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threat to financial stability, as well as to replenish (tap) foreign currency reserves based on the fiscal rule being implemented by Russia’s Ministry of

государственными наградами. 57 RUSSIAN SPORTS SERIES СЕРИЯ «РОССИЙСКИЙ СПОРТ» Трудовые резервы Labor Reserves Дата выпуска: 1 сентября 2025 г. Date of issue: 1 September 2025

государственными наградами. 57 RUSSIAN SPORTS SERIES СЕРИЯ «РОССИЙСКИЙ СПОРТ» Трудовые резервы Labor Reserves Дата выпуска: 1 сентября 2025 г. Date of issue: 1 September 2025

0 0.2 -0.2 [-1.3; -0.8] change in required reserves -0.2 0.0 0.0 [-0.4; -0.2] Structural liquidity

International Reserves of the Russian Federation*.......................................................................................................................... 15 1.8. International Reserves and Foreign Currency Liquidity — Russia................................................................................................... 16 1.9. International Reserves Adequacy (International Reserves in

five reserve currencies. SDRs can be acquired by countries to fulfil their obligations to the IMF or sold to adjust the structure of international reserves.

2025 2026 2027 2028 Foreign assets (excluding reserves) Foreign liabilities Change in reserves Financial account balance (including reserves) * In the balance item, ‘–’ denotes net borrowing

largest economies, although affecting only individual components so far. The US Federal Reserve System paused monetary policy easing in January 2026, explaining its decision by

largest economies, although affecting only individual components so far. The US Federal Reserve System paused monetary policy easing in January 2026, explaining its decision by

in prices for bullions that NPFs are allowed to buy for pension reserves. Taking into account the results of the consultations with the self-regulatory organisation