Financial news: In most regions, prices grew more slowly in November than in October.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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In 53 of 85 regions, price growth slowed in November, and in four more it remained at the October level.

In most regions, prices for vegetables, fruits, and eggs increased less than in October, and sugar prices continued to decline. Non-food prices generally rose moderately, held in check by lower gasoline prices, which had risen sharply in previous months. Services increased in November. The most significant increases were for health resorts and passenger transportation: people tend to pay for travel and accommodations in advance, so the November figures already included the seasonal price increases before the New Year holidays.

Annual inflation slowed in 80 regions in November. The Bank of Russia will maintain high interest rates in the economy to ensure a confident return of inflation to 4%.

For more information on inflation in each region, please seeinformation and analytical materials.

Preview photo: Ariya J / Shutterstock / Fotodom

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The government approved the Concept for the Scientific and Technological Development of the Russian Transport Complex through 2035.

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – Government of the Russian Federation –

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Document

Order No. 3871-r of December 19, 2025

By 2035, Russia must establish at least nine scientific and technological competence centers, as well as up to 50 laboratories, aimed at developing new types of transportation equipment, as well as new materials and technologies for transport construction. This is one of the objectives of the Concept for the Scientific and Technological Development of the Russian Transport Complex through 2035. Prime Minister Mikhail Mishustin signed the order approving this strategic planning document.

The new centers' areas of focus include the development of high-speed rail, autonomous (unmanned) vehicles, electric vehicles and charging infrastructure, hydrogen-fueled transport, as well as the development of the Trans-Arctic Transport Corridor and transport logistics technologies.

A research institute for transport will coordinate scientific research and experimental development for the transport sector, including through new competence centers. It will be established within the Russian University of Transport.

The new competence centers and laboratories are expected to increase applied scientific research, which in turn will lead to the launch of new start-ups in the transportation sector.

The same goal is pursued by the creation of youth technology entrepreneurship centers (business incubators) at industry universities and the launch of a grant program for student startup developers.

Comment

From Mikhail Mishustin's opening remarks at the operational meeting with deputy prime ministers, December 22, 2025

Commenting on the adopted documentmeeting with deputy prime ministers on December 22Mikhail Mishustin noted that one of the main goals is to transition to a centralized model for managing industry-specific scientific research, so that scientists can focus on solving the most complex technological problems.

"This will accelerate the development of promising markets, facilitate the development of competitive services based on innovative engineering principles, and ensure an improvement in the quality of life for our citizens," the Prime Minister emphasized.

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Financial news: Agreement with the regulator – an opportunity to preserve business reputation.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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The Bank of Russia for 2 years concluded 22 agreements with violators of the law on market manipulation and insider trading, against whom administrative cases have already been initiated.

The agreement mechanism has been in effect since 2024. Its essence lies in the investor agreeing to assist the investigation and paying a specified sum into the state budget. In exchange, their case is closed, their business reputation is preserved, and they can continue operating in the financial market. Since then, 17 investors and five companies have agreed to enter into agreements with the regulator, while two other requests have been denied.

When making its decision, the Bank of Russia evaluates the severity of the offense, the willingness of the perpetrator to disclose the reasons and circumstances of transactions with signs of manipulation and insider trading, and to disclose information about accomplices or other related illegal transactions. If approved, the party to the transaction is obligated to pay monetary compensation, the amount of which must be no less than the amount of the profit received. On average, each individual investor paid approximately 200,000 rubles, and each company paid 6.5 million rubles.

Any failure to comply with the agreement is grounds for reopening the case. The party then loses the right to enter into a new agreement.

This mechanism allows for faster and more cost-effective investigations into administrative cases of manipulation and insider trading, and also prevents unfair market behavior.

Preview photo: Izzuanroslan/ Shutterstock / Fotodom

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12/22/2025 Sound Secrets of "Lefty": From a Robot Flea to the World of Inventions of a Self-Taught Genius. Mosfilm is completing work on the sound design for the historical adventure film "Lefty."

Translation. Region: Russian Federation –

Source: Mosfilm Film Concern – An important disclaimer is at the bottom of this article.

December 22, 2025

News editorial office

Mosfilm is nearing completion on the sound design for the historical adventure film "Lefty." Pavel Doreuli, sound director and co-founder of Atmosfera Studios, whose team is overseeing the entire project, spoke to Mosfilm.ru about the main tasks and challenges: creating the voice and mechanics for the key character, a high-tech flea, and contrasting two worlds: Lefty's crude but brilliant inventions and the sophisticated devices of British intelligence.

