A special recording procedure for certain securities will be in effect until the end of 2025

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News

08.08.2025

KEY RATE HAS BEEN REDUCED TO 18% PER ANNUM

On July 25, 2025, the Bank of Russia decided to cut the key rate by 200 bps, to 18% per annum.

The Central Bank of the Russian Federation will maintain such tightness of monetary conditions that is necessary to return inflation to the target in 2026. In the baseline scenario, this assumes an average key rate in the range of 18.8-19.6% per annum in 2025 and 12-13% per annum in 2026. According to the Bank of Russia’s forecast, annual inflation will fall to 6-7% in 2025 and return to 4% in 2026.

07.08.2025

PROCEDURE FOR TRANSFERRING CERTAIN DATA TO THE CENTRAL BANK WILL CHANGE FOR RESIDENTS

Residents must submit the following information to the Bank of Russia:

- on assets and liabilities denominated in foreign currency or payable in roubles or foreign currency in favour of non-residents by residents or legal entities that are subsidiary business entities of such residents;

- on digital currencies and digital rights held by such residents or legal entities;

- on the obligations to transfer digital rights by such residents or legal entities in favour of non-residents;

- on the obligations of non-residents to such residents or legal entities.

06.08.2025

BANK OF RUSSIA ANNOUNCED THE LAUNCH OF A PILOT PROJECT TO ASSIGN RATINGS TO SHARES

The Bank of Russia has approved the methodologies of two credit rating agencies for assigning non-credit ratings to ordinary shares. This is a new product on the market that represents the fair value assessment of companies. It will serve as an additional reference point for investors when taking investment decisions.

The pilot project included National Credit Ratings limited liability company and National Rating Agency limited liability company. The first issuers to be rated will be companies from the Shareholder Value Creation Program.

At the end of the year, the Bank of Russia will consider the possibility of using stock ratings in financial regulation.

05.08.2025

PUT OPTION (REVERSE BUYBACK) BY FOREIGN INVESTORS - AMENDMENTS ARE APPROVED

On July 22, 2025, the State Duma adopted in the second and third readings amendments to the Law on the Specifics of Regulating Corporate Relations in Business Entities Classified as Economically Significant Organisations.

The amendments establish grounds for denying returning foreign investors the right to exercise a put option (reverse buyback). Five conditions must be met for such denial:

- the investor is associated with unfriendly countries;

- the shares were disposed within the period from February 24, 2022 to March 1, 2025;

- the transaction price was significantly below market value;

- at least two years have passed since the contract was concluded;

- the Russian purchaser has been fulfilling obligations to employees and creditors in good faith.

The investor shall have the right to claim compensation from the purchaser, but no later than one year from the date of the refusal to exercise the option.

If the investor has a significant impact on Russia’s socio-economic development, the state may prohibit the reverse buyback.

04.08.2025

CLOSE RELATIVES WILL BE ENTITLED TO A DISCOUNT ON THE NOTARIAL FEE FOR CERTIFYING REAL ESTATE GIFT AGREEMENTS

The fee for certifying real estate gift agreements between family members or close relatives has been reduced by 50%. This applies to spouses, parents and children (including adoptive parents and adopted children), grandparents and grandchildren, as well as full and half siblings.

Parents and legal representatives of children with disabilities and persons disabled since childhood are exempt from paying the fee when applying to the court to limit a citizen's legal capacity, declare them legally incapacitated, or restrict or revoke the right of a child aged 14 to 18 to manage their own income independently.

01.08.2025

RULES FOR MAINTAINING THE REGISTER OF BENCHMARK ADMINISTRATORS HAVE BEEN APPROVED

On September 1, 2025, a law concerning financial and commodity benchmarks and their administrators comes into force. Benchmark administrators must be included into a special register. The procedure for maintaining this register has been established.

The register shall be maintained by the Bank of Russia in electronic form. The law defines the information it must contain. Some of details, including such as the name, Primary State Registration Number (OGRN), Taxpayer Identification Number (INN), the administrator’s email address, and the methodology they use, to be published on the regulator’s website.

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