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Russia’s economy and financial system are gradually adjusting to the sanctions.

The Bank of Russia regards it as a priority to maintain financial stability, the confidence of investors and depositors in the Russian financial system. The central objectives are to mitigate currency risks by gradually decreasing the use of ‘toxic’ currencies; to strategically reorient Russian infrastructure towards the markets of friendly countries; to timely phase out the regulatory easing; and to start building up buffers.

In addition, the regulator will continue to consider in its policy the impact of global risks through the current account channel and will focus on the situation in the emerging market economies (EMEs) given Russia’s reorientation towards their markets and use of their currencies in settlements.

Like the previous issue of the review, the current one covers the primary transmission channels of the sanctions’ shock to the Russian financial sector. It also presents an integral stability assessment of the banking sector and non-bank financial institutions.

Assessment of financial sector stability

Temporary regulatory easing curbed the impact of financial market volatility on the operation of banks and NFIs enabling them to continue lending to the economy in the crisis period. Lessons learnt from the pandemic proved that it is crucially important to timely phase out regulatory easing. In this regard, the Bank of Russia intends to cancel part of introduced easing, including those related to securities revaluation and exchange rate fixing to calculate required ratios. Regarding loans segment, it is planned to gradually phase out the easing of forming provisions, i.e. for large corporate borrowers — by 30 June 2023; for retail borrowers and SMEs — by 31 December 2023. Additionally, credit institutions will keep the right to make concessionary provisions for the blocked assets whereby the provisions for such assets can be made on a step-by-step basis over ten years.

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Department responsible for publication: Financial Stability Department
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Last updated on: 01.12.2022