Finance

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.

The restrictions on the transfer of funds abroad have been extended for another 6 months. They will be valid from October 1, 2025 to March 31, 2026 inclusive.

Simplified requirements for banks seeking approval to open branches, establish subsidiaries, or become parent companies of existing foreign entities.

Foreign banks are now allowed to open branches in the country for the first time — one within a special economic zone and another in the general territory. This marks a cautious liberalization of banking rules: previously, foreign lenders could operate only through subsidiaries or representative offices. The reform widens market access while maintaining strict limits on the number and location of foreign branches.

A national liquidity standard will replace the international Basel short-term liquidity ratio for systemically important banks. The new rule, based on domestic data and locally traded assets, gives regulators greater flexibility in defining what counts as “highly liquid.” This change could make banks’ balance sheets appear stronger.

Starting August 1, 2025, new reserve requirements and calculation ratios for banks and foreign bank branches will take effect, changing how much of their funds must be held in reserve. The adjustment aims to influence liquidity and lending conditions in the financial system.

Presidential decree removes counter-sanctions restrictions introduced in 2022, allowing investors from “unfriendly” countries to invest in the Russian stock market, but only via designated “In” platforms.

Starting April 1, 2025, the cap on the total cost of consumer loans and borrowings (PSK) will be reinstated.