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financial assets are issued, digital financial asset exchange operators, investment platform operators, financial platform operators, and credit rating agencies (hereinafter collectively, FMIs) aiming to minimise

decisions. Measures not to be extended after 2022 • The option2 to fix exchange rates and the value of securities and assets (for prudential regulation purposes

the assets on the books shall be fixed in rubles at the exchange rate determined according to the procedure established by the Bank of Russia

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

quality. Besides, there is an influence through financial markets. Fluctuations in the exchange rates of foreign currencies against each other are transmitted to the Russian

of high volatility in financial markets (including the permission to fix the exchange rate and the value of assets for calculating the required ratios) and

demand and, and the ruble exchange rate stability (foreign accordingly, inflation. This mechanism is based exchange channel).1 on rates and yields in the key

conditions of a floating exchange rate The Bank of Russia pursues the floating exchange rate regime. This means that foreign exchange rates against the ruble

decreasing, but it has not been exhausted. RUBLE EXCHANGE RATE AGAINST FOREIGN Chart 14 RUBLE EXCHANGE RATE AGAINST FOREIGN Chart 15 CURRENCIES* 63х82 CURRENCIES* 63х82

improves the resilience of the economy to external shocks. FLOATING EXCHANGE RATE REGIME An exchange rate regime where the central bank establishes no targets, including