Financial accounts and Financial balance sheets of the system of national accounts of the Russian Federation
Q2 2025
Last update: 26.12.2025
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In the II quarter, 2025, net lending to the domestic economy totaleld 0.4 trn rubles (0.2% of GDP). The index was traditionally lower than that in the preceding quarter (0.6% of GDP).
Such a reductuion in net lending was dedicated to the increase of the net lending of non-financial organisations, the volume of which in the II quarter of 2025 amounted to 4.4 trn rubles (2.1% of GDP). Households continued being net lenders, whose contribution totalled 4.1 trn rubles (2% of GDP).
Net lending (+)/net borrowing (-) by economic sector (% to GDP)
Fig.1
Net intersectoral financial flows, bln rubles
Fig.2
Q1 2019
Q2 2019
Q3 2019
Q4 2019
2019 year
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020 year
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021 year
Q1 2022
Q2 2022
Q3 2022
Q4 2022
2022 year
Q1 2023
Q2 2023
Q3 2023
Q4 2023
2023 year
Q1 2024
Q2 2024
Q3 2024
Q4 2024
2024 year
Q1 2025
Q2 2025
Q3 2025
Q4 2025
2025 year
As before, non-financial organisations attated the greatest part of funds from credits and loans. In the II quarter of 2025, their size continued to increase and totalled 6.4 trn rubles.
At the same time, starting from the IV quarter of 2024, the funds attacted by non-finansial organisations grew due to the issue of debt securities.
Shares and other forms of participation in capital occupy the greatest share in the liabilities structure of non-financial organisations (around 40%), yet are used, however, as financing instrumnet to a lesser degree.
Financial assets and liabilities of the non-financial corporations, bln rubles
Tab.1
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.07.2025 |
2022 | 2023 | 2024 | Q2-2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | |||
| Financial assets, total | 483 170 | 36 516 | 39 966 | 32 022 | 8 900 | 5 473 | 18 098 | 4 050 | 4 003 | ||
| Currency and deposits | 48 669 | 7 131 | 4 259 | 4 278 | 568 | 1 181 | 2 261 | -55 | -144 | ||
| Debt securities | 4 938 | 471 | -638 | 677 | -15 | 289 | 671 | 355 | -1 | ||
| Loans | 80 273 | 5 486 | 9 820 | 12 109 | 1 785 | 2 228 | 4 450 | 3 494 | 3 900 | ||
| Equity and investment fund shares | 166 336 | 1 837 | 2 111 | 2 142 | 1 246 | -6 | 184 | 418 | 106 | ||
| Insurance, pension and standardized guarantee schemes | 509 | 60 | 101 | 61 | 3 | 0 | -8 | 152 | -15 | ||
| Other accounts receivable | 182 445 | 21 531 | 24 313 | 12 755 | 5 313 | 1 781 | 10 540 | -314 | 157 | ||
| Financial liabilities, total | 608 889 | 35 756 | 47 680 | 44 625 | 11 673 | 10 781 | 19 021 | 6 600 | 8 445 | ||
| Debt securities | 13 987 | 97 | 394 | 2 526 | 449 | 600 | 1 074 | 1 274 | 1 022 | ||
| Loans | 152 988 | 10 198 | 15 550 | 20 754 | 5 090 | 5 485 | 5 682 | 4 068 | 6 389 | ||
| Equity and investment fund shares | 242 042 | 2 308 | 2 089 | 1 782 | 927 | -171 | 675 | 614 | 671 | ||
| Other accounts payable | 199 873 | 23 153 | 29 646 | 19 562 | 5 207 | 4 868 | 11 590 | 644 | 363 | ||
Non-financial corporation sector indices, bln rubles
Fig.3
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
The greatest share of financial assets (more than 50%) is occupied by cash and deposits.
In the II quarter of 2025, the demand for cash, as well as the investment in deposits, were higher than that in the I quarter in accordance with seasonal patterns and totalled 2.7 trl rubles. Shares and other forms of capital participation were the second largest financial instrumnet to invest in (0.7 trl rubles).
