Until 31 December 2026, holders are permitted to replace bonds denominated in the currencies of so-called “unfriendly” states with corresponding bonds denominated in rubles, enabling the conversion of foreign-currency debt into domestic-currency instruments.
Finance
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Relaxed borrower assessment in Occupied regions
In 2026, banks are permitted not to calculate the debt burden ratio of borrowers residing in Russia’s newly incorporated regions, temporarily relaxing standard creditworthiness assessment requirements. This is meant to helps stabilize local economies affected by conflict and isolation but shifts risk to the banking sector and, indirectly, the state.
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Relaxed criteria for foreign branches of Russian Banks
When granting permits in 2026 for banks to establish foreign branches, Russian authorities will continue to disregard violations related to participation in deposit insurance systems, maintaining relaxed regulatory criteria for such approvals.
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Eased entry rules for foreign bank branches
In 2026, foreign banks are permitted to operate in Russia through branch offices without meeting the previously required minimum credit rating threshold, easing entry and operational requirements for foreign financial institutions.
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Updated offshore list for financial compliance assessment
For 2026, Russia updated the list of offshore jurisdictions used to assess whether participants in financial companies comply with regulatory and disclosure requirements. The revised list affects how compliance and eligibility criteria are applied.
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Key interest rate cut to 16%
From 22 December 2025, the Bank of Russia reduced its key policy interest rate to 16% per annum, easing monetary policy conditions.
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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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EU Uses Article 122 TFEU to Permanently Immobilise Russian Central Bank Assets
The Council of the EU adopted Regulation 2025/2600 under Article 122 TFEU, allowing it to immobilise Russian Central Bank assets by qualified majority voting rather than unanimity. This legal shift removes the recurring six-monthly renewal requirement that had governed the asset freeze since 2022 and eliminates the risk that a single Member State could veto or allow the measures to lapse.
For Russia, the consequences are substantial. Approximately €210 billion in Central Bank assets remain locked in the EU on a “temporary but potentially indefinite” basis. Unfreezing is now conditional on Russia ending its war of aggression, paying reparations to Ukraine, and no longer posing serious economic risks to the EU. The decision also lays the legal groundwork for potentially using the immobilised funds to support Ukraine’s reconstruction.
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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.