Financial accounts and Financial balance sheets of the system of national accounts of the Russian Federation
Q4 2025
Last update: 08.06.2026
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In 2025, amid prevailing macroeconomic conditions, net lending to the Russian economy decreased compared to the previous year and amounted to 3.3 trillion rubles (or 1.5% of GDP). In Q4 2025, net lending across the domestic economy amounted to 1.1 trillion rubles (0.5% of GDP).
Financial corporations remained net lenders in 2025, providing 2.5 trillion rubles (1.2% of GDP), compared with 1.4 trillion rubles (0.7% of GDP) in 2024. The non-financial sector continued to be a net borrower, although net borrowing declined to 7.4 trillion rubles (3.4% of GDP), from 12.0 trillion rubles (5.9% of GDP) a year earlier. The general government sector turned net borrower in 2025 as a result of a significant budget deficit. Household saving activity remained high with households financial savings* expanding to 13.2 trillion rubles (6.2% of GDP) against 11.8 trillion rubles a year earlier (5.8% of GDP), partly reflecting a slowdown in lending growth.
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
-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.
The non-financial sector has traditionally been a net borrower. In 2025, net borrowing by non-financial corporations amounted to 7.4 trillion rubles, down from 12.0 trillion rubles in 2024. The decline was partly attributable to the settlement in Q4 of contracts financed through advances previously provided under government procurement programmes.
As before, non-financial organisations raised the most financing through loans and borrowings the amount of which was higher in 2025 than a year earlier and totalled 23.1 trillion rubles. In Q4, the growth of loans was 6.9 trillion rubles higher than in Q3. Corporations also expanded their borrowings by issuing debt securities: 3.9 trillion rubles compared to 2.5 trillion rubles in 2024. The issue of debt securities was largest in Q1-Q3 and dropped to 0.5 trillion rubles in Q4.
The increase funds in banking accounts of non-financial organizations in Q4 (3.4 trillion rubles) was traditionally higher compared to the Q3 (1.4 trillion rubles).
In 2025, non-financial corporations significantly increased their investments in debt securities, which rose to 1.7 trillion rubles from 0.7 trillion rubles in 2024, reaching the highest level observed in recent years.
Financial assets and liabilities of the non-financial corporations, bln rubles
Tab.1
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.01.2026 |
2023 | 2024 | 2025 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | |||
| Financial assets, total | 516 816 | 39 888 | 30 548 | 26 979 | 16 337 | 3 785 | 850 | 5 354 | 16 990 | ||
| Currency and deposits | 53 583 | 4 259 | 4 278 | 4 590 | 2 261 | -55 | -144 | 1 414 | 3 376 | ||
| Debt securities | 5 856 | -638 | 677 | 1 706 | 671 | 355 | -1 | 254 | 1 098 | ||
| Loans | 86 793 | 9 820 | 12 109 | 14 374 | 4 450 | 3 494 | 3 900 | 2 293 | 4 686 | ||
| Equity and investment fund shares | 180 216 | 2 033 | 2 448 | 1 468 | 204 | 376 | 49 | 439 | 604 | ||
| Insurance, pension and standardized guarantee schemes | 557 | 101 | 61 | 185 | -8 | 152 | -15 | 36 | 11 | ||
| Other accounts receivable | 189 810 | 24 313 | 10 974 | 4 655 | 8 759 | -537 | -2 939 | 918 | 7 213 | ||
| Financial liabilities, total | 639 635 | 47 680 | 42 505 | 34 317 | 16 902 | 6 535 | 6 843 | 8 127 | 12 811 | ||
| Debt securities | 15 402 | 394 | 2 526 | 3 894 | 1 074 | 1 274 | 1 023 | 1 130 | 467 | ||
| Loans | 163 608 | 15 550 | 20 754 | 23 083 | 5 682 | 4 068 | 6 389 | 5 684 | 6 942 | ||
| Equity and investment fund shares | 255 275 | 2 089 | 1 782 | 1 861 | 675 | 614 | 671 | 273 | 303 | ||
| Other accounts payable | 205 349 | 29 646 | 17 442 | 5 479 | 9 470 | 579 | -1 239 | 1 039 | 5 099 | ||
Non-financial corporation sector indices, bln rubles
Fig.3
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
In 2025, household financial assets increased by 15.4 trillion rubles, 1.5 trillion rubles less than in 2024. Growth in financial liabilities also slowed, falling to 2.3 trillion rubles from 5.2 trillion rubles a year earlier. The slowdown in liability growth was more pronounced than the moderation in financial asset accumulation. In Q4 2025, household investment in financial assets increased, as is typical for the period, reaching 6.6 trillion rubles, while financial liabilities also rose but to a lesser extend by 1.3 trillion rubles.
