Category: Russian Economy

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Financial news: On 2025-12-03, the Federal Treasury will hold a deposit auction of 22,025,405.

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 03.12.2025. Unique application selection identifier 22 025 405. Deposit currency rubles. Funds type – Single Treasury Account. Maximum amount of funds placed on bank deposits, monetary units 298,000,000,000. Placement period, in days 2. Date of depositing funds 03.12.2025. Date of return of funds 05.12.2025. 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 1,000,000,000. The maximum number of applications from one credit institution, pcs. 2. 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 PJSC. Application acceptance: from 10:00 to 10:10. Applications in preliminary mode: from 10:00 to 10:05. Applications in competition mode: from 10:05 to 10:10. Random trading end period (sec.): 120 Bid increment:

Time step (sec.):

Extension period end time:

Formation of the consolidated register of applications: from 10:30 to 11:00. Setting the cutoff interest rate and (or) recognizing the selection of applications as unsuccessful: from 10:30 to 11:10. Sending an offer to credit institutions to conclude a bank deposit agreement: from 11:10 to 11:30. Receipt of acceptance of the offer to conclude a bank deposit agreement from credit institutions: from 11:10 to 11:30. The time of transfer of the deposit 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: 2025-12-02 Change in parameters of 22 025 404 of the Federal Treasury.

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 02.12.2025. Unique application selection identifier 22 025 404. Deposit currency rubles. Funds type – Single Treasury Account. Maximum amount of funds placed on bank deposits, monetary units 210,000,000,000. Placement period, in days 2. Date of depositing funds 02.12.2025. Date of return of funds 04.12.2025. Interest rate for placement of funds (fixed or floating) FIXED. Minimum fixed interest rate for placement of funds, % per annum 15.76. Base floating interest rate for placement of funds – Minimum spread, % per annum – Terms of conclusion of a bank deposit agreement (term, replenishable or special) 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. 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 PJSC. Application acceptance: from 18:30 to 18:40. Applications in preliminary mode: from 18:30 to 18:35. Applications in competition mode: from 18:35 to 18:40. Random trading end period (sec.): 120Bid step:

Time step (sec.):

Extension period end time:

Formation of the consolidated register of applications: from 18:40 to 18:50. Setting the cutoff interest rate and (or) recognizing the selection of applications as unsuccessful: from 18:40 to 19:00. Sending an offer to credit institutions to conclude a bank deposit agreement: from 19:00 to 19:10. Receipt of acceptance of the offer to conclude a bank deposit agreement from credit institutions: from 19:00 to 19:10. 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: On holding auctions on December 3, 2025 to place OFZ issues No. 26251RMFS and No. 26253RMFS.

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 26251RMFS from August 19, 2025
Date of the auction December 3, 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 SU26251RMFS7
ISIN code RU000A10CKT3
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 26253RMFS from October 17, 2025
Date of the auction December 3, 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 SU26253RMFS3
ISIN code RU000A10D517
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: 02.12.2025, 16-11 (Moscow time) the values of the lower boundary 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 December 2, 2025, 16:11 (Moscow time), the values of the lower limit of the price corridor (up to RUB 12.7325 in the TOD settlement mode) and the market risk assessment range (up to RUB 12.1683, 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: 02.12.2025, 14-08 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for security RU000A0JT403 (VEB.RF 18) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

December 2, 2025

14:08

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 02.12.2025, 14-08 (Moscow time), the values of the upper limit of the price corridor (up to 108.83) and the range of market risk assessment (up to 1157.72 rubles, equivalent to a rate of 8.75%) of the security RU000A0JT403 (VEB.RF 18) 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: 02.12.2025, 12-21 (Moscow time) the values of the upper limit of the price corridor and the range for assessing market risks for security RU000A1065C9 (Rosseti1P9) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

December 2, 2025

12:21

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 02.12.2025, 12-21 (Moscow time), the values of the upper limit of the price corridor (up to 101.83) and the range of market risk assessment (up to 1100.4 rubles, equivalent to a rate of 18.75%) of the security RU000A1065C9 (Rosseti1P9) 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: On December 2, 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 date of the deposit auction is 02.12.2025. The placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 1,083,000,000. Placement period, days – 21. The date of depositing funds is 02.12.2025. The date of return of funds is 23.12.2025. The minimum placement interest rate, % per annum is 16. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 1,083,000,000. 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 12:30 to 12:40. Competitive bids from 12:40 to 12:45. The cutoff percentage may be set or the auction may be declared void by 12:55. 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: Bank support measures in 2026: temporary extension and integration into regulation (02.12.2025).

