Russian Finance – MIL Translation Engine 1

December 30, 2025

Financial News: Current Account of the Balance of Payments of the Russian Federation with Seasonal Adjustment

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

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.

CategoriesCentral Bank of Russia, Economics, MIL-OSI, Russia, Russian Federation, Russian Finance, Russian Language, Central Bank of Russia

Financial news: Main aggregates of the current account of the balance of payments of the Russian Federation with seasonal adjustment

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

CategoriesCentral Bank of Russia, Economics, MIL-OSI, Russia, Russian Federation, Russian Finance, Russian Language, Central Bank of Russia

Archives

Q3 2025	108,848	74,767	12 173	23,677	6,768	11,620	3,086	4,910
Q2 2025	102,866	75,633	12 110	23,627	6 205	11,523	3,090	4,807
Q1 2025	102,470	72,926	11 138	21,878	5,426	12,471	3,421	4,501
Q4 2024	107 306	78,014	10,525	20,820	5 811	11,743	2,878	4 120
Q3 2024	109,652	77,523	10,877	20,769	5,934	14 175	2,969	3,527
Q2 2024	108,714	72,085	10 117	18,958	5,960	12,454	2,810	3,786
Q1 2024	107 911	73,467	11,435	20,666	7,066	13 212	2,980	3,819
Q4 2023	99 819	69,751	10,345	18,752	7,058	15,050	2,981	6,869
Q3 2023	109,704	74,891	i 602	18,591	7,558	13 192	2,574	4 233
Q2 2023	105,474	78,017	10,393	19,730	10,437	16,048	2,806	4 232
Q1 2023	110 409	81,556	10,424	19,965	9,440	18,996	2,977	5,053
Q4 2022	133,400	74,758	11,546	18,486	9,799	21 101	2,998	5 303
Q3 2022	142,542	68 246	11,294	17,096	i 351	23,062	3 291	5 196
Q2 2022	154,501	57,419	11,230	15,597	9,971	18,255	2,428	5,379
Q1 2022	163,613	76,470	15,355	20,313	10,061	27,186	3 281	4,525
Q4 2021	142,988	78 160	15,528	20 102	26,390	39,517	3,982	4,836
Q3 2021	133,000	76 751	13,859	19,685	23,474	31,060	3,605	4,900
Q2 2021	116,431	76 262	13 108	18,280	16,626	27,717	3,721	4,798
Q1 2021	98,741	69 282	12,762	16,996	14,496	22,662	2,947	4,757
Q4 2020	88 201	64 222	11,953	15,685	11,983	22,624	3,026	4,480
Q3 2020	79,508	59,364	10,491	13,845	11 241	19 147	3,367	5,029
Q2 2020	71,424	54,490	10,296	13,087	10,573	18,294	3 309	5 279
Q1 2020	94,410	62,074	15,361	22,868	10,896	18 139	3,835	4,960
Q4 2019	104,599	65,530	14,864	25,955	13,327	27,845	3 601	7,942
Q3 2019	103,974	63,830	15,976	24,903	13,306	25,170	3,800	5,413
Q2 2019	102,768	62,411	15,577	23,755	14,722	27,878	3,749	5 133
First quarter of 2019	108,536	61,852	15,519	23,650	12,612	24,694	3,436	6 155
Q4 2018	114,568	59,980	15,660	23,449	12 162	21,069	3,057	5,503
Q3 2018	111,507	61,078	16,854	23,056	14,897	23,893	3 132	5 143
Q2 2018	109,968	63,862	16,447	23,775	11,714	23,950	3 113	5 234
First quarter of 2018	107,385	64,553	15,594	24,677	14,079	24,505	3,010	5,369
Q4 2017	95,384	62,325	14,772	23,619	12,789	23,267	2,857	5,365
Q3 2017	85 197	61,746	14,699	22 179	11,641	23,061	2,843	5 212
Second quarter of 2017	84,460	59 101	14,486	21,837	11,200	20,870	2,446	4,743
First quarter of 2017	87 293	54,389	13,798	21,018	10,812	21,394	2,391	4,404
Q4 2016	77 175	50,918	13 217	19,503	11,463	21,057	2,312	3,996
Q3 2016	71,572	50,526	13,053	18,565	i 855	18,630	2,051	3,937
