Financial accounts of the system of national accounts of the Russian Federation

Financial corporations acted as the main net lender to the domestic economy, with net lending of 2.8 trillion rubles (1.3% of GDP), which exceeded the Q1 2025 figure (1.5 trillion rubles, or 0.7% of GDP).

The bulk of net lending – 1.9 trillion rubles – came from the banking system. For more details, see quarterly financial accounts of the SNA. The banking system accounts for 67% of total financial sector assets.

Among non-bank financial corporations, the largest net lending in Q1 2026 was provided by “other financial corporations” (0.5 trillion rubles). The main increase in their assets came from debt securities (0.8 trillion rubles) and equity and investment fund shares (0.7 trillion rubles). The combined contribution of insurance corporations, pension funds and investment funds to net lending totalled 0.3 trillion rubles. Investment funds’ liabilities in the form of units and shares rose by 0.8 trillion rubles, while the increase in their assets in debt securities and loans (including repo transactions) amounted to 0.4 and 0.5 trillion rubles, respectively.

Financial accounts and balances of financial assets and liabilities are part of the Russian system of national accounts (SNA). SNA comprises a large scale of macroeconomic data, which characterise the production process of goods and services, the creation, allocation, redistribution and the usage of income; it also includes the corresponding changes in financial and non-financial assets and liabilities of various institutional sectors of an economy.

Financial accounts and balances of financial assets and liabilities – being a paramount informational foundation for the conduction of in-depth studies aiming at the investigation of financial flows in an economy (flow-of-funds analysis) and structural analysis in the framework of macroeconomic analysis – allow not only to evaluate the structure of financial assets and liabilities with regard to economic agents, but also to promptly identify imminent risks and accumulation of financial disbalances in various economic sectors, thus serving a good instrument to sustain the financial stability and also use to analyse the effect of the monetary policy transmission mechanism. These data may be used to estimate relationship between banks’ lending transactions, on the one hand, and other sources of funding (stock market, other financial intermediaries, insurance corporations and external borrowings), on the other hand. Financial accounts make it possible to track the link between the lending and stock markets as well as debt indicators across various sectors of the economy.

The Net lending / Net borrowing indicator is a link that connects the financial account and non-financial accounts in the SNA. The ‘Net lending / Net borrowing’ indicator represents the difference between net saving and capital formation. If investment in non-financial assets is less than saving, funds invested in financial assets by using various financial instruments. If net saving is less than capital formation, the sector is a net borrower, and if net saving exceeds capital formation, the sector is a net lender. Thus, in the SNA non-financial accounts a sector that on a net basis invests more than it saves is a net borrower, and vice versa. The balancing item ‘Net lending / Net borrowing’ is a link that connects the financial account, the current accounts and the capital account in the SNA.

The financial accounts and financial balance sheets of the Russian Federation are compiled on a non-consolidated basis, which implies that transactions in assets are not offset against the counterpart transactions in liabilities within one institutional sector.

For more detailed information about financial accounts, please refer to the CBR webpage.