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In recent months, policy measures of the Bank of Russia were determined by the need to mitigate risks to financial stability that increased due to imposed sanctions.

These measures were aimed at supporting financial institutions, ensuring stability of payments, supplying financial institutions with necessary liquidity, preventing creditor and depositor panic, forestalling fire sales of Russian assets and mitigating other risks to financial stability. Due to the freezing of its reserves in unfriendly jurisdictions, the Bank of Russia lost the ability to intervene on currency market, therefore ensuring financial stability required introduction of restrictions on capital movements.

The implemented measures ensured stabilisation of financial markets. This allowed gradual easing of capital account restrictions, cancellation of several forbearance measures, and reduction of the key rate.

Overall, after the surge in February-March, risks to financial stability reduced, albeit remaining elevated. Policy measures of the Bank of Russia and the Government helped reduce the risks. Accumulated buffers and strong financial positions of Russian financial institutions at the time of risks’ materialisation were the important sustainability factors.

The future prospects of the Russian economy will be determined by the processes of its structural transformation. In this circumstances, the Bank of Russia is focused on supporting the sustainability of financial sector which would provide the necessary funding for the transformation of the economy.

The Bank of Russia will take into account global trends and risks, which will continue to make impact on Russia through current account despite sanctions.

The current Review identifies six transmission channels of the sanctions’ shock to the Russian financial sector. It describes their impact, risks and mitigation measures.

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Department responsible for publication: Financial Stability Department
To learn more
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Department responsible for publication: Financial Stability Department
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Last updated on: 02.06.2022