The Atmosfera team has been working on the complex sound design for the new film "Lefty" at Mosfilm studios since late May. As Pavel Doreuli (pictured with Pavel Stasenko, sound designer for the re-recording of "Lefty") explained, the sound department was faced with numerous tasks, which were gradually implemented. One of the central ones was creating the sound image of the mechanical Flea—the film's key artifact and character.

"Initially, the Flea in the film is a type of spy mechanism used by the British secret service. The well-known expression, 'Lefty shoed the flea,' is an allegory for his defeat of all their complex mechanisms. Therefore, the task was to create not only the sounds of movement for the Flea but also to convey that it was a high-tech device for the time. It even has a voice! Furthermore, we had to create an organic feel for this character. After all, it's essentially a mechanical robot with pneumatic legs. We sought this in some manifestation of the mechanisms at work, but… with emotion! Accordingly, there were many iterations, and the sound image has only just come together," shared Pavel Doreuli.

Besides Flea, a unique sound design was required for the world of Lefty's inventions: his prosthetic limb, his robotic assistant, detectors, and other flea-fighting devices. It was important to contrast Lefty's self-taught world, where functionality over aesthetics comes first, with the technologically advanced and elegant devices of British intelligence: various types of spy fleas, tracking systems, and so on.

"The sound on set was recorded very well. One of the director's requirements was to preserve as much of the original sound as possible. However, some work was still required: lines were added, some lines were rewritten, extras and cameos were recorded. Overall, more than 90% of the film's sound will be from the set," the sound engineer explained.

A separate, large-scale component of the work is the musical score. The film's soundtrack was written by film composers Georgy Fyodorov and Roman Selivestrov (Major Grom, the fantasy saga Eterna).

"There's a lot of music in 'Lefty.' It simply fills the entire space! The music is very emotional, it drives the action. In my opinion, this is a very interesting compositional approach that supports the dramaturgy and focuses the audience's attention in the right direction," concluded Pavel Doreuli.

ABOUT THE FILM

The film "Lefty" is based on Nikolai Leskov's famous novella, which receives a bold and original interpretation in this new adaptation. The screenplay was written by Ilya Kulikov and Valeria Podorozhnova, and Vladimir Besedin ("Major Grom") directed. The film won the award for most anticipated adaptation at the "Chitka 4.0" festival.

The project stars Yuri Kolokolnikov, Fedor Fedotov, Leonela Manturova, Yan Tsapnik, Alexey Guskov, Artur Ivanov, Alexander Chevychelov and others.

The plot takes viewers to Russia at the end of the 19th century. Against the backdrop of looming war with Great Britain, a mysterious device—a mechanical flea—is discovered in the imperial palace. A young officer, Pyotr Ogarev, who dreams of earning the trust of Emperor Alexander III, is tasked with investigating the incident. In his search for the truth, he teams up with Lefty, a brilliant but forgotten craftsman from Tula. Together, they plunge into a world of intrigue and danger. To uncover the conspiracy, the heroes must challenge the system, unravel family secrets, and make a difficult choice between duty and love. At stake are the country's security and their own destinies.

"Lefty" is an adventure film set in a historical setting. The film is very vibrant, a color scheme chosen to give viewers a fresh sense of the era, without the usual stylization typical of classic films. The film features unique inventions and devices created at the intersection of historical accuracy and the author's imagination.

"The film contains a huge number of details that may not be noticeable at first glance, but they create depth in the characters' images and personalities, and in the story as a whole. Every time the viewer rewatches the film, they will be met with new surprises and discoveries. I strived to give viewers the most engaging cinematic experience possible," said director Vladimir Besedin.

"For me, 'Lefty' isn't just a film, it's a journey. St. Petersburg comes alive here—with its dampness, beauty, and eternal irony—as if it itself becomes the hero. This is the story of Russian talent, capable of shoeing even a flea, but never learning to shoe its own heart. It's about the fragility of the soul, stronger than steel and, at the same time, more vulnerable than any flea. In this strange mixture of genius and simplicity, pain and laughter, stumbles and miracles—there lies the piercing truth of the Russian people," shared actor Yuri Kolokolnikov.

"'Lefty' captivated me with its unexpected combination of a classic literary plot and powerful cinematic thrills. It's an explosive combination, and I hope our film will manage to achieve true success this winter, become a blockbuster—or rather, a flea-buster—and explode at the box office. We were striving for this, working very hard," said actor Fyodor Fedotov.