Second quarter of 2016	68,230	45,834	12,432	18 194	i 399	18,511	2 190	3,756
First quarter of 2016	63,934	43 302	11,818	18,283	9,626	17 219	2,031	3,180
Q4 2015	75,968	46,747	12,908	20,491	8,921	16,705	2,336	3,775
Q3 2015	79,434	47,753	12,328	22,400	9,969	17,340	2,485	3,821
Second quarter of 2015	91 805	47,944	12,833	22,084	8,593	20,411	2,493	4,266
First quarter of 2015	95,390	50,962	13,560	24,079	9,732	20,504	2,702	3,789
IV quarter of 2014	109 172	68 307	14,643	26,489	10,292	24,165	4 184	5,932
Q3 2014	126,837	77,094	16,699	32 153	12,160	29,200	4 181	6,632
Second quarter of 2014	132 306	80,943	16,972	30,962	12,028	30,027	4,670	6,503
First quarter of 2014	129,875	82,728	17,443	31,343	11,960	31,924	4,511	6,676
IV quarter of 2013	131 137	85,363	17,703	32,666	11,431	31,771	4 196	6,883
Q3 2013	131,918	83,756	17 223	33,713	10,712	31 252	4,613	6,660
Second quarter of 2013	126,907	84,692	17,472	30 809	9,939	30,023	4 144	6,503
First quarter of 2013	132,009	87,545	17,571	30,772	12,021	28,369	4,547	6,380
IV quarter of 2012	131,913	86,854	16,350	29,596	11,592	30,625	4,376	6,021
Q3 2012	126,440	83,502	15,635	28,010	13,283	28,502	4,010	5,946
Second quarter of 2012	130,918	81,943	15,332	25,318	10,483	27,791	4,042	5,454
First quarter of 2012	138,572	82 808	14,901	25,653	12 309	28,533	4 146	5 160
IV quarter of 2011	133,947	81 252	14,839	24,332	10 189	25,643	3,876	5 215
Q3 2011	129,593	79,665	15 202	24,031	10,014	25,628	3,823	4,940
Second quarter of 2011	132,965	82 150	14,571	21,981	10,617	25,975	3,299	4,849
First quarter of 2011	118 117	74,338	13,400	20,629	11 139	26 138	2,700	4,617
IV quarter of 2010	105,513	69,837	12,692	21,030	9,830	23,494	2,355	4 113
Q3 2010	96,612	64,704	12 222	19,492	9,418	22,275	1,831	3,384
Second quarter of 2010	94,797	57 123	12,042	17,272	10 147	20,447	1,652	2,979
First quarter of 2010	95 279	51,614	12,076	17 129	7,941	19,390	1,370	2,889
IV quarter of 2009	86,937	51,006	12 252	17 203	8 831	20,031	1,876	3,064
Q3 2009	78 208	46,637	11,685	16,098	7,891	19 148	1,477	2,947
Second quarter of 2009	64,797	42,781	11 197	14,953	8,540	16,942	1,467	2,772
First quarter of 2009	63,969	42,346	10,760	14,972	9,428	17,228	1,517	3,086
IV quarter of 2008	90 229	63 178	14,099	18 205	13 114	20,751	1,486	3,063
Q3 2008	129 121	82,577	15,290	20,873	16,065	31,889	1,997	3,744
Second quarter of 2008	127,625	76,038	14,538	19,754	17,004	28,862	2,046	3,753
First quarter of 2008	117 298	67 312	13,349	18,362	14,905	26,737	1,716	3,618
IV quarter of 2007	99 931	62 155	12,405	17,511	13,940	20,893	1,534	3,470
Q3 2007	86,722	57,679	11,260	15,419	10,367	18,287	1,655	3,081
Second quarter of 2007	82,577	53,381	10,391	13,976	11,941	18,974	1,557	2 801
First quarter of 2007	75,000	48,036	9,934	13,343	I 245	15,592	1,453	2,350
IV quarter of 2006	74 189	46,064	9,498	12,852	9,025	15,364	1,451	2,376
Q3 2006	78,408	41,833	i 173	11,956	9,867	17,587	1,303	2 152
Second quarter of 2006	75,926	39 212	8,683	10,846	5,436	14 164	1,379	1,710
First quarter of 2006	70,864	34,564	8 292	10,376	5,348	11 231	1 129	1,514
IV quarter of 2005	66,065	33,645	7,877	11,086	5 233	10,088	936	1,502