Household saving activity remained robust in 2025. Savings growth continued to be driven primarily by deposit accumulation, although deposit inflows slowed compared with the previous year. Investment in cash and deposits declined to 9.8 trillion rubles, from 13.0 trillion rubles in 2024. At the same time, slower deposit growth was accompanied by increased investment in debt securities (1.3 trillion rubles) and investment funds units (1.4 trillion rubles). In Q4, seasonal trends remained and household deposits exceeded investment in other financial instruments.
Against the backdrop of tight monetary conditions, growth in household borrowing slowed markedly in 2025, declining from 5.1 trillion rubles in 2024 to 1.7 trillion rubles. In Q4, loans and borrowings increased by 1.0 trillion rubles. Demand for credit continued to be supported primarily by mortgage lending under government-backed programmes, while consumer lending remained on a downward trajectory. For more details on household financial assets and liabilities, please refer to the material “Household savings”.
Financial assets and liabilities of the households, bln rubles
Tab.2
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.01.2026 |
2023 | 2024 | 2025 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | |||
| Financial assets, total | 187 889 | 16 130 | 16 932 | 15 458 | 6 364 | 1 435 | 4 321 | 3 114 | 6 588 | ||
| Currency and deposits | 100 184 | 10 332 | 13 047 | 9 836 | 5 888 | 408 | 2 689 | 1 414 | 5 325 | ||
| Debt securities | 5 588 | 829 | 273 | 1 347 | 92 | 467 | 279 | 540 | 61 | ||
| Loans | 1 122 | 167 | 113 | -47 | 50 | -99 | 51 | -15 | 16 | ||
| Equity and investment fund shares | 62 010 | 2 569 | 1 436 | 1 892 | 507 | 476 | 718 | 302 | 396 | ||
| Insurance, pension and standardized guarantee schemes | 9 682 | 75 | 840 | 732 | 216 | -101 | 141 | 232 | 461 | ||
| Other accounts receivable | 9 303 | 2 159 | 1 224 | 1 698 | -389 | 284 | 443 | 641 | 330 | ||
| Financial liabilities, total | 48 611 | 7 287 | 5 163 | 2 264 | 371 | -222 | 251 | 951 | 1 283 | ||
| Loans | 45 016 | 7 356 | 5 093 | 1 712 | 251 | -226 | 199 | 752 | 987 | ||
| Other accounts payable (including debt securities) | 3 595 | -69 | 70 | 552 | 120 | 4 | 52 | 199 | 296 | ||
Households sector indices, bln rubles
Fig.4
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
In 2025, net borrowing of ₽5.0 trillion by the general government sector was largely associated with the increased need to finance the consolidated budget deficit, which was financed from domestic borrowings through OFZ placements and the use of balances in budget accounts with the banking system.
In Q4 2025, government expenditure increased in line with seasonal patterns, resulting in net borrowing by the general government sector of 7.9 trillion rubles. This exceeded the level recorded in the corresponding period of 2024, partly due to a large reduction in other accounts receivable related to the settlement of advance payments. At the same time, the general government sector increased raising funds through issuance of government debt securities (the quarterly increase in liabilities was the maximum and amounted to 3.3 trillion rubles).