The final shoots took place on a soundstage in Moscow, while location filming took place in St. Petersburg in the fall and winter of 2024. The film's team meticulously approached the creation of every scene and strictly minimized the use of computer graphics. Numerous sets, models, and locations were built by artists, and the film also features a real animatronic—Lefty's robot companion.

The film will be released on January 22. The project was created by LEGIO FELIX with the support of the Cinema Fund and produced by Ilya Kulikov, Andrey Semenov, Ruslan Sokolov, and Vladimir Permyakov. The distributor is Atmosfera Kino, the theatrical release partner is Kinopoisk, and the film is released with the support of the TNT television channel.

For questions on renting music studios, re-recording studios, speech and sound studios: Tatyana Yuryevna Balter – Director of the Tonstudio PC. Tel.: 7 (499) 143-9803 E-mail: tonstudio@mosfilm.ru Tonstudio, Mosfilmovskaya St. 1, building 27

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Retailers want to legalize logistics "taxes" from suppliers.

Translation. Region: Russian Federation –

Source: KMZ Cargo – KMZ CARGO –

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Networks want to exempt their transportation services from the 5% commission cap. They promise efficiency to their partners, but manufacturers fear this will become a tool for covertly increasing their costs and compensating for their own margins.

One of the key legislative initiatives in the trade sector—the possibility of exempting retail chain logistics services from the maximum 5% supplier-to-retailer remuneration—has received mixed reviews from industry associations, Izvestia reports.

AKORT, which represents the interests of large retailers, insists the measure will reduce supplier costs and will not lead to price increases, while Rusprodsoyuz, which represents manufacturers, sees this as a threat of a return to opaque schemes and increased pressure on suppliers. The discussion was sparked by the Federal Antimonopoly Service's response to the new trade rules prepared by the Ministry of Industry and Trade, in which the regulator expressed concerns about the initiative's potential impact on the final cost of goods.

Stanislav Bogdanov, Chairman of the AKORT Presidium, categorically disagrees with the FAS position. He explained to Izvestia that the chain's remuneration is not included in the product price, but is a separate payment. In his opinion, providing suppliers with access to an efficient retail logistics infrastructure will, on the contrary, reduce their costs. Bogdanov noted that chains' transportation, storage, and handling services are often cheaper than market rates due to their scale, but they cannot offer them in full due to the statutory 5% cap. Already, many suppliers, especially those operating in remote regions, have logistics costs reaching 3.9-4.1% of this cap, and for deliveries outside of Central Russia, costs increase exponentially. This, according to the expert, makes the existing strict cap economically inadequate to the actual cost structure of manufacturers.

Dmitry Vostrikov, Executive Director of Rusprodsoyuz, holds a diametrically opposed view. He believes the initiative will allow chains to formally declare "zero markups" and their role in price containment while maintaining profit margins. Revenue will be secured through logistics services, for which chains will be able to dictate tariffs to suppliers, forcing them to compensate for the retailers' desired profits. According to him, this tactic shifts the blame for rising prices to the food industry, since suppliers, without direct contact with the end customer, are forced to negotiate any cost increases with the chain. Vostrikov noted that producers see this move as a return to opaque revenue distribution along the chain and do not support it. The debate is taking place against the backdrop of discussions on the roadmap for a national retail model developed by the Ministry of Industry and Trade. Earlier, on December 12, 2025, business representatives, including AKIT President Artem Sokolov, proposed that the agency revise the document by eliminating a number of provisions and adding new ones.

As a reminder, the Russian retail market and related logistics will likely remain in a full-blown crisis throughout 2026, according to Fedor Virin, a partner at Data Insight and co-founder of EW Club. The main problem, according to the expert, is that the long-standing growth model based on market expansion has exhausted itself. Companies can now stay afloat only by redistributing their existing, shrinking capital, which requires aggressively taking market share from competitors. This fundamentally changes the rules of the game that have characterized business over the past quarter century, Virin asserts. LR

Read more:http://logirus.ru/nevs/transport/retail_wants_to_legalize_logistics_obrok_from_suppliers.html

Publication date: 12/22/2025

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Financial news: The microfinance market continues to cool: Q3 results.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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The volume of loans provided by microfinance organizations in the third quarter decreased by 5% compared to the previous period and amounted to 506 billion rubles.