Q3 2005	61,720	31,958	7 293	10,721	2,558	9,799	1,050	1,427
Second quarter of 2005	58,949	29 217	7,023	9,365	5 104	8,636	952	1,267
First quarter of 2005	54,093	28 253	6,607	9,053	5,872	7,716	986	1,278
IV quarter of 2004	49,335	25,766	6 147	8,914	6,021	7,615	1,034	1 228
Q3 2004	45,786	24 134	5,983	I 234	4,463	6,494	777	1 116
Second quarter of 2004	41,898	22,475	5,570	8,038	-41	3,373	725	1,070
First quarter of 2004	38,834	21,322	5 249	7,878	3,336	7,326	761	824
IV quarter of 2003	33,921	19,430	5,013	7,654	3,290	7,066	845	824
Q3 2003	32,287	18,807	4,657	7,434	3,697	6,067	638	751
Second quarter of 2003	29,923	17,703	4,494	6 111	2,983	5,814	552	684
First quarter of 2003	32,611	17,014	4,285	6 218	2,660	5,097	441	629
IV quarter of 2002	26,824	15,696	4,056	6,247	1,963	3,602	356	524
III quarter of 2002	26,813	15 232	3,889	6 228	1,809	3 237	556	567
Second quarter of 2002	25,075	14 223	3,654	5,673	1,482	2,661	257	530
First quarter of 2002	22,774	12,999	3,468	5,746	1,316	2,623	190	471
IV quarter of 2001	21,506	13,587	3,317	4,966	2,625	2,664	156	453
III quarter of 2001	24,538	12,775	3 223	5,709	1,997	2,569	169	372
Second quarter of 2001	25 130	13 111	3 144	5 173	1,800	2,756	188	342
First quarter of 2001	25,594	11,624	3,039	4,826	1,458	2,861	189	387
IV quarter of 2000	26 146	11,486	2,927	4,045	1,466	2,720	153	202
III quarter of 2000	25,492	10,621	2,871	4,439	1,283	2,832	171	192
Second quarter of 2000	24,290	9,766	2,737	3,917	1,050	2,894	256	156
First quarter of 2000	24,299	10,095	2,774	3,863	1 134	2,902	251	188
IV quarter of 1999	20,675	I 256	2,838	3,648	928	2,796	377	136
III quarter of 1999	17,074	I’m 130	2,693	3,394	814	2,892	408	149
Second quarter of 1999	15,977	9,727	2,771	3 212	997	2,909	279	158
First quarter of 1999	15 351	I 158	2,712	3,245	984	3,031	93	140
IV quarter of 1998	16,932	8,364	2,784	3,280	864	3,680	75	119
III quarter of 1998	18,738	13,637	3,043	3,950	1 100	4,239	67	89
Second quarter of 1998	18,692	17,624	3,225	4,607	1 163	4,387	84	207
First quarter of 1998	19,436	18,949	3,405	4,810	1,073	3,876	84	249
IV quarter of 1997	22,336	19 147	3,610	5 143	1 195	3,419	69	231
III quarter of 1997	21,073	18,820	3,495	5 222	1 197	3,305	110	224
Second quarter of 1997	20,324	17,507	3,456	4,670	997	3 190	90	162
First quarter of 1997	21,964	16 150	3,390	4,963	1,024	3,348	158	140
IV quarter of 1996	23,069	15,706	3,224	4,398	998	3,043	233	175
III quarter of 1996	21,297	17,365	3,358	4 601	985	2,422	172	135
Second quarter of 1996	21,748	17,507	3,288	4,669	1,080	2,344	157	200
First quarter of 1996	21,600	17,304	3,341	5,078	1,028	2 129	173	191
IV quarter of 1995	21,003	16,739	3 221	5,427	1 223	2,021	209	178
III quarter of 1995	20,556	15,737	2,230	5,578	960	2,531	194	234
Second quarter of 1995	20,406	14,504	2,738	4,954	947	1,557	245	179
First quarter of 1995	19,731	13,719	2,478	4,012	930	1,622	244	141
IV quarter of 1994	17,099	12,594	2,268	4 113	737	1,527	64	140
III quarter of 1994	18,078	12 215	2 171	3,609	805	1,411	81	114
Second quarter of 1994	16,987	11,792	2,028	4,354	758	1,309	85	153
First quarter of 1994	14 139	11,474	1,895	3,290	789	1 172	85	134

