The Bank of Russia has released a consultation paper to prompt discussion on the risks climate change poses to both the economy and the financial sector, as well as on methods for assessing these risks.
The central bank noted that climate change, which is causing more intense heat and more frequent floods and droughts, has negative effects on human health, infrastructure, and agriculture. The statement explained that these factors "inevitably result in financial stability risks."
The Bank of Russia cited various estimates indicating that Russia could potentially benefit from climate change if it takes preventive measures. However, it also warned that the country might face annual losses equivalent to 1–2% of GDP, with some regions and industries likely to be affected more than others. Because of this, the bank emphasized the importance of enhancing risk assessment tools, improving monitoring and disclosure of physical climate risks, refining stress testing practices, and raising data quality.
"The Bank of Russia welcomes answers to the questions raised in the consultation paper as well as comments and suggestions through 17 October 2025," according to its announcement.