This is the second quarterly decline this year. However, while the first quarter's decline was due to a seasonal decline in the business finance sector, this time the volume of consumer microloans has also declined.

The cooling is also being driven by macroprudential limits aimed at limiting household indebtedness. However, the quality of microloan portfolios has deteriorated slightly as previously issued unsecured loans mature. The share of debt overdue for 90 days or more has risen to 31%—the highest level seen in 2025.

At the same time, the risk of an increase in overdue debt will subside against the backdrop of a gradual tightening of the issuance of the most expensive microfinance loans. This is envisaged new law.

Read more in"Review of Key Performance Indicators of Microfinance Institutions for the Third Quarter of 2025".

Preview photo: Dmitry Feoktistov / TASS

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Dmitry Patrushev and Kostroma Region Governor Sergei Sitnikov discussed the development of the region's agro-industrial complex and its environmental protection.

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – Government of the Russian Federation –

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Deputy Prime Minister Dmitry Patrushev held a working meeting with Kostroma Region Governor Sergei Sitnikov. The main topics discussed were the development of the region's agro-industrial complex and environmental protection.

In 2025, the federal budget allocated to support the Kostroma Region's agro-industrial complex more than doubled, reaching approximately 450 million rubles. Systematic state support for the industry allows the region to steadily increase agricultural production. Furthermore, measures to bring agricultural land into production are aimed at this goal, which was also discussed at the meeting. Dmitry Patrushev noted the importance of providing farmers with the necessary material and technical resources and emphasized the need for timely delivery of state support funds to final recipients.

Sergey Sitnikov reported positive growth in vegetable and potato growing, as well as poultry farming. Furthermore, the Kostroma Region is a traditional cheese center in Russia. Seven large cheese factories operate in the region, producing over 60 types of cheese. Over the past 10 years, production volumes of this product, both nationally and in the Kostroma Region, have increased exponentially.

The Deputy Prime Minister and the regional governor also discussed environmental issues and waste management. As part of the national project "Environmental Well-Being," the Kostroma Region is participating in two federal projects—"Circular Economy" and "Forest Preservation." Plans are currently being developed to build new waste management facilities for the regional capital and the surrounding areas, where the majority of the region's population resides. Furthermore, by 2030, the region plans to acquire forest firefighting and forestry equipment, expand the area under reforestation, and establish and develop forest seed production facilities.

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Financial news: Depository accounting: new regulations.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

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The Bank of Russia plans to adjust the rules for depository accounting of foreign securities and the rights of foreign investors to Russian securities. Main vectors of change The regulator determined this following public discussions report.

Foreign securities will retain direct access to the Russian accounting infrastructure. The Bank of Russia has decided not to limit the presence of foreign assets to the issuance of Russian depositary receipts. At the same time, the Bank of Russia intends to simplify the issuance procedure.

Depositories will be required to inform their clients of the risks associated with foreign jurisdictions, including possible restrictions or blocking. It is planned to define a list of circumstances under which domestic depository institutions will be exempt from liability to depositors—for example, in the event of sanctions imposed by foreign governments or the nationalization of foreign companies.

Regarding the recognition of foreign investors' rights to Russian securities, conditions will be created for opening segregated accounts. In this case, the owner of Russian assets will be able to freely dispose of them and transfer them to a separate account without the consent of their foreign intermediary.

At the same time, depositories will retain their obligation to disclose all owners recorded in an aggregated account (if required by law or agreement). If a foreign intermediary refuses to disclose information about its investors, the exercise of rights to securities in depository accounts may be restricted.

All these provisions, aimed at strengthening investor protection, will form the basis of the concept of regulatory changes.

Preview photo: Shutterstock / Fotodom

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Marat Khusnullin: More than 6 million trips have been made by motorists using the Malye Vyazmy bypass on the Central Ring Road in the year since its opening.

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – Government of the Russian Federation –

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In the Moscow Region, over the past year since the opening of the Malye Vyazyomy bypass on the Central Ring Road on December 22, 2024, drivers have used the new road over 6 million times, according to Deputy Prime Minister Marat Khusnullin.

