Bank of Russia’s decisions on macroprudential policy
1. The Bank of Russia has maintained macroprudential limits (MPLs) for mortgage loans to purchase housing under construction and existing housing in apartment buildings for 2026 Q1 and has not revised macroprudential add-ons.
The MPLs effective from 1 July 2025 restrict the provision of the high-risk mortgage loans. In 2025 Q3, mortgage loans issued to borrowers with the debt service-to-income ratio (DSTI) exceeding 80% accounted for 6% (vs 47% in 2023 Q3 before the tightening of macroprudential requirements), and those with a down payment of no more than 20% accounted for 3% of total mortgages (vs 51% in 2023 Q3). This will limit the growth of high-risk mortgage loans. To cover risks, banks also accumulated a macroprudential capital buffer equalling 1.6% of the mortgage portfolio1 as of 1 September 2025.
2. The Bank of Russia has tightened MPLs for IHC2 mortgages and home equity loans for 2026 Q1.
IHC and home equity loans historically make up a large portion of loans issued to borrowers with high DSTI who delay their repayments more often. In 2025 Q3, IHC mortgages and home equity loans issued to borrowers with DSTI exceeding 80% constituted 29% and 61% of total new loans, respectively, while home equity loans issued to borrowers with DSTI of 50–80% accounted for 19%. The high debt burden of home buyers coupled with unfair practices of certain developers3 led to a significant deterioration in the quality of IHC mortgages. The portion of loans overdue for over 90 days as of 1 October 2025 was 4.6%4 of the total IHC portfolio, which is much higher than the portion of non-performing loans in the overall mortgage portfolio (1.7%5).
The Bank of Russia is tightening MPLs in the specified lending segments for 2026 Q1 compared to the MPLs effective in 2025 Q4. In the future, MPLs in these segments will be gradually tightened to the level typical of traditional mortgages and unsecured6 consumer loans (microloans), respectively.
MPLs for IHC mortgages and home equity loans for 2026 Q1 for banks with a universal licence
| IHC mortgages | ||
|---|---|---|
| Loan (microloan) characteristics | MPL for 2026 Q1 | For reference: MPL for 2025 Q4 |
| DSTI above 80% | 20% | 25% |
| Home equity loans | ||
| Loan (microloan) characteristics | MPL for 2026 Q1 | For reference: MPL for 2025 Q4 |
| DSTI above 80% | 15% | 25% |
| DSTI of 50%–80% | 20% | 25% |
3. The Bank of Russia has maintained MPLs for unsecured consumer loans (microloans)7 for 2026 Q1.
The unsecured consumer lending market is facing the materialisation of previously accumulated risks. The portion of non-performing loans8 reached 12.9% as of 1 October 2025 (vs 7.9% as of 1 October 2024), which was due to the maturity of loans issued during the 2023–2024 credit overheating period and the contraction of the loan portfolio.9 However, early indicators across loan vintages show some improvement in credit quality.10 Furthermore, banks accumulated a macroprudential buffer of 7.6%11 as of 1 September 2025, which may be released by the Bank of Russia in the future if banks have difficulties covering loan losses.
The MPLs set for unsecured consumer loans (microloans) restrict the issuance of the high-risk loans (microloans) to borrowers with high DSTI, therefore, the Bank of Russia keeps them unchanged. The portion of unsecured consumer loans (microloans) issued to borrowers with DSTI exceeding 50% decreased to 19% in 2025 Q3 (vs 28% in 2024 Q3).
For banks and microfinance organisations to manage their lending structure more flexibly, the Bank of Russia plans to apply MPLs on an ‘inclusion’ basis to unsecured consumer loans starting from 2026 Q2: the limit on loans issued to borrowers with DSTI exceeding 80% will be included in the limit on loans issued to borrowers with DSTI exceeding 50%. In this case, banks will be able to reduce their issuance of high-risk loans (microloans) to borrowers with DSTI exceeding 80% and increase their issuance of loans (microloans) to those with DSTI of 50–80% by the same amount.
4. The Bank of Russia has maintained MPLs12 and macroprudential add-ons for car loans13 and general-purpose consumer loans (microloans) secured by motor vehicles.
MPLs helped significantly improve the lending structure in the segments of car loans and general-purpose loans (microloans) secured by vehicles. The portion of car loans and general-purpose loans (microloans) secured by motor vehicles granted to borrowers with DSTI exceeding 50% decreased to 14% and 10% in 2025 Q3, respectively (vs 39% and 68% in 2024 Q3, respectively).
Starting from 1 January 2026, the regulator will tighten the requirements for calculating DSTI in the car lending segment: banks will be unable to evaluate the income of borrowers applying for car loans using their own models that have not been validated by the Bank of Russia. In these conditions, the Bank of Russia has decided to set MPLs for car loans for 2026 Q1 at the level of 2025 Q4.
