Bank of Russia’s decisions on macroprudential policy
1. For 2026 Q2, the Bank of Russia has set macroprudential limits (MPLs) on an ‘inclusion’ basis for mortgage loans to purchase housing under construction and existing housing in apartment buildings and has maintained macroprudential add-ons unchanged.
The MPLs effective from 1 July 2025 restrict the provision of high-risk mortgage loans. In 2025 Q4, mortgage loans issued to borrowers with the debt service-to-income ratio (DSTI) above 80% accounted for 4% (vs 11% in 2024 Q4), and those with a down payment below 20% accounted for 1% (vs 8% in 2024 Q4) of total loans issued.
For 2026 Q2, MPLs for mortgage loans are set on an ‘inclusion’ basis so that banks could issue more lower-risk loans and limit the issuance of high-risk loans. This will improve the flexibility of MPLs, while the strictness will remain at the 2026 Q1 level.
MPLs for mortgages issued in 2026 Q2 for banks with a universal licence
| New housing loans (under shared construction agreements, SCA) | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 80% or down payment below 20% | 7% in total |
DSTI below 50%, down payment below 20% and DSTI above 80%, down payment above 20% |
5% in total |
| Of which: DSTI above 50% and down payment below 20% |
2% | DSTI above 50% and down payment below 20% | 2% |
| Existing housing loans (non-SCA) | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 80% or LTV1 above 80% | 20% in total |
DSTI below 50%, LTV above 80% and DSTI above 80%, LTV below 80% |
10% in total |
| Of which: DSTI above 50% and LTV above 80% |
10% | DSTI above 50% and LTV above 80% | 10% |
Macroprudential add-ons are not applied to the majority of new mortgage loans (89%). To cover risks associated with earlier issued loans, banks have accumulated a macroprudential capital buffer equalling 1.5% of the mortgage portfolio2 as of 1 December 2025.
2. For 2026 Q2, the Bank of Russia has tightened MPLs for IHC3 mortgages and home equity loans.
The MPLs effective from 1 October 2025 restrict the provision of IHC mortgages and home equity loans issued to borrowers with high DSTI who delay their repayments more often. In 2025 Q4, in the IHC mortgage segment, loans issued to borrowers with DSTI exceeding 80% accounted for 13% (vs 32% in 2024 Q4) of all IHC loans issued. In the segment of home equity loans, the portion of such loans was 11%, whereas that of loans issued to borrowers with DSTI of 50–80% equalled 13%.4
To decrease the share of high-risk loans, the Bank of Russia tightens MPLs in these lending segments for 2026 Q2, with MPLs for home equity loans to be applied on an ‘inclusion’ basis. In the future, MPLs in these segments will be gradually tightened to the level typical of traditional mortgages and unsecured5 consumer loans (microloans), respectively.
MPLs for IHC mortgages and home equity loans issued in 2026 Q2 for banks with a universal licence
| IHC mortgages | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 80% | 10% | DSTI above 80% | 20% |
| Home equity loans | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 25% | DSTI 50–80% | 20% |
| Of which: DSTI above 80% |
10% | DSTI above 80% | 15% |
3. For 2026 Q2, the Bank of Russia has set MPLs on an ‘inclusion’ basis for unsecured consumer loans (microloans)6 and retained the effective values of macroprudential add-ons.
In 2025, the unsecured consumer lending market saw the materialisation of previously accumulated risks. As of 1 January 2026, the portion of non-performing7 loans was 13.0% (vs 9.0% as of 1 January 2025 and 12.9% as of 1 October 2025), which was due to the maturity of loans issued during the 2023–2024 credit overheating period and the ongoing contraction of the loan portfolio.8 As of 1 December 2025, the macroprudential capital buffer accumulated by banks equalled 7.9%9 of the loan portfolio net of loan loss provisions. For 2026 Q2, MPLs based on DSTI will be set on an ‘inclusion’ basis, with the overall strictness of MPLs maintained at the 2026 Q1 level.