December 30, 2025

Salaries and social needs – a list of expenses with the digital ruble has been agreed upon

Translation. Region: Russian Federation –

Source: Mainfin Bank –

An important disclaimer is at the bottom of this article.

Image: mainfin.ru

What budget payments will be made using the electronic ruble?

The government has published a list of expenses for which transactions can be made using the digital ruble. The list includes the following federal budget expenditures:

Social payments to citizens; salaries of civil servants; financing of construction services; repair work at government facilities.

Starting in 2026, payments to the budget and government agencies can be made in digital rubles. The Ministry of Finance clarified that using the new form of national currency is only possible at the citizen's discretion; authorities will not force Russians to open accounts. Social benefits and wages will continue to be received in the usual format—via bank accounts and MIR cards.

How is the digital ruble being launched in Russia?

An experiment with a digital ruble was launched in Russia in the summer of 2023. This new form of payment was intended to be an alternative to cash and non-cash payments. By 2025, over 9,000 individuals and over 1,000 companies had joined the project, and approximately 100,000 transactions had been conducted using the currency. Large-scale implementation has been repeatedly delayed due to banks' reluctance to lose profits, as well as the lack of technical and legislative readiness.

"In mid-2025, the law on the digital ruble was signed by the president. Large companies will be required to use the new payment method starting in September 2026, while other market participants were granted a deferment until 2028," the expert recalled.

The first budget payments using the digital ruble were made this fall – the federal budget then transferred the salaries of a parliamentarian and several students, as well as payments for government contracts. The project is continuing to expand, and the Central Bank plans to raise public awareness of the new payment method.

12:00 12/30/2025

Source:

December 30, 2025

Financial News: Clarifications: Reporting Form 0409264 "Information on Electronic Payment Instruments and Transactions Using Them"

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

Updated: December 21, 2023

The clarification regarding a unique (non-repeating) record concerns the data aggregation (grouping) rule. Subsection 1.1 does not require the presentation of information about each individual electronic payment instrument, unless it is the only electronic payment instrument with a set of codes in columns 2B8 that differs from all other sets of codes entered for other electronic payment instruments.

Data aggregation is performed based on the sets of codes specified in columns 2-8 for each individual EPI. This requirement means that electronic payment instruments with identical characteristics, i.e., for which the code values in columns 2-8 are identical, are "collapsed" into a single report row, while the quantitative values entered for columns 9, 10, or 11 are summed.

The form of technical implementation of the specified procedures in the software is at the discretion of the reporting credit institution.

EXAMPLE:

The reporting company issued a total of 8 electronic payment instruments:

Two Mir credit cards were issued to individuals located in the Ryazan region. The payment cards were issued to clients. Both cards were valid as of the reporting date and opened during the reporting quarter. The first card was used for transactions during the reporting quarter, while the second card was not used for any transactions (Clients 1 and 2). One Mir debit card was issued to a trading company located in the Belgorod region. The card was issued to a company representative. During the reporting quarter, the company representative made purchases using this card. As of the reporting date, the company closed the card. (Client 3) Five Internet Wallets. Three of the wallets are non-personalized ESPs, without identification, and two are personalized ESPs, with full identification. The holders of the personalized ESPs are located in the Pskov region. All wallets are active as of the reporting date, with two clients opening them during the reporting quarter. All ESPs were used for payments at retail and service establishments during the reporting quarter (clients 4-8).

For the specified ESPs, the following codes are filled in columns 2-8 and values in columns 9-11 during the report preparation process:

	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
Client 1	3	61000	2		1	8002	MIR (NSPK)	1	1	1
Client 2	3	61000	2		1	8002	MIR (NSPK)	1		1
Client 3	1	14000	1		1	8002	MIR (NSPK)		1
Client 4	3		4	3		8418	Internet wallet	1	1
Client 5	3		4	3		8418	Internet wallet	1	1
Client 6	3		4	3		8418	Internet wallet	1	1
Client 7	3	58000	4	1		8418	Internet wallet	1	1
Client 8	3	58000	4	1		8418	Internet wallet	1	1

Based on the data presented, the set of codes in columns 2-8 is the same for the following groups of ESP clients:

for ESP clients 1 and 2 for ESP clients 4, 5, 6 for ESP clients 7 and 8

Based on the results of data aggregation (grouping), the following information should be presented in the report:

Line number	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
1	3	61000	2		1	8002	MIR (NSPK)	2	1	2
2	1	14000	1		1	8002	MIR (NSPK)		1
3	3		4	3		8418	Internet wallet	3	3
4	3	58000	4	1		8418	Internet wallet	2	2

A similar aggregation principle applies to Subsection 1.2, Section 2, Subsection 3.1 and Section 4 of the report.

December 30, 2025

Financial News: Validation Schemas for the DRAFT7 JSON Service File for the Bank of Russia XBRL Taxonomy Version 7.1

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

To optimize the collection and processing of granular (detailed) data, the Bank of Russia is offering the option to use the new XBRL-CSV specification for preparing and submitting reporting data to the Bank of Russia. This specification enables the collection of detailed data within the collection model structure provided by the XBRL taxonomy, significantly reducing the file size of the transmitted data.