Starting from the IV quarter of 2024, lending to households shrank significantly and did not exceed 0.4 trl rubles for the quarter. For further information on financial assets and liabilities of households, please refer to the material “Households savings”.
Financial assets and liabilities of the households, bln rubles
Tab.2
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.07.2025 |
2022 | 2023 | 2024 | Q2-2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | |||
| Financial assets, total | 178 525 | 10 972 | 15 635 | 16 966 | 5 345 | 3 395 | 6 397 | 1 452 | 4 337 | ||
| Currency and deposits | 93 324 | 7 844 | 10 332 | 13 047 | 3 570 | 2 062 | 5 888 | 407 | 2 698 | ||
| Debt securities | 4 979 | 48 | 829 | 273 | 144 | 30 | 92 | 466 | 279 | ||
| Loans | 1 119 | -231 | 167 | 113 | 61 | -9 | 50 | -99 | 51 | ||
| Equity and investment fund shares | 59 168 | 2 167 | 2 073 | 1 436 | 360 | 393 | 507 | 476 | 718 | ||
| Insurance, pension and standardized guarantee schemes | 8 225 | 15 | 75 | 840 | 158 | 418 | 216 | -101 | 141 | ||
| Other accounts receivable | 11 709 | 1 129 | 2 159 | 1 257 | 1 053 | 500 | -356 | 303 | 450 | ||
| Financial liabilities, total | 46 363 | 2 944 | 7 287 | 5 163 | 2 122 | 1 353 | 371 | -222 | 251 | ||
| Debt securities | 3 | 0 | -0 | -1 | -0 | 0 | -0 | -1 | -1 | ||
| Loans | 43 270 | 2 818 | 7 356 | 5 093 | 2 198 | 1 355 | 251 | -226 | 199 | ||
| Other accounts payable | 3 090 | 126 | -69 | 71 | -75 | -2 | 120 | 5 | 53 | ||
Households sector indices, bln rubles
Fig.4
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
In the II quarter of 2025, the amount of net borrowing of the governmnet sector totalled 956.6 bln rubles.
The volume of attacted funds still comprises a large share of government bonds, totalling 1.4 trn rubles (1.0 trn rubles in the I quarter, 2025).
Financial assets and liabilities of the general government, bln rubles
Tab.3
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.07.2025 |
2022 | 2023 | 2024 | Q2-2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | |||
| Financial assets, total | 90 854 | 8 476 | 6 877 | 8 189 | 237 | 3 803 | -1 864 | 1 642 | 1 042 | ||
| Currency and deposits | 17 891 | -1 773 | -1 917 | 2 586 | 126 | 1 002 | -1 840 | 543 | -877 | ||
| Debt securities | 4 607 | 16 | 1 315 | 828 | 160 | 232 | 257 | 78 | 75 | ||
| Loans | 8 289 | 2 436 | 2 498 | -2 612 | -109 | 582 | -1 296 | -569 | 59 | ||
| Equity and investment fund shares | 27 321 | 739 | 856 | 295 | 87 | -99 | 197 | 114 | 279 | ||
| Insurance, pension and standardized guarantee schemes | 21 | 9 | 15 | 1 | -5 | -1 | -1 | -5 | -3 | ||
| Other accounts receivable | 32 724 | 7 048 | 4 110 | 7 090 | -22 | 2 087 | 818 | 1 480 | 1 510 | ||
| Financial liabilities, total | 48 242 | 3 603 | 1 272 | 3 611 | 516 | -884 | 3 020 | 1 682 | 1 999 | ||
| Debt securities | 29 906 | 2 301 | 2 089 | 2 934 | 95 | 342 | 1 988 | 1 032 | 1 412 | ||
| Loans | 3 378 | 468 | 557 | 36 | -1 | 65 | 26 | 42 | 127 | ||
| Other accounts payable | 14 958 | 834 | -1 375 | 641 | 422 | -1 292 | 1 007 | 609 | 460 | ||
General government sector indices, bln rubles
Fig.5
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
The banking system dominates in the Russian financial sector. The corresponding volume of assets pertaining to such was the largest in the asset structure of the financial sector, and, by 01.07.2025, it had amounted to 67%. In the II quarter of 2025, the volume of net lending among financial organisations totalled 1.8 trl rubles.