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

1 Including taking into account the discussed extension of the special powers of the Bank of Russia to make such decisions established by Federal Law No. 46-FZ of 08.03.2022 "On Amendments to Certain Legislative Acts of the Russian Federation", Federal Law No. 55-FZ of 14.03.2022 "On Amendments to Articles 6 and 7 of the Federal Law "On Amendments to the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" and Certain Legislative Acts of the Russian Federation in Terms of the Specifics of Changing the Terms of a Credit Agreement, Loan Agreement" and Article 21 of the Federal Law "On Amendments to Certain Legislative Acts of the Russian Federation".

2 Except for information on the adoption by the general meeting of shareholders (participants) of a decision on reorganization.

3 With the exception of non-banking KOs – central counterparties and KOs – central depositories, which, as infrastructure organizations of the financial market, apply the decision of the Board of Directors of the Bank of Russia dated December 24, 2024 (planned to be extended), as well as special decrees of the Government of the Russian Federation.

4 Work is underway on state registration of changes to reporting forms.

5 For example, in the absence of historical reporting of borrowers to assess their financial position (FP); in the presence of formal signs of a possible lack of real activity of a borrower registered in a new entity, if the KO recognizes its activity as real; the possibility (regardless of the FP assessment) to assess the quality of debt servicing on a loan as good before the payment deadlines established by the loan agreement, or during loan restructuring.

6 For example, for loans to replenish working capital, fulfill state and municipal contracts, to borrowers – housing developers, for the creation or development of production in new regions of the Russian Federation.

7 Ensuring Category I quality in accordance with Chapter 6 of the Bank of Russia Regulation of June 28, 2017 No. 590-P “On the procedure for the formation by credit institutions of reserves for possible losses on loans, loan and equivalent debt.”

8 Order of the Ministry of Economic Development of Russia dated November 28, 2016 No. 763 “On approval of requirements for funds to facilitate lending (guarantee funds, surety funds) and their activities.”

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 2025-12-02, the Federal Treasury will hold deposit auction 22,025,401.

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 02.12.2025. Unique application selection identifier 22 025 401. Deposit currency rubles. Type of funds single treasury account. Maximum amount of funds placed on bank deposits, monetary units 678,000,000,000. Placement period, in days 2. Date of depositing funds 02.12.2025. Date of return of funds 04.12.2025. 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 1,000,000,000. The maximum number of applications from one credit institution, pcs. 2. 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 10:00 to 10:10. Applications in preliminary mode from 10:00 to 10:05. Applications in competition mode from 10:05 to 10:10. Random trading end 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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Credit risk is growing – the Central Bank of Russia identified the main problem of the economic slowdown.

Translation. Region: Russian Federation –

Source: Mainfin Bank –

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What risks of economic slowdown has the Bank of Russia identified?

The Central Bank of the Russian Federation published a financial stability review for the period from April to September of this year. The Russian economy is slowing under the influence of monetary easing. Several financial sector issues remain pressing:

The imbalance in the Russian currency market has stabilized, with the dollar-to-ruble exchange rate volatility not exceeding 4.4% over the past month, compared to 9.7% just six months ago. Commercial banks' interest rate risks are also declining, as financial institutions have increasingly begun offering depositors products with floating rates tied to the key rate. Credit risk is the most influential factor, with the regulator seeing potential for an increase in problem debt.

The Bank of Russia has noted an economic slowdown; by September, GDP growth had fallen to 0.6% year-on-year, compared to over 1.1% mid-year. Experts are calling the current economic stage "technical stagnation."

How will credit risks for businesses and individuals change in 2025?

The easing of monetary policy has led to improved terms for credit products, and borrowers' demand for funds has begun to recover. However, the increase in debt is associated with credit risks:

The share of corporate borrowers with problematic obligations in October amounted to 8%, which is slightly less than the level of April; the share of corporate borrowers that are in the yellow zone, i.e. have a high level of risk, increased by 4% (among large companies – 18%, medium – 28%); the share of overdue loans of large companies increased by 0.2% (to 4%) – this mainly affected the portfolio of the construction and oil and gas industries; in the portfolio of loans to private clients, the share of problematic agreements amounted to almost 13%, an increase of 2.1 percentage points over the six months; the highest level of delinquency is among clients with a debt burden above 50%, such borrowers account for 19% of issued loans.

"In the fall, Russians began to more actively seek loan restructuring—the share of applications increased by 79%, which may indicate difficulties with servicing contracts," the Bank of Russia noted.

At the same time, experts don't expect a boom in the credit sector – companies maintain sufficient financial strength, and their debt burdens will continue to decline. It's possible that the regulator will have to further tighten lending requirements for clients with high DTIs. In retail, the share of non-performing loans is expected to increase in 2026, but a surge in defaults is not expected amid low unemployment.

16:32 02.12.2025

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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.