Bank of Russia’s decisions on macroprudential policy
1. The Bank of Russia has tightened macroprudential limits (MPLs) for mortgage loans to purchase housing under construction and existing housing in apartment buildings for 2026 Q3 and has not revised macroprudential add-ons.
As of 1 April 2026, the proportion of outstanding mortgages to purchase housing in apartment buildings overdue for more than 90 days came in at 1.0%1 (0.6% as of 1 April 2025 and 0.9% as of 1 January 2026). Growth in overdue mortgages was largely driven by the loans issued in 2023–2024 as part of the large-scale subsidised mortgage programme.
The MPLs effective from 1 July 2025 restrict the provision of high-risk mortgage loans. In 2026 Q1, mortgages issued to borrowers with the debt service-to-income ratio (DSTI) above 80% accounted for 4% (vs 6% in 2025 Q1), and those with a down payment of not more than 20% of the housing price made up 1% (vs 6% in 2025 Q1) of total mortgages issued. To limit the provision of high-risk mortgages and further improve the structure of the mortgage portfolio, the Bank of Russia decided to tighten the MPLs in these segments. However, this restriction will not result in a larger portion of rejected mortgage applications, as it is consistent with the current structure of the mortgage portfolio in 2026 Q1.
MPLs for mortgages to be applied by banks with a universal licence in 2026 Q3
| Loans to purchase housing under construction (under shared construction agreements, SCAs) | ||||
| 2026 Q3 | For reference: | |||
| 2026 Q2 | Actual proportion of loans issued in 2026 Q1 | |||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL | |
| DSTI above 80% or down payment of not more than 20% | 5% in total | DSTI above 80% or down payment of not more than 20% | 7% in total | 3% in total |
| Of which: DSTI above 50% and down payment of not more than 20% | 1% | Of which: DSTI above 50% and down payment of not more than 20% | 2% | 0.2% |
| Existing housing loans (non-SCA) | ||||
| 2026 Q3 | For reference: | |||
| 2026 Q2 | Actual amount of loans issued in 2026 Q1 | |||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL | |
| DSTI above 80% or LTV2 above 80% | 15% in total | DSTI above 80% or LTV above 80% | 20% in total | 7% in total |
| Of which: DSTI above 50% and LTV above 80% | 5% | Of which: DSTI above 50% and LTV above 80% | 10% | 0.2% |
To cover risks arising from earlier issued loans, banks have accumulated a macroprudential capital buffer of 1.4%3 of the mortgage portfolio4 as of 1 April 2026.
2. The Bank of Russia has tightened MPLs for IHC5 mortgages and home equity loans for 2026 Q3.
The MPLs effective from 1 October 2025 restrict the provision of IHC mortgages and home equity loans to borrowers with high DSTI who delay their repayments more often. In 2026 Q1, the proportion of IHC mortgages issued to borrowers with DSTI above 50% and 80% came in at 44% and 13%, respectively.6 The portion of home equity loans issued to borrowers with DSTI above 50% and 80% stood at 19% and 8%, respectively.7 The proportion of IHC mortgages overdue for more than 90 days reached 4.4% as of 1 April 2026 (3.4% as of 1 April 2025 and 4.0% as of 1 January 2026), which is attributed to both delays in apartment building construction by certain contractors and higher DSTI. The quality of home equity loans is deteriorating. Specifically, as of 1 April 2026, the proportion of such loans overdue for more than 90 days came in at 6.1% (3.6% as of 1 April 2025 and 5.1% as of 1 January 2026).
To limit lending to borrowers with very high DSTI, the Bank of Russia has tightened the MPLs in these segments for 2026 Q3. The regulator has set a new MPL for IHC mortgages to restrict the issue of loans to borrowers with DSTI above 50%. Similarly to MPLs in other lending segments, limits for IHC mortgages will apply on an ‘inclusion’ basis: a limit is set for IHC mortgages issued to borrowers with DSTI above 50%, and in this category, an included sublimit is set for IHC mortgages issued to borrowers with DSTI above 80%.
MPLs for IHC mortgages and home equity loans to be applied by banks with a universal licence in 2026 Q3
| IHC mortgages | |||
| 2026 Q3 | For reference: 2026 Q2 | ||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 28% | DSTI above 50% | Not established |
| Of which: DSTI above 80% | 3% | Of which: DSTI above 80% | 10% |
| Home equity loans | |||
| 2026 Q3 | For reference: 2026 Q2 | ||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 18% | DSTI above 50% | 25% |
| Of which: DSTI above 80% | 3% | Of which: DSTI above 80% | 10% |
3. The Bank of Russia has kept the current MPLs and macroprudential add-ons for unsecured consumer loans (microloans) unchanged.8
In 2025, the unsecured consumer lending market saw the materialisation of previously accumulated risks. As of 1 April 2026, the portion of non-performing9 loans was 13.1% (vs 10.8% as of 1 April 2025 and 13.0% as of 1 January 2026), which was due to the maturity of loans issued during the 2023–2024 credit overheating period and the ongoing contraction of the loan portfolio.10
The leading indicators of loan servicing are gradually improving. The proportion of outstanding loans overdue for more than 30 days after the first three months on book stood at 0.8% for cash loans granted in January 2026 and 2.7% for credit cards (-1.0 pp and −0.5 pp vs January 2025). To cover risks arising from earlier issued loans, as of 1 April 2026, banks accumulated the macroprudential capital buffer of 8.3%11 of the portfolio net of loan loss provisions, which may be released by the Bank of Russia in the future if banks have difficulties covering losses on the existing loans.