Financial assets and liabilities of the financial corporations, bln rubles
Tab.4
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.07.2025 |
2022 | 2023 | 2024 | Q2-2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | |||
| Financial assets, total | 411 549 | 25 659 | 43 485 | 45 393 | 7 775 | 16 152 | 16 335 | -3 625 | 3 123 | ||
| Monetary gold and SDRs | 21 421 | 8 | 16 | 11 | 4 | 3 | 2 | 2 | 2 | ||
| Currency and deposits | 69 445 | 7 496 | 9 274 | 11 902 | 301 | 2 246 | 5 624 | -1 385 | -1 079 | ||
| Debt securities | 51 373 | 1 608 | 105 | 1 014 | -367 | 168 | 3 720 | 250 | 1 563 | ||
| Loans | 165 200 | 12 396 | 23 910 | 23 878 | 5 829 | 11 404 | 3 420 | -1 754 | 2 288 | ||
| Equity and investment fund shares | 67 749 | 1 577 | 4 730 | 1 326 | 258 | 481 | 313 | 102 | 333 | ||
| Insurance, pension and standardized guarantee schemes | 179 | 33 | 150 | 62 | 1 | 13 | 28 | -226 | 1 | ||
| Other accounts receivable | 36 183 | 2 542 | 5 300 | 7 199 | 1 749 | 1 838 | 3 229 | -614 | 14 | ||
| Financial liabilities, total | 382 845 | 21 811 | 44 704 | 43 439 | 6 920 | 17 185 | 14 497 | -5 716 | 1 369 | ||
| Monetary gold and SDRs | 1 955 | 7 | 4 | -3 | 0 | -1 | -2 | -1 | -0 | ||
| Currency and deposits | 186 901 | 12 724 | 19 159 | 26 442 | 3 747 | 6 350 | 11 860 | -2 888 | 288 | ||
| Debt securities | 14 647 | 1 358 | 3 618 | 3 134 | 439 | 779 | 1 538 | 253 | 298 | ||
| Loans | 46 964 | 4 212 | 9 735 | 5 269 | -192 | 7 387 | -346 | -2 974 | -729 | ||
| Equity and investment fund shares | 88 762 | 1 896 | 4 888 | 2 333 | 646 | 517 | 758 | 491 | 789 | ||
| Insurance, pension and standardized guarantee schemes | 8 976 | 162 | 365 | 969 | 157 | 428 | 225 | -128 | 116 | ||
| Other accounts payable | 34 641 | 1 452 | 6 936 | 5 296 | 2 122 | 1 725 | 463 | -470 | 607 | ||
Financial corporations sector indices, bln rubles
Fig.6
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
Structure of financial corporations financial assets, bln rubles
Fig.7
Financial accounts and balances of financial assets and liabilities are part of the Russian system of national accounts (SNA). SNA comprises a large scale of macroeconomic data, which characterise the production process of goods and services, the creation, allocation, redistribution and the usage of income; it also includes the corresponding changes in financial and non-financial assets and liabilities of various institutional sectors of an economy.
Financial accounts and balances of financial assets and liabilities – being a paramount informational foundation for the conduction of in-depth studies aiming at the investigation of financial flows in an economy (flow-of-funds analysis) and structural analysis in the framework of macroeconomic analysis – allow not only to evaluate the structure of financial assets and liabilities with regard to economic agents, but also to promptly identify imminent risks and accumulation of financial disbalances in various economic sectors, thus serving a good instrument to sustain the financial stability and implement macroprudential regulation.
For more detailed information about financial accounts, please refer to the CBR webpage.
-The figure displays net financial flows between economic sectors.
-The node size is proportional to the index “Net lending/borrowing”.
-Borrowing sectors are shaded in blue, while lending sectors are coloured green.
-The index value of “Net lending/borrowing” is shown near each node.
-The arrows point out the direction of financial flows, with their width showing the size of the flow.