Financial assets and liabilities of the general government, bln rubles
Tab.3
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.01.2026 |
2023 | 2024 | 2025 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | |||
| Financial assets, total | 88 976 | 6 877 | 8 189 | 3 968 | -1 864 | 3 079 | 1 316 | 4 473 | -4 900 | ||
| Currency and deposits | 16 278 | -1 917 | 2 586 | -2 460 | -1 840 | 543 | -877 | 339 | -2 465 | ||
| Debt securities | 5 036 | 1 315 | 828 | 569 | 257 | 78 | 75 | 145 | 271 | ||
| Loans | 9 207 | 2 498 | -2 612 | 714 | -1 296 | -569 | 59 | 759 | 465 | ||
| Equity and investment fund shares | 26 360 | 856 | 295 | 1 020 | 197 | 114 | 279 | 509 | 118 | ||
| Insurance, pension and standardized guarantee schemes | 37 | 15 | 1 | 8 | -1 | -5 | -3 | 1 | 14 | ||
| Other accounts receivable | 32 058 | 4 110 | 7 090 | 4 118 | 818 | 2 917 | 1 783 | 2 720 | -3 302 | ||
| Financial liabilities, total | 51 259 | 1 272 | 3 611 | 8 982 | 3 020 | 2 309 | 702 | 3 013 | 2 959 | ||
| Debt securities | 34 314 | 2 089 | 2 934 | 6 894 | 1 988 | 1 032 | 1 412 | 1 147 | 3 303 | ||
| Loans | 3 586 | 557 | 36 | 580 | 26 | 42 | 127 | 297 | 114 | ||
| Other accounts payable | 13 359 | -1 375 | 641 | 1 508 | 1 007 | 1 235 | -838 | 1 569 | -458 | ||
General government sector indices, bln rubles
Fig.5
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
The financial corporations sector remained a net lender in 2025, providing 2.5 trillion rubles, 1.5 times the level recorded in 2024. The banking sector continued to play a dominant role in Russia’s financial system, accounting for 67% of total financial sector assets as of 1 January 2026.
The volume of financing provided by the banking system to all sectors of the economy through loans and borrowings declined to 12.4 trillion rubles in 2025, which is significantly lower than a year earlier (19.2 trillion rubles). Non-bank lending also decreased, falling to 3.6 trillion rubles from 4.6 trillion rubles a year earlier.
In 2025, investments in debt securities of the banking system increased to 1.9 trillion rubles, and financial organizations – to 5.0 trillion rubles. The portfolio of debt securities of financial institutions mainly consisted of federal loan bonds and securities of financial institutions.
Financial assets and liabilities of the financial corporations, bln rubles
Tab.4
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.01.2026 |
2023 | 2024 | 2025 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | |||
| Financial assets, total | 447 563 | 42 996 | 45 302 | 26 772 | 16 108 | -4 248 | 2 906 | 14 646 | 13 467 | ||
| Monetary gold and SDRs | 27 441 | 16 | 11 | 9 | 2 | 2 | 2 | 2 | 2 | ||
| Currency and deposits | 74 053 | 9 274 | 11 902 | 2 577 | 5 624 | -1 384 | -1 064 | 5 607 | -583 | ||
| Debt securities | 56 046 | 145 | 964 | 6 889 | 3 669 | 248 | 1 564 | 1 658 | 3 420 | ||
| Loans | 180 190 | 23 910 | 23 878 | 15 986 | 3 420 | -1 754 | 2 288 | 6 360 | 9 092 | ||
| Equity and investment fund shares | 71 869 | 4 200 | 1 457 | 758 | 307 | 85 | 287 | 297 | 89 | ||
| Insurance, pension and standardized guarantee schemes | 162 | 150 | 62 | -241 | 28 | -226 | 1 | -4 | -12 | ||
| Other accounts receivable | 37 802 | 5 300 | 7 029 | 794 | 3 059 | -1 219 | -172 | 726 | 1 460 | ||
| Financial liabilities, total | 416 880 | 44 702 | 43 873 | 24 295 | 14 538 | -5 756 | 1 131 | 14 913 | 14 006 | ||
| Monetary gold and SDRs | 1 941 | 4 | -3 | -2 | -2 | -1 | -0 | -0 | -0 | ||
| Currency and deposits | 202 561 | 19 159 | 26 442 | 12 229 | 11 860 | -2 900 | 277 | 8 708 | 6 144 | ||
| Debt securities | 16 706 | 3 727 | 3 134 | 3 040 | 1 538 | 250 | 298 | 1 010 | 1 482 | ||
| Loans | 54 774 | 9 735 | 5 269 | 3 520 | -346 | -2 974 | -729 | 2 647 | 4 575 | ||
| Equity and investment fund shares | 93 747 | 4 776 | 2 632 | 3 083 | 665 | 436 | 678 | 994 | 975 | ||
| Insurance, pension and standardized guarantee schemes | 10 468 | 365 | 969 | 716 | 225 | -128 | 116 | 273 | 456 | ||
| Other accounts payable | 36 682 | 6 936 | 5 430 | 1 709 | 597 | -439 | 492 | 1 282 | 375 | ||
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.
* Increase in financial assets net of financial liabilities.