The MPLs set for unsecured consumer loans (microloans) restrict the issue of high-risk loans (microloans) to borrowers with high DSTI. Therefore, the Bank of Russia keeps them unchanged. The proportion of new unsecured consumer loans (microloans) issued to borrowers with DSTI above 50% fell from 24% in 2025 Q1 to 18% in 2026 Q1.
4. The Bank of Russia has kept the MPLs12 for car loans13 unchanged for 2026 Q3 and tightened the MPLs for general-purpose consumer loans (microloans) secured by motor 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 motor vehicles. In 2026 Q1, the portion of car loans and general-purpose loans (microloans) secured by motor vehicles issued to borrowers with DSTI exceeding 50% decreased to 17% and 10% (vs 20% and 43% in 2025 Q1), respectively. As of 1 April 2026, the accumulated macroprudential capital buffer accounted for 2.5% of the portfolio of these loans net of loan loss provisions.
For 2026 Q3, the Bank of Russia has kept the MPLs for car loans applicable in 2026 Q2 unchanged and tightened the MPLs for general-purpose consumer loans (microloans) secured by motor vehicles.
MPLs for general-purpose consumer loans secured by motor vehicles to be applied by banks with a universal licence and MFOs in 2026 Q3
| General-purpose loans (microloans) secured by motor vehicles | |||
| 2026 Q3 | For reference: 2026 Q2 | ||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 18% | DSTI above 50% | 20% |
| Of which: DSTI above 80% | 3% | Of which: DSTI above 80% | 5% |
| For reference: Car loans | |||
| 2026 Q3 | 2026 Q2 | ||
| Loan (microloan) characteristics | MPL | Loan (microloan) characteristics | MPL |
| DSTI above 50% | 25% | DSTI above 50% | 25% |
| Of which: DSTI above 80% | 5% | Of which: DSTI above 80% | 5% |
5. The Bank of Russia has not revised the risk-weight add-on for the increase in credit claims on large highly leveraged companies.
From 1 March 2026, the macroprudential add-on for the increase in banks’ credit claims on large highly leveraged companies was significantly raised from 40% to 100%. From the date when the add-on was set (1 April 2025) to 1 April 2026, outstanding corporate loans totalling ₽3.8 trillion became subject to the macroprudential add-on, and banks accumulated a macroprudential capital buffer of ₽63 billion for the increase in their credit claims.
In the future, the Bank of Russia may continue raising the add-on if banks’ risks arising from claims on such companies increase.
6. Macroprudential add-ons for corporate foreign currency credit claims have not been revised.
In 2026 Q1, the share of foreign currency in the corporate loan and bond portfolios, adjusted for foreign currency revaluation,14 edged up from 12.1% to 12.3%.15 Currently, there is no need to encourage the decrease in the portion of foreign currency in the loan portfolio, as foreign currency loans are mainly taken out by exporter companies that have sufficient foreign currency revenues to fulfil their obligations.
7. The Bank of Russia has not revised the value of the national countercyclical buffer effective since 1 July 2025 (0.5 pp to banks' capital adequacy ratios).
Credit to the economy is expanding at a balanced pace. 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 macroprudential add-ons to capital adequacy ratios.16 Banks are making further efforts to gradually restore the capital adequacy ratio. As of 1 April 2026, it came in at 13.9%17 across the banking sector (13.2% as of 1 January 2026 vs 12.5% as of 1 January 2025). Therefore, the value of the national countercyclical buffer remains unchanged.
1 According to Reporting Form 0409704.
2 Loan-to-value ratio – the ratio of the mortgage loan principal to the fair value of the collateral.
3 According to Reporting Forms 0409114 and 0409135.
4 Net of loan loss provisions.
5 Individual housing construction.
6 In 2025 Q1, these proportions stood at 59% and 36%, respectively.
7 In 2025 Q1, these proportions stood at 70% and 44%, respectively.
8 For credit institutions and microfinance organisations (MFOs).
9 Non-performing loans are loans included in IV and V quality categories (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).
10 As of 1 April 2026, the portfolio of unsecured consumer loans contracted by 3.1% YoY.
11 Calculated as a share of the outstanding loan portfolio net of loan loss provisions.
12 For credit institutions and MFOs.
13 Loans (microloans) issued for purchasing a motor vehicle secured by the motor vehicle being purchased.
14 Adjusted for the revaluation of the yuan against the ruble as of 1 April 2026.
15 According to Reporting Form 0409101.
16 In accordance with Bank of Russia Instruction No.
17 According to Reporting Forms 0409123 and 0409135. The indicators are calculated based on the figures of credit institutions that should comply with the relevant requirements. The calculation excludes the data from the bank of non-core assets.
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29.04.2026 18.00.00