MPLs for unsecured consumer loans issued in 2026 Q2 for banks with a universal licence
| Loans without a credit limit | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 18% | DSTI 50–80% | 15% |
| Of which: DSTI above 80% |
3% | DSTI above 80% | 3% |
| Loan maturity is over five years | 5% | Loan maturity is over five years | 5% |
| Loans with a credit limit | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 10% | DSTI 50–80% | 10% |
| Of which: DSTI above 80% |
0% | DSTI above 80% | 0% |
| Loan maturity is over five years | 0% | Loan maturity is over five years | 0% |
Since the beginning of 2026, the procedure for calculating DSTI for unsecured consumer loans (microloans) worth up to ₽50,000 was tightened for banks and microfinance organisations (MFOs). Such loans may be issued only on the basis of the official information about a borrower’s income or Rosstat’s data on the average per capita income in a given region.10 These changes may primarily affect MFOs. According to preliminary data from the largest MFOs, the volume of microloans issued declined slightly in January. The Bank of Russia has decided to keep MPLs unchanged.
MPLs for unsecured consumer microloans issued in 2026 Q2 for MFOs
| Microloans without a credit limit | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 18% | DSTI 50–80% | 15% |
| Of which: DSTI above 80% |
3% | DSTI above 80% | 3% |
| Microloans with a credit limit | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 10% | DSTI 50–80% | 10% |
| Of which: DSTI above 80% |
0% | DSTI above 80% | 0% |
4. The Bank of Russia has set MPLs11 on an 'inclusion’ basis for car loans12 and general-purpose consumer loans (microloans) secured by vehicles. The values of macroprudential add-ons have not been revised.
MPLs have helped significantly improve the lending structure in the segments of car loans and general-purpose loans (microloans) secured by vehicles. In 2025 Q4, the portion of car loans and general-purpose loans (microloans) secured by vehicles issued to borrowers with DSTI exceeding 50% decreased to 15% and 6% (vs 26% and 55% in 2024 Q4), respectively. As of 1 December 2025, the accumulated macroprudential capital buffer equalled 2.3% of the portfolio of these loans net of loan loss provisions.13
For 2026 Q2, the Bank of Russia has set MPLs on an ‘inclusion’ basis for car loans and general-purpose loans (microloans) secured by vehicles, while maintaining the strictness of MPLs at the 2026 Q1 level in both segments.
Since the beginning of 2026, the DSTI calculation for car loans has been tightened, banks will be able to issue such loans only on the basis of the official information about a borrower’s income or Rosstat’s data on the average per capita income in a given region. A more conservative calculation procedure may temporarily reduce the lending volume. Therefore, additional MPL tightening is not currently advisable.
MPLs for consumer loans secured by vehicles issued in 2026 Q2 for banks with a universal licence and MFOs
| Car loans | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 25% | DSTI 50–80% | 20% |
| Of which: DSTI above 80% |
5% | DSTI above 80% | 5% |
| General-purpose consumer loans (microloans) secured by vehicles | |||
| 2026 Q2 | For reference: 2026 Q1 |
||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 20% | DSTI 50–80% | 15% |
| Of which: DSTI above 80% |
5% | DSTI above 80% | 5% |
5. Starting from 1 March 2026, the Bank of Russia will raise the risk-weight add-on for the increase in credit claims on large highly leveraged companies from 40% to 100%.
On 1 December 2025, the macroprudential add-on for the increase in banks’ credit claims on large highly leveraged companies was raised from 20% to 40%. Between April and November 2025, outstanding corporate loans totalling ₽2.9 trillion became subject to the macroprudential add-on, and banks accumulated a macroprudential buffer of ₽24 billion for the increase in their credit claims.
