/early completion of transactions No earlier than 15 minutes after the end of transactions. From 6:15 PM for early transactions with the Clearing Center.

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.