If the size of the zip archive containing the XBRL report exceeds 2000 MB, the report can be generated in XBRL-CSV format and submitted to the Bank of Russia at the following entry points:

For the Bank of Russia XBRL taxonomy version 7.1:

for NPF: ep_nso_npf_y_90d_reestr_0420257; for PURCB: ep_nso_purcb_m_q_y_10rd_reestr_0420417.

For the Bank of Russia XBRL taxonomy version 6.1:

for NPF: ep_nso_npf_y_90d_reestr_0420257; for PURC: ep_nso_purcb_m_q_y_10rd_reestr_0420417; for BKI: ep_nso_bki_q_y_15rd_reestr_0420755.

Submission of reports in XBRL-CSV format is possible starting from the reporting date of April 30, 2021.

If you have any questions about reporting in XBRL-CSV format, please send them to svch_sbrlnelp@kbr.ru, indicating “Report structure in XBRL-CSV format” in the subject line.

December 30, 2025

Financial News: Example of XBRL-CSV reporting packages for the Bank of Russia XBRL taxonomy version 7.1

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

To optimize the collection and processing of granular (detailed) data, the Bank of Russia offers the option to use the new XBRL-CSV specification for preparing and submitting reporting data to the Bank of Russia. This specification enables the collection of detailed data within the collection model structure provided by the XBRL taxonomy, significantly reducing the file size of the transmitted data.

If the size of the zip archive containing the XBRL report exceeds 2000 MB, the report can be generated in XBRL-CSV format and submitted to the Bank of Russia at the following entry points:

For the Bank of Russia XBRL taxonomy version 7.1:

for NPF: ep_nso_npf_y_90d_reestr_0420257; for PURCB: ep_nso_purcb_m_q_y_10rd_reestr_0420417.

For the Bank of Russia XBRL taxonomy version 6.1:

for NPF: ep_nso_npf_y_90d_reestr_0420257; for PURC: ep_nso_purcb_m_q_y_10rd_reestr_0420417; for BKI: ep_nso_bki_q_y_15rd_reestr_0420755.

Submission of reports in XBRL-CSV format is possible starting from the reporting date of April 30, 2021.

If you have any questions about reporting in XBRL-CSV format, please send them to svch_sbrlnelp@kbr.ru, indicating “Report structure in XBRL-CSV format” in the subject line.

December 26, 2025

Financial news: Installment service operators.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

1. Study the requirements of the necessary Federal laws and regulations.

2. Check the applicant's eligibility.

Organizational and legal form	Business company.
Minimum amount of equity (capital)	5 million rubles.
Official website	The website is located in the Russian national domain zone; the applicant is the owner of the website's domain name. To check the ownership of a website's domain name, use the Whois web service.
Shareholders (participants) and members of management bodies	The list of persons, as well as qualification requirements, requirements for business reputation and other requirements for these persons are provided Articles 8 and 9 of the Law of July 31, 2025 No. 283-FZ.

Specialized services for verification:

3. Activate personal account of an information exchange participant.

4. Prepare and send to the Bank of Russia via personal account of an information exchange participant a set of documents for entering information into the OSR register according to the procedure “4010 Applicants”.

Application for inclusion of information about a legal entity in the OSR register. Documents attached to the application.

5. Wait for the Bank of Russia’s decision.

The period for consideration of an application for entering information about a legal entity into the OSR register is 30 working days.

In this case, the Bank of Russia may send the applicant a request to provide documents confirming compliance with the requirements. Law of July 31, 2025 No. 283-FZ.

If such a request is sent, the period of 30 working days will be calculated from the date of its execution by the applicant.

1. Study the requirements of the necessary Federal laws and regulations.

2. Check the applicant's eligibility.

Official website	The website is located in the Russian national domain zone; the applicant is the owner of the website's domain name. To check the ownership of a website's domain name, use the Whois web service.

3. Prepare and send to the Bank of Russia via personal account of an information exchange participant a set of documents for entering information into the OSR register according to the procedure “4010 Applicants”.

Application for inclusion of information about a legal entity in the OSR register. Documents attached to the application.

4. Wait for the Bank of Russia’s decision.

The period for consideration of an application for entering information about a legal entity into the OSR register is 30 working days.

In this case, the Bank of Russia may send the applicant a request to provide documents confirming compliance with the requirements. Law of July 31, 2025 No. 283-FZ.

If such a request is sent, the period of 30 working days will be calculated from the date of its execution by the applicant.

December 24, 2025

Financial news: Signs of fraudulent transfers from January 1, 2026.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

This can be done in one of two ways:

Submit a request to any bank where you or your company serves. The bank is obligated to forward the client's request to the Bank of Russia no later than the next business day (unless there is a reason to refuse to forward the request to the Bank of Russia). Submit the request to the Bank of Russia via the online reception, selecting "Information Security" as the subject and the relevant issue.

