Russian financial sector remains resilient to significant external changes in 2022
The regulatory easing by the Bank of Russia and support measures taken by the Government of the Russian Federation helped the financial system maintain its stable operation. However, sanction risks and market volatility had an uneven effect on financial institutions.
Bank lending remained the major channel for Russian companies to raise loans. Accordingly, the loan portfolio was steadily expanding in 2022, despite a decline in business activity.
Amid the uncertainty, the financial planning horizon decreased, and people preferred lower-risk instruments. Besides, a temporary shift in individuals’ demand for financial assets towards bank deposits affected the business of non-bank financial institutions.
More details are available in the Review of the Russian Financial Sector and Financial Instruments for 2022.