Central Bank of the Russian Federation

In accordance with federal law, the Central Bank of the Russian Federation (Bank of Russia) solves a number of important economic tasks. The Bank of Russia, in cooperation with the Government of the Russian Federation, conducts state monetary policy, regulates the activity of Russian and international banks, establishes rules for making settlements, and controls foreign exchange transactions.

Assets and liabilities

Central bank assets:

• gold and foreign exchange reserves
• loans to banks and the government
• securities.

Central bank liabilities:

• bank deposits (mandatory reserves)
• cash in circulation
• funds in central bank accounts
• central bank capital

The operations of the central bank are reflected in its balance sheet.

International reserves of the Russian Federation

Main article: International (gold and foreign exchange) reserves of Russia

Bank's organizational structure

2024

Growth of average monthly income of Bank of Russia employees by 10% to ₽223,3 thousand

The average monthly income of Bank of Russia employees in 2023 amounted to ₽223,3 thousand, which is 10% higher than in 2022. Central Bank of Russia TAdviser I got acquainted with such data from the annual report on December 6, 2024.

According to TASS, the average number of Bank of Russia employees in 2023 increased by 662 people (1.5%) and reached 45,230 employees. Staff costs increased by ₽17,2 billion compared to 2022, an increase of 12.9%.

Building of the Central Bank of the Russian Federation in Moscow

Labor costs and other payments to Bank of Russia employees increased by ₽12,9 billion or 12%. Payroll charges and additional payments increased by ₽4,3 billion, showing an increase of 16.6%.

According to the annual report of the Central Bank of the Russian Federation, the increase in personnel costs is associated with an increase in the number of employees and an increase in the level of remuneration. This is due to the expansion of the regulator's functions and the need to attract highly qualified specialists.

In the Bank of Russia's expenditure structure, personnel costs account for a significant part of total operating expenses. These costs include not only wages, but also various social benefits, health insurance, employee pensions.

The Bank of Russia also provides its employees with additional benefits and compensations, including voluntary health insurance, financial assistance, and compensation for the costs of spa treatment. All these payments are taken into account when calculating the average monthly income of employees.

In the regional institutions of the Bank of Russia, the level of remuneration varies depending on the region of work, position and qualifications of the employee. At the same time, the regulator maintains a competitive level of remuneration for attracting and retaining professional personnel.^[1]

Appointment to the post of Deputy Chairman Zulfiya Kakhrumanova

On November 21, 2024, the Bank of Russia announced the appointment of a new deputy chairman: he became the director of the Information Technology Department of the Central Bank of Russia. In the new position, she will oversee the work of the Department of Information Technology, the Department of Financial Technology, as well as the Operations Department. Read more here

Resignation from the post of First Deputy Chairman Olga Skorobogatova

On October 21, 2024, the Bank of Russia announced the resignation of Olga Skorobogatova from the post of First Deputy Chairman. The press service of the regulator clarifies that she decided to continue her career outside the Central Bank. Read more here

Create a financial monitoring and currency control service. The complete structure of the Central Bank

At the end of May 2024, the Central Bank of the Russian Federation announced the creation of a financial monitoring and currency control service (FMiVK). It will monitor non-bank financial institutions' compliance with AML/CFT requirements and currency legislation on a cross-territorial basis.

The reorganization will increase the efficiency of work in the direction of financial monitoring and currency control and the efficiency of decision-making, the regulator said in a statement.

Bank of Russia building in the center of Moscow

Bogdan Shablya, head of the financial monitoring and currency control department, has been appointed head of the financial monitoring and currency control service. This department will be abolished, and the financial monitoring and currency control service will begin work on June 1, 2024.

According to the press service of the Central Bank of the Russian Federation, the structure of the FMiVK includes 7 centers for financial monitoring and currency control. Supervision of compliance by credit institutions with the requirements of legislation in the field of AML/CFT and currency control will be carried out by the central office of the FM and ICS service.

Supervision of compliance with the requirements of legislation in the field of AML/CFT for NFOs located on the territory of the Central Federal District will be carried out by the created Center for Financial Monitoring and Currency Control in the Central Federal District in Yaroslavl.

In the Nizhny Novgorod center of FMiVK, the functions of supervision over compliance with the requirements of currency legislation in relation to all non-financial organizations, regardless of their location, will be centralized.

Structural divisions of the Central Bank of the Russian Federation for May 2024.