Regardless of the method of application, individual entrepreneurs and individuals engaged in private practice must include the following information in their application:

— series (if any) and numbers of identity documents;

— INN;

— bank account numbers, and/or payment cards, and/or electronic wallets.

Additionally, you may indicate in your application the full and abbreviated (if any) names of the banks from which you learned about the inclusion of information in the Bank of Russia database, and/or their bank identification codes, as well as a telephone number.

A legal entity must include the following information in its application:

— INN;

— bank account numbers, and/or payment cards, and/or electronic wallets.

A legal entity may additionally provide the series (if any) and numbers of identity documents, the SNILS of an individual performing the functions of the sole executive body of a legal entity, as well as the full and abbreviated (if any) names of the banks from which you learned about the inclusion of information in the Bank of Russia database, and (or) their bank identification codes.

Moreover, if the bank believes that information about its client has been included in the database without justification, it has the right to independently, without the client’s participation, send a reasoned statement to the Bank of Russia.

The Bank of Russia will review the application within 15 business days and decide whether to remove the details from the database.

December 24, 2025

Financial news: Album of orders applied in the Bank of Russia payment system (version 2026.3).

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

The Bank of Russia's payment system is an integral part of the national payment system. It is legally recognized as a systemically important payment system through which the monetary and budgetary policies of the Russian Federation are implemented.

Within the framework of the Bank of Russia payment system:

On behalf of its participants (including credit institutions, the Federal Treasury and its territorial bodies), funds are transferred between accounts opened with the Bank of Russia; settlements for funds transfers carried out within the Russian Federation using payment cards are completed; and a mechanism for completing settlements for transactions concluded in financial markets is implemented.

The Bank of Russia carries out money transfers using three services:

urgent transfer service; non-urgent transfer service; fast payment service.

December 23, 2025

A positive trend: inflation in Russia has slowed to 5.8%.

Translation. Region: Russian Federation –

Source: Mainfin Bank –

An important disclaimer is at the bottom of this article.

Image: mainfin.ru

What was the growth rate of consumer prices in Russia in mid-December?

Inflation in the country began to slow in December – prices rose by 0.05% in the first week of the month, and by 0.06% in the second. Since the beginning of the year, the increase has been approximately 5.4%. Compared to last year, inflation has slowed. According to the Central Bank, in December 2024, the price growth rate was 6.12%, and now it is 5.8%.

The Ministry of Economic Development also confirms this trend: in the first ten days of December, inflation slowed to 6.08% (compared to 6.34% a year earlier). However, experts agree that the slowdown in price growth is only temporary, driven by seasonal factors; it's too early to talk about the sustainability of this trend.

What will happen to inflation in Russia at the beginning of 2026?

The slowdown in price growth in December is a positive development, but inflation expectations remain high in the country. Price growth for goods and services is projected to accelerate in the first months of 2026, driven by several factors:

An increase in the VAT rate from 20 to 22%; the abolition of certain business benefits that reduce the tax burden; high borrowing activity among Russians; and a worsening budget deficit.

"The state budget for next year includes a key rate of 12-13% per annum, but the Central Bank of the Russian Federation believes the actual rate will exceed the forecast level: this contradiction calls into question the ability to fulfill budget plans," the pessimistic expert believes.

Moreover, at its most recent key rate meeting, the Central Bank of Russia noted that monetary policy in Russia will remain tight. The regulator is signaling the end of the rate cut cycle, and if inflation accelerates, the rate may even be revised upward. The next key rate decision will be made on February 13, 2026. The Central Bank expects inflation to fall below 5% next year.

15:30 12/23/2025

Source:

Q3 2025	15,901	34,081	-11 505	-4 852	-1 823
Q2 2025	8 681	27 232	-11 517	-5 318	-1 717
Q1 2025	10,679	29,544	-10 740	-7,045	-1,080
Q4 2024	11,824	29 293	-10 295	-5 932	-1 242
Q3 2024	13,437	32 128	-i 892	-8 242	– 558
Q2 2024	20,318	36,629	-8 841	-6 495	– 975
Q1 2024	18 228	34,444	-i 231	-6 147	– 838
Q4 2023	9,781	30,068	-8 407	-7 992	-3 888
Q3 2023	18,531	34,813	-8 989	-5 634	-1 659
Q2 2023	11,082	27,456	-i 337	-5 611	-1,426
Q1 2023	7,681	28,853	-i 541	-i 556	-2,075
Q4 2022	38,095	58,641	-6 940	-11 301	-2 305
Q3 2022	52,879	74,297	-5 802	-13 711	-1 905
Q2 2022	81,481	97,083	-4 367	-8 284	-2 951
Q1 2022	63,815	87 142	-4 959	-17 124	-1 244
Q4 2021	46,272	64,828	-4,574	-13 127	– 854
Q3 2021	41,542	56 249	-5 826	-7 586	-1 295
Q2 2021	22,828	40 168	-5 173	-11 091	-1,077
Q1 2021	15 249	29,459	-4 234	-8 166	-1 810
Q4 2020	8 152	23,979	-3 733	-10 641	-1,454
Q3 2020	7 221	20 143	-3 354	-7 907	-1 662
Q2 2020	4,452	16,935	-2 791	-7 722	-1,970
Q1 2020	16,461	32,336	-7 507	-7 243	-1 125
Q4 2019	i 119	39,069	-11 091	-14 518	-4 341
Q3 2019	17,739	40 144	-8 928	-11 864	-1 614
Q2 2019	17,640	40,357	-8 178	-13 156	-1 383
First quarter of 2019	23,751	46,683	-8 131	-12 081	-2 719
Q4 2018	35,446	54,589	-7 789	-8 907	-2,446
Q3 2018	33,220	50,429	-6 202	-8 997	-2,011
Q2 2018	24,420	46 106	-7 328	-12 236	-2 121
First quarter of 2018	20,965	42,833	-i 083	-10 426	-2 359
Q4 2017	11,226	33,059	-8 847	-10 478	-2 508
Q3 2017	2 181	23,451	-7 481	-11 420	-2 369
Second quarter of 2017	6,041	25,359	-7 351	-i 670	-2 297
First quarter of 2017	13,089	32,904	-7 220	-10 582	-2 013
Q4 2016	8,692	26 257	-6 287	-i 594	-1 684
Q3 2016	4,873	21,046	-5 511	-8 775	-1 886
Second quarter of 2016	5,956	22,396	-5 761	-i 113	-1,566
First quarter of 2016	5,425	20,632	-6 465	-7 593	-1 148
Q4 2015	12,416	29 221	-7 582	-7 784	-1,439
Q3 2015	12,901	31,681	-10 072	-7 372	-1 336
Second quarter of 2015	21,019	43,861	-i 252	-11 818	-1 772
First quarter of 2015	22,051	44,428	-10 519	-10 771	-1,087
IV quarter of 2014	13,399	40,865	-11 846	-13 872	-1,748
Q3 2014	14,798	49,743	-15 454	-17,040	-2 451
Second quarter of 2014	17,539	51,362	-13,990	-18,000	-1 833
First quarter of 2014	11 118	47 147	-13,900	-19,964	-2 166
IV quarter of 2013	7,782	45,773	-14,964	-20 341	-2 687
Q3 2013	9,087	48 163	-16,489	-20 540	-2,047
Second quarter of 2013	6,435	42 215	-13 336	-20 084	-2 359
First quarter of 2013	13,082	44,464	-13 201	-16 348	-1 833
IV quarter of 2012	11 136	45,059	-13 246	-19 032	-1 644
Q3 2012	13,407	42,938	-12 375	-15 219	-1 937
Second quarter of 2012	20,269	48,975	-i 986	-17 308	-1 412
First quarter of 2012	27,774	55,764	-10 752	-16 224	-1,014
IV quarter of 2011	26,409	52,695	-i 493	-15 454	-1 338
Q3 2011	24,369	49,928	-8 829	-15 615	-1 117
Second quarter of 2011	26,497	50 815	-7 410	-15 358	-1,550
First quarter of 2011	19,634	43,779	-7 229	-14,999	-1 917
IV quarter of 2010	11,917	35,676	-8 337	-13 664	-1 758
Q3 2010	10 227	31,908	-7 270	-12 858	-1 553
Second quarter of 2010	20,818	37,675	-5 230	-10 299	-1 328
First quarter of 2010	25,644	43,665	-5 053	-11 449	-1 519
IV quarter of 2009	18,592	35,930	-4 950	-11 200	-1 188
Q3 2009	14,432	31,572	-4 413	-11 257	-1,470
Second quarter of 2009	8,553	22,016	-3 756	-8 402	-1 305
First quarter of 2009	8,042	21,624	-4 212	-7 800	-1,569
IV quarter of 2008	13,730	27,051	-4 106	-7 637	-1,578
