From 22 December 2025, the Bank of Russia reduced its key policy interest rate to 16% per annum, easing monetary policy conditions.
Russian Federation
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Claims against European banks over frozen assets
The Bank of Russia announced that it will seek to recover losses from European banks through proceedings in Russian arbitration courts, citing the unlawful blocking and use of its assets.
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Threat of legal action over frozen central bank assets
The Bank of Russia stated that any use of its assets held in financial institutions of the European Union, including the Euroclear depository, without its consent will be subject to unconditional legal challenge. The Bank reserves the right to implement all available legal and other protective measures to defend its interests, without prior notice.
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Simplified accounting rules for exchange-traded securities
From 12 January 2026, new requirements for separate accounting of securities come into force. Securities acquired through exchange trading will no longer need to be segregated in accounting records, and compliance checks of all ultimate owners will no longer be required, simplifying securities transactions.
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Eased capital transfers for citizens of Russia and friendly states
From 8 December 2025, the Bank of Russia lifts restrictions on cross-border transfers of funds for Russian citizens and residents of countries classified as “friendly,” easing controls on outbound financial flows for these categories of individuals.
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Transport tax exemption for agricultural vehicles
Vehicles registered to agricultural producers and used directly in agricultural activities for the production of agricultural goods are exempt from transport taxation.
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Higher excise taxes on transport and fuel
In 2026, excise tax rates on road transport vehicles and on motor fuels will be raised, increasing taxation on transportation and energy consumption.
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Lower VAT thresholds for SMEs
Russia introduces a phased reduction in the income thresholds triggering VAT obligations for small and medium-sized enterprises (SMEs). From 2026, VAT applies once annual income exceeds 20 million rubles; from 2027, the threshold is reduced to 15 million rubles; and from 2028, to 10 million rubles. Once the threshold is exceeded, SMEs must pay VAT either at reduced rates of 5% or 7%, or at the standard rate of 22%. This change increases the fiscal burden on SMEs by expanding the number of firms subject to VAT and raising their effective tax liabilities.
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VAT exemption retained for Russian software
The VAT exemption for the sale or licensing of rights to domestically developed software is maintained for Russian software developers, preserving preferential tax treatment for their own intellectual property.
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Mandatory education spending for large IT firms
Large IT companies—defined as having at least 100 employees and annual revenues exceeding 1 billion rubles—that hold state accreditation and receive tax benefits are required to conclude cooperation agreements with universities on educational programs for training qualified IT specialists. These companies must also allocate at least 3% of the funds saved through tax benefits to support such educational activities.