• Bank of Russia Office
• Department of Statistics
• Department of Research and Forecasting
• Cash Handling Department
• National Payment System Department
• Accounting and Reporting Department
• Accounting Regulation Department
• Department of Admission and Termination of Financial Institutions
• Financial Recovery Department
• Corporate Relations Department
• Risk Analysis Service
• Banking Regulation and Analytics Department
• Department of Supervision of Systemically Important Credit Institutions
• Current Banking Supervision Service
• Bank of Russia Main Inspectorate
• Financial Markets Operations Department
• Operations Department
• Financial Stability Department
• Financial Monitoring and Currency Control Service
• Monetary Policy Department
• Financial Market Strategic Development Department
• Insurance Market Department
• Department of Investment Financial Intermediaries
• Financial Market Infrastructure Department
• Department of Non-Bank Lending
• Data, Project and Process Department
• Consumer Protection and Financial Inclusion Service
• Legal Department
• Department of Field Facilities
• Department of Information Technology
• Department of Financial Technology
• Projects and Processes Department
• HR Policy Department
• Finance Department
• Internal Audit Department
• Department of Organization of International Settlements
• Department of Cooperation with International Organizations
• Department of Public Affairs
• Administrative Department
• Bank of Russia Procurement Department
• Bank of Russia Real Estate Department
• Department of Information Security
• Bank of Russia Security Department
• Bank of Russia University

Structure of the Central Office of the Bank of Russia

2023

New Board of Directors approved

On October 12, 2023, the State Duma approved the new composition of the Board of Directors of the Central Bank of the Russian Federation. The deputies extended the powers of the first deputy chairman of the Central Bank Vladimir Chistyukhin, deputy chairman of the Central Bank Alexei Guznov, head of the service for the protection of consumer rights and ensuring affordable financial services of the Central Bank Mikhail Mamuta and adviser to the head of the Central Bank Alexei Simanovsky.

Also, the updated board of directors of the financial regulator included the director of the Financial Stability Department of the Central Bank Elizaveta Danilova, the head of the Central Bank's Main Directorate for the Central Federal District Rustem Mardanov and the head of the Volga-Vyatka Main Directorate of the Central Bank Larisa Pavlova.

On October 10, 2023, the powers of the adviser to the head of the Central Bank Ksenia Yudaeva as a member of the board of directors of the regulator expired, but she was not on the list of candidates sent by Nabiullina.

The Board of Directors of the Bank of Russia is a collegial governing body, which includes the Chairman of the Central Bank and 14 members of the Board of Directors who work on a permanent basis at the Bank of Russia. Members of the Board of Directors are appointed by the State Duma for a period of five years on the proposal of the chairman of the regulator, agreed with the President of the Russian Federation. It is the board of directors that decides on the size of the key rate and other important financial measures. The Board of Directors also performs the following functions:

• makes decisions on the issue of banknotes and coins of the Central Bank of a new model, on the withdrawal from circulation of banknotes and coins of the Bank of Russia of an old model;
• establishes the rules for banking operations for the banking system, makes decisions on the establishment of mandatory ratios for credit institutions, banking groups and non-bank financial institutions, on the procedure for the formation of reserves by credit institutions;
• makes decisions on the amount of premiums to risk ratios for certain types of assets, on the application of macroprudential limits;
• establishes the rules for making payments in the national payment system, determines tariffs for services in the Bank of Russia payment system, including the Fast Payment System, sets the maximum values ​ ​ of commissions within other payment systems, as well as commissions charged by banks from their clients under payment card acceptance agreements for money transfers.^[2]

The Department of Organization of International Settlements was established

A new structural unit, the Department of Organization of International Settlements, was established at the Bank of Russia on February 15, 2023. The department will deal with issues that have become particularly relevant in the context of sanctions against Russia. Among them are the development of correspondent relations between Russian banks with counterparties from friendly countries, the transition to settlements in national currencies, as well as the expansion of opportunities for cross-border transactions.

2021: Central Bank combines banking supervision and regulation departments

On September 15, 2021, the Central Bank of Russia announced the merger of the departments for ensuring banking supervision and banking regulation. As a result of the restructuring, the Department of Banking Regulation and Analytics will appear. Read more here.

2018

In May 2018, the Board of Directors of the Central Bank decided to divide the Main Directorate for Security and Information Protection into two independent divisions - the Information Security Department and the Security Department of the Bank of Russia.^[3]. The department was created on the basis^[4] the Center for Monitoring and Responding to Computer Attacks in the Credit and Financial Sector (FinCERT).

