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The Russian economy and financial sector continue to adapt to sanctions. The Bank of Russia’s priority, in any scenario, is to maintain financial stability and the confidence of depositors and investors in the Russian financial system. Mitigation of currency risks by gradually decreasing the use of ’toxic’ currencies, development of correspondent banking with friendly countries, strengthening attractiveness of the Russian stock market and savings in rubles in general, limitation of citizens’ debt burden risks and ensuring balanced development of mortgage lending market are among key objectives.

The Bank of Russia continues to consider in its policy the impact of global risks through the current account channel of the balance of payments, including as the result of strengthening ties with friendly countries. The recent months saw the rise in uncertainty regarding global growth prospects. The market volatility episode in spring 2023 caused by banking turmoil in the USA and Europe reflects possible hidden problems in global financial system and highlights the importance of regulation and supervision adaptation to the risks’ scope and nature. Financial regulators’ toolkit should include the necessary instruments to support financial stability (both during upward phase of credit cycle and in case of financial sector stress) so that materialisation of risks should not impede monetary tightening. If inflation remains high in advanced economies, coupled with stress in the financial sector, it can cause stagflation in the global economy for some time.

This issue of the review covers the main vulnerabilities of the Russian non-financial and financial sectors and presents their integral resilience assessment.

Vulnerabilities and resilience of the Russian non-financial sector

Vulnerabilities of the Russian financial sector

Assessment of the financial sector resilience

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Department responsible for publication: Financial Stability Department
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Last updated on: 26.05.2023