The Bank of Russia has updated the procedure for its Lombard List, introducing new rules regarding the inclusion of bonds based on information disclosure by issuers or guarantors. According to a decision made by the Bank’s Board of Directors on July 31, 2025, bonds will not be included in the Lombard List if issuers or guarantors restrict information disclosure beyond what is allowed by federal laws, presidential and government acts, or Bank of Russia regulations.
Additionally, even when disclosure limitations comply with these legal frameworks, bonds will only remain on the Lombard List if their issue, issuer, or guarantor holds at least two credit ratings not below A-(RU), ruA-, A-.ru, or А-|ru| from different rating agencies such as ACRA (JSC), JSC Expert RA, NCR, or NRA.
The Bank also stated it will suspend repo and lending operations involving bonds whose issuers or guarantors limit information disclosure more than permitted until violations are resolved. “If such violations are not eliminated within three months from the date when relevant orders are sent to the issuer or guarantor, the corresponding bonds will be excluded from the Lombard List,” according to the announcement.
Furthermore, bonds may also be removed from the list if they do not meet both information disclosure and minimum credit rating requirements. The policy clarifies that certain types of non-disclosure—specifically regarding those entitled to dispose of shares in an issuer or guarantor’s authorized capital and related management details—are exempted. This exemption also applies to data found in DOM.RF Mortgage agent’s register of mortgage-backed bonds.
The new rules take effect immediately upon publication on the Bank of Russia website.
“Hereinafter, JSC DOM.RF is the guarantor for mortgage-backed bonds issued by its subsidiary and secured by the joint and several guarantee of JSC DOM.RF.”