"The Central Ring Road is the backbone of Russia's highway network and part of international transport corridors. Therefore, the new bypass around the village of Malye Vyazemy, which the President opened a year ago, has become a driver of development not only for the Moscow Region but for the entire central region. This has ensured efficient transport links between Moscow Region towns and strengthened interregional ties. We see that this bypass is in high demand among drivers: in the first year since its opening, drivers made over 6 million trips. The new road has significantly improved traffic conditions in Odintsovo, Zvenigorod, Golitsyno, Istra, and Kubinka, reducing travel time from Zvenigorod to Odintsovo city center and to Vnukovo Airport. Furthermore, the opening of the bypass has relieved the traffic congestion in Malye Vyazemy, which is crucial for the comfort of local residents," said Marat Khusnullin.

The Deputy Prime Minister added that the new road has a positive impact on freight traffic. On average, approximately 3,700 trucks travel along the section daily. Furthermore, the bypass eliminated the road's at-grade intersection with the Smolensk-bound railway tracks, where trains run at intervals of two to three minutes, or a maximum of five minutes, during peak hours. This created significant problems for drivers, especially during the summer season. Now, drivers no longer have to waste time waiting for trains to pass.

Vyacheslav Petushenko, head of the state-owned company Avtodor, noted that the opening of the Malye Vyazmy bypass was one of the most anticipated events for millions of residents of the Moscow region.

"It's important to note that the commissioning of this seemingly small section was of enormous significance for the region. The Malye Vyazmy bypass on the Central Ring Road immediately became a popular choice for drivers, averaging over 16,500 trips per day. Notably, peak traffic during the first year since its opening was most often observed on Fridays. For example, traffic peaked on Friday, September 26, 2025, when drivers made approximately 27,500 trips on the new section in one day," said Vyacheslav Petushenko.

The bypass around the village of Malye Vyazyomy has four lanes—two in each direction. Electric lighting has been installed to ensure safe passage at night. Five artificial structures have also been constructed, including three interchanges—at the intersection with Petrovskoye Highway, Yamskaya Street, and near the Golitsyn Poultry Farm—as well as a bridge over the Bolshaya Vyazemka River and a tunnel. For the comfort of Malye Vyazyomy residents, 29,000 square meters of noise barriers have been installed.

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Financial news: VIM Investments funds are now available on the Finuslugi marketplace.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

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On December 22, 2025, shares of four open-end mutual investment funds (OUIFs) of the management company VIM Investments became available to clients of the Finuslugi marketplace.

New funds offer marketplace users the opportunity to invest in shares of Russian public companies, government bonds, and corporate bonds:

"VIM – Balanced. Russian Issuers" is aimed at investors seeking income from investing in stocks and bonds of major Russian issuers. "VIM – Bonds. Russian Issuers" – the fund's assets are invested in government, sub-federal, and corporate bonds. "VIM – Shares. Russian Issuers" – the fund's assets are invested in fundamentally undervalued Russian stocks, with a focus on blue chips—the largest and most financially stable companies with high market liquidity. "VIM – Oil and Gas Sector" – invests in ordinary and preferred shares of leading Russian oil and gas companies.

Finuslugi clients now have access to 44 mutual funds from eight management companies.

Gleb Yuchenkov, Director of Investment Products at Finuslugi marketplace:

"Today, four new mutual funds from one of the market's largest management companies, VIM Investments, became available on Finuslugi. For investors, the collective instruments market offers access to professional asset management, the opportunity to diversify risks, and save time on analyzing and purchasing securities. Investors can compare dozens of different mutual funds, investing in them without opening a brokerage account—directly through their Finuslugi personal account. The addition of major management companies to Finuslugi demonstrates the marketplace's popularity not only among investors but also among market participants, who can reach a new audience."

Vladimir Kirillov, Executive Director of VIM Investments:

"Connecting to the Finuslugi marketplace is an important step in making our investment products more accessible to a wider range of investors. Now, through a convenient digital service, anyone can purchase shares in our eight mutual funds, focused on a variety of strategies—from conservative bonds to oil and gas stocks. This will simplify the investing process and help Russians manage their savings more effectively."

The minimum investment amount in VIM Investments funds on the marketplace is 100 rubles. Finuslugi does not charge a commission for transactions with shares listed on the platform. To start investing and purchase shares online on the marketplace, simply identify yourself through Gosuslugi.

Finuslugi is a money marketplace created by the Moscow Exchange. On Finuslugi, you can open bank deposits, take out cash loans, purchase mutual fund shares, public bonds of Russian regions, as well as compulsory motor insurance (OSAGO), comprehensive motor insurance (CASCO), mortgage insurance, property insurance, and other products. You can top up your Finuslugi account commission-free, 24/7, using the Faster Payment System (FPS).

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

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