In 2025, the Bank of Russia has expanded its range of macroprudential policy tools to mitigate risks within the financial system. The regulator has introduced measures such as setting limits for mortgages and car loans and applying add-ons to reduce risks for large, highly leveraged companies. Additionally, a positive rate of the countercyclical buffer has been implemented for the first time.
To illustrate how these tools work together, the Bank of Russia has released a report titled “Main Macroprudential Policy Approaches.” This document outlines the main principles of using these tools while considering experiences accumulated since 2013.
The publication details how the Bank identifies systemic risks and makes decisions at various stages of a financial cycle. It also explores interrelations between different tools and clarifies that macroprudential policy is not intended as a tool for ensuring price stability.
All decisions regarding these tools are considered comprehensively on a quarterly basis to assess their combined effect on financial institutions. Starting in 2026, the Bank will publish the schedule of its Board of Directors’ macroprudential policy meetings on its website.