Q3 2008	23,391	46,543	-5 583	-15 824	-1 746
Second quarter of 2008	32,807	51,587	-5 215	-11 858	-1 707
First quarter of 2008	31,238	49,986	-5 013	-11 833	-1 903
IV quarter of 2007	23,782	37,777	-5 106	-6 953	-1 936
Q3 2007	15,538	29,043	-4 159	-7 920	-1,426
Second quarter of 2007	17,335	29 196	-3,584	-7 033	-1 244
First quarter of 2007	16 311	26,964	-3 409	-6 347	– 897
IV quarter of 2006	17,507	28 124	-3 354	-6 339	– 925
Q3 2006	25 223	36,575	-2 783	-7 719	– 849
Second quarter of 2006	25,492	36,714	-2 163	-8 728	– 331
First quarter of 2006	27,948	36,300	-2,084	-5 883	– 385
IV quarter of 2005	23,790	32,420	-3 209	-4 855	– 566
Q3 2005	18,716	29,763	-3 429	-7 241	– 376
Second quarter of 2005	23,544	29,733	-2 342	-3 532	– 315
First quarter of 2005	21 259	25,840	-2,445	-1 844	– 292
IV quarter of 2004	19,015	23,569	-2 766	-1,595	– 194
Q3 2004	16,030	21,652	-3 250	-2,032	– 339
Second quarter of 2004	13 195	19,423	-2,468	-3,414	– 346
First quarter of 2004	10,829	17,512	-2 629	-3,990	– 63
IV quarter of 2003	8,095	14,491	-2 641	-3 776	21
Q3 2003	8 220	13,480	-2 777	-2,370	– 113
Second quarter of 2003	7,641	12,220	-1 617	-2 830	– 132
First quarter of 2003	11,038	15,596	-1 933	-2,437	– 188
IV quarter of 2002	7 129	11 128	-2 192	-1 639	– 169
III quarter of 2002	7 802	11,580	-2 339	-1,428	– 11
Second quarter of 2002	7,379	10,851	-2,019	-1 179	– 274
First quarter of 2002	5,907	9,775	-2 279	-1 308	– 281
IV quarter of 2001	5,933	7,919	-1 649	– 40	– 298
III quarter of 2001	8 501	11,763	-2,487	– 572	– 204
Second quarter of 2001	8,879	12,019	-2,029	– 956	– 154
First quarter of 2001	10,582	13,969	-1,787	-1 402	– 199
IV quarter of 2000	12,240	14,661	-1 118	-1 254	– 49
III quarter of 2000	11,733	14,870	-1,568	-1,549	– 21
Second quarter of 2000	11,600	14,524	-1 180	-1 844	100
First quarter of 2000	11,412	14 204	-1,088	-1,768	64
IV quarter of 1999	8,982	11,419	– 810	-1 868	241
III quarter of 1999	5,424	7,944	– 701	-2,078	259
Second quarter of 1999	4,018	6,250	– 441	-1 911	121
First quarter of 1999	3,567	6 193	– 533	-2,046	– 47
IV quarter of 1998	5 213	8,568	– 495	-2 815	– 44
III quarter of 1998	1,033	5 101	– 907	-3 140	– 22
Second quarter of 1998	-3 661	1,069	-1 382	-3 224	– 123
First quarter of 1998	-3 886	487	-1,405	-2 803	– 165
IV quarter of 1997	– 729	3 188	-1 533	-2 223	– 161
III quarter of 1997	-1 696	2 253	-1 727	-2 108	– 114
Second quarter of 1997	– 662	2,817	-1 214	-2 193	– 72
First quarter of 1997	1,934	5,814	-1,573	-2 324	18
IV quarter of 1996	4 202	7,364	-1 174	-2,045	58
III quarter of 1996	1,289	3,932	-1 243	-1,437	37
Second quarter of 1996	1,554	4 241	-1 381	-1 264	– 42
First quarter of 1996	1,440	4,296	-1 738	-1 101	– 17
IV quarter of 1995	1,291	4,264	-2 206	– 798	31
III quarter of 1995	– 140	4,819	-3 348	-1,570	– 40
Second quarter of 1995	3 141	5 902	-2 216	– 610	65
First quarter of 1995	3,888	6,012	-1,534	– 692	104
IV quarter of 1994	1,796	4,506	-1 845	– 790	– 75
III quarter of 1994	3,788	5,864	-1,438	– 605	– 33
Second quarter of 1994	2,250	5 195	-2 326	– 551	– 68
First quarter of 1994	839	2,665	-1 394	– 383	– 48

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What budget payments will be made using the electronic ruble?

How is the digital ruble being launched in Russia?

What was the growth rate of consumer prices in Russia in mid-December?

What will happen to inflation in Russia at the beginning of 2026?