The Bank of Russia has updated the concept of the national liquidity coverage ratio (LCR), incorporating feedback from market participants and findings from additional analysis conducted by the regulator.
In particular, the Bank of Russia has made several modifications:
The list of highly liquid assets (HLAs) has been expanded to include all securitization instruments and bonds issued within projects aimed at fostering technological sovereignty, structural adaptation of the economy, and sustainable development. The proportion of assets in the second and third levels—less liquid assets included in the calculation of the national LCR at a larger discount—has increased slightly within HLAs. This adjustment is expected to benefit the development and liquidity of the corporate bond market.
The calculation of HLAs now includes only syndicated investment-grade loans, excluding non-syndicated ones. This change aims to encourage the development of the syndicated loan market and reduce credit risk concentration in the sector. Once standardization for such loans is complete, criteria will be adjusted so that HLAs will only include loans issued based on standard documents due to their potential higher liquidity.
Additionally, there has been an update in measuring cash outflows from escrow accounts: funds used to repay developers' debt with the same bank will not be considered. This change aims to improve accuracy in calculating banks' actual outflow amounts.
In the near future, the Bank of Russia plans to release a draft regulation on its website for evaluating regulatory impact. The new national LCR is expected to become effective on January 1, 2026.
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