Over the first 11 months of 2025, the largest groups of highly leveraged companies14 accumulated their debts15 to banks much faster (+15.5%) than the corporate sector as a whole (+11.3%). According to the Bank of Russia’s information, in 2026, large highly leveraged companies are going to continue building up their debts at the pace exceeding the Bank of Russia’s forecast of the growth in the banking sector’s claims on companies (7–12%), which may further increase their debt burden and aggravate credit risks within the banking sector.
In this situation, it is required to speed up the accumulation of the macroprudential capital buffer to mitigate systemic risks. Therefore, the Bank of Russia has decided to raise the add-on applied to the increase in such companies’ outstanding loans by 60 pp to 100% from 1 March 2026. According to the Bank of Russia’s estimate, the add-on does not significantly limit companies’ ability to take out loans.16 However, banks will have to accumulate more capital to cover risks associated with such loans. As estimated by the Bank of Russia, the macroprudential capital buffer may reach about ₽200 billion by the end of 2026. In the future, the Bank of Russia may continue to raise the add-on if banks’ risks associated with claims on such companies increase.
6. Macroprudential add-ons for corporate foreign currency credit claims have not been revised.
In 2025, the share of foreign currency in the corporate loan and bond portfolios, adjusted for foreign currency revaluation,17 contracted by 0.7 pp to 11.6%. At present, there is no need to reduce the portion of foreign currency in the loan portfolio. Therefore, the Bank of Russia has 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 value of the national countercyclical capital buffer effective since 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. As of 1 January 2026, capital adequacy was 13.3% (vs 13.4% as of 1 July 2025 and 13.0% as of 1 October 2025). According to the Bank of Russia’s estimates, banks have sufficient capital buffers to sustainably finance the economy this year and in subsequent periods, taking into consideration decisions on macroprudential instruments that have already been made as well as the scheduled increase in microprudential add-ons to capital adequacy ratios.18 Therefore, the national countercyclical capital buffer has not been revised.
1 Loan-to-value ratio.
2 Net of loan loss provisions. A 0.3 pp decrease in the buffer value as compared to 1 July 2025 is due to the faster growth of mortgage loans that were not subject to risk-weight add-ons in 2025 H2 and the securitisation of loans that were subject to risk-weight add-ons.
3 Individual housing construction.
4 In 2024 Q4, the portions were 47% and 25%, respectively.
5 Not collateralised by real estate and/or vehicles.
6 For credit institutions and microfinance organisations.
7 Non-performing loans mean loans of quality categories IV and V (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).
8 As of 1 January 2026, the portfolio of unsecured consumer loans contracted by 4.6% YoY.
9 Calculated as a share of the outstanding loan portfolio net of loan loss provisions.
10 Previously, banks and MFOs could use their own models without validation from the Bank of Russia. Now, banks will be able to use model-based assessments of borrowers’ incomes to calculate their debt burden, if such models have been validated by the Bank of Russia.
11 For credit institutions and MFOs.
12 Loans (microloans) issued for purchasing a motor vehicle secured by the motor vehicle being purchased.
13 A 0.3 pp reduction in the buffer over the quarter is due to the decrease of macroprudential add-ons for general-purpose loans (microloans) secured by vehicles since 1 September 2025, improved DSTI structure of outstanding loans as a result of effective MPLs, and the rapid growth of car loans not covered by add-ons in recent months.
14 Groups with the interest coverage ratio (ICR) adjusted for depreciation and amortisation below 3.0 (as of 1 July 2025 or 1 October 2025), according to their most recent IFRS statements.
15 For loans and bonds.
16 This level of the add-on is not prohibitive, as risk weights for the loans of large borrowers are usually below 100%. The add-on is applied to risk weights multiplicatively, e.g. if the base risk weight is 50%, then, given a 100% add-on, it will be 100% = 50% * (1+100%).
17 Adjusted for the revaluation of the yuan to the ruble as of 1 January 2026.
18 In accordance with Bank of Russia Instruction No.
The reference to the Press Service is mandatory if you intend to use this material.
30.01.2026 18.22.00