Macroprudential add-ons for car loans have not been revised. As of 1 September 2025, the accumulated macroprudential buffer equalled 2.6% of the portfolio of these loans net of loan loss provisions.
5. On 1 December 2025, the Bank of Russia will raise the risk-weight add-on for the increase in credit claims on large highly leveraged companies from 20% to 40%.
The macroprudential add-on of 20% applies to the increase in credit claims on large highly leveraged companies since 1 April 2025. In April–September 2025, banks accumulated a macroprudential buffer of ₽17 billion for the increase in credit claims on such companies as of 1 October 2025 (with outstanding loans totalling ₽2.1 trillion being subject to the macroprudential add-on).
Over the first nine months of 2025, the largest groups of highly leveraged companies14 were accumulating their debts15 to banks faster (+10.2%) than the corporate sector as a whole (+6.5%). To reduce the risk, it would be prudent to speed up the accumulation of a macroprudential buffer for banks’ claims on large highly leveraged companies. Therefore, the Bank of Russia has decided to raise the add-on applied to the debt increase by 20 pp to 40% from 1 December 2025. The 40% add-on will not be a heavy burden on banks’ capital16 and will not have any significant effect on overall lending dynamics. Raising the add-on will encourage banks to assess the risks of highly leveraged companies more carefully.
6. Macroprudential add-ons for corporate foreign currency credit claims have not been revised.
Since the beginning of 2025, the share of foreign currency in the loan and bond portfolios, adjusted for foreign currency revaluation,17 has remained virtually unchanged (12.6%). Banks are not interested in increasing foreign currency lending, which is characterised by elevated credit risks. The increase in foreign currency loans is associated with the need for banks to manage their foreign currency position amid an inflow of foreign currency deposits. Banks are not seeking to deliberately raise foreign currency funds for subsequent lending. Demand for foreign currency loans was generated mainly by exporters. Taking this fact into account, the Bank of Russia decided not to set risk-weight add-ons for foreign currency credit claims on legal entities.
7. The Bank of Russia has not revised the national countercyclical capital buffer effective from 1 July 2025 (0.5 pp to banks’ capital adequacy ratios).
Due to profit capitalisation, the banking sector’s capital adequacy ratio is gradually recovering after dividend payments by large banks. As of 1 October 2025, capital adequacy was 13.0% (13.4% as of 1 July 2025 and 12.7% as of 1 August 2025). According to the Bank of Russia’s estimates, banks have sufficient capital buffers to finance the economy in a sustained manner this year and in subsequent periods, taking into consideration decisions on macroprudential instruments already made as well as the scheduled increase in add-ons to capital adequacy ratios.18 Therefore, the national countercyclical buffer has not been revised.
1 Net of loan loss provisions. The decrease in the buffer value as compared to 1 July 2025 is due to the securitisation of mortgage loans and the reduction in capital adequacy ratios for major banks after dividend payments (the current capital adequacy ratio is taken into consideration when calculating the buffer value).
2 Individual housing construction.
3 For more details, see Bank of Russia Information Letter No. IN-03-59/82, dated 21 April 2025, ‘On Measures to Support Individuals Facing Contractors’ Failure to Meet Their Individual Housing Construction Obligations.’
4 Based on data reported in Form 0409704.
5 Based on data reported in Form 0409115.
6 Not collateralised by real estate and motor vehicles.
7 For credit institutions and microfinance organisations.
8 Non-performing loans mean IV and V q.c. loans (Section 1 of Reporting Form 0409115) with a 100% probability of default (Section 1.1 of Reporting Form 0409115) and overdue for more than 90 days (Section 3 of Reporting Form 0409115).
9 As of 1 October 2025, the unsecured consumer loan portfolio decreased by 5.5% YoY.
10 In July 2025, the share of cash loans overdue for more than 30 days after the first three months on book decreased to 0.9% (-0.7 pp over the quarter).
11 Calculated as a share of the outstanding loan portfolio net of loan loss provisions.
12 For credit institutions and microfinance organisations.
13 Loans (microloans) issued for purchasing a motor vehicle secured by the motor vehicle being purchased.
14 Groups with the interest coverage ratio (ICR) adjusted for depreciation and amortisation below 3.0 as of 1 July 2025, according to their IFRS statements.
15 For loans and bonds.
16 Because the add-on applies only to the debt increase rather than to the total debt and because it applies multiplicatively and, as a rule, to low risk ratios.
17 At the exchange rate as of 1 October 2025.
18 In accordance with Bank of Russia Instruction No.
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31.10.2025 17.06.00