2013

Bank's organizational structure for October 2013

Click on the image to enlarge it

• Information Security Department of the Central Bank of Russia

Territorial institutions

• Bank of Russia Central Directorate for the Central Federal District
  • Belgorod Region Branch of the Bank of Russia

• North-West Main Directorate of the Bank of Russia
  • Bank of Russia Vologda Oblast Branch

• Volga-Vyatka Main Directorate of the Bank of Russia
• Southern Main Directorate of the Bank of Russia

Payment systems

Financial Messaging Service (FMS)

Financial Messaging Service (SPFS) is the Russian analogue of the SWIFT payment system.

Payment system "Mir"

Main article: World (national payment system)

Express Checkout (FPS)

The Fast Payments System (FPS) is a platform for instant transfers of individuals.

Operations of the Central Bank

Cash execution of the budget of the Russian Federation

Main item: Cash execution of the budget

The peculiarity of the treasury system is that under it the budget is executed not by the Central Bank, but by the executive authorities. With the transition to this system, the functions of the bank were limited, but it retained a number of important powers, including cash execution of the budget.

Currency Purchasing and Sales

By mid-May 2020 Bank of Russia , it sharply reduced the volume of transactions on the exchange to support the exchange rate. On ruble Thursday, the Central Bank sold currencies worth 11.4 billion. rubles

Compared to the last week of April, the Central Bank reduced support for the ruble by almost half: then currency sales held between 20.1-23 billion rubles a day.

The Central Bank completely suspended the sale of currency from the NWF, which it received as part of a deal to sell a controlling stake in Sberbank to the government, and sells only the volume that is provided for by the budget rule.

Since March 20, the Central Bank has carried out additional interventions, compensating for the fall of Urals below $25. Quotes rose above this bar on May 5, but the regulator did not reduce the volume of interventions, keeping them above 20 billion rubles a day.

In fact, the Central Bank transferred the ruble to "manual control." He "sells currency, compensating for the gap between $42.4 (cut-off price) and the current price (oil), and then, apparently, spreads these volumes between the budget rule and the deal with Sberbank shares," explains Kirill Tremasov, director of the Loko-Invest analytical department.

In April 2020, the Central Bank sold $3.6 billion on the market, and from March 10 to the end of April - about $6 billion.

Gold purchases

Main article: Gold reserves of Russia

Repo deals

Repo auctions are used by the Central Bank to inject liquidity into the financial sector in the event of a lack of money from commercial banks. The instrument represents the sale of securities during open trading with an obligation to buy them back after a certain period at a higher rate. During repo transactions with banks, the Central Bank buys their bonds at certain interest rates.

Since the fall of 2011, the demand of commercial banks for this financial instrument has shown stable growth, which is explained by the fall in lending from abroad. The latter, in turn, is associated with the debt crisis in Europe.

On June 9, 2012, the Bank of Russia set a limit on weekly repo auctions at a record level of 1.12 trillion rubles since the beginning of the year. The minimum auction rate will be 5.25 percent per annum. At the same time, one-day repo auctions were increased by 180 billion to 560 billion rubles. The minimum rate is kept at the same level as for weekly Central^[5] of the^[5].

The previous record for the amount of funds that the Central Bank was ready to give to banks was set on May 22. Then the regulator set a limit on weekly repo auctions in the amount of 900 billion rubles with a minimum rate of 5.25 percent per annum.

Transactions on exchanges

In the spring of 2012, the Bank of Russia's activity on the exchanges increased significantly, which also indirectly indicates a high demand among commercial financial structures for liquidity from the Central Bank. Thus, in May 2012, the Bank of Russia made transactions worth 7.4 trillion rubles on the exchange, which became the absolute record of the regulator from the beginning of its work on trading platforms. The Central Bank accounted for about half of trading on Russian stock exchanges.

Control of exchange rate fluctuations

Until 2014, with the help of a dual-currency basket, the Central Bank monitored exchange rates. If necessary, in order to smooth out the consequences of sharp fluctuations in exchange rates, the regulator may interfere in trading on the Moscow Exchange. When the Central Bank accumulated 450 million on one of the borders of the intervention corridor dollars ($600 million until December 27, 2011), the corridor borders shifted by 5 kopecks (rules for July 2012).

Key rate

Main article: Key rate in Russia

Performance indicators

2023: Profit - 144.44 billion rubles

The net profit of the Bank of Russia in 2023 amounted to 144.44 billion rubles, while a year earlier the net loss of the regulator was measured at 721.72 billion rubles. Such data are indicated in the annual report of the Central Bank, published at the end of March 2024.

From the materials of the Central Bank of the Russian Federation it follows that in 2023 its revenues reached 859.3 billion rubles (against 541 billion rubles a year earlier), mainly due to interest income (668.9 billion rubles) and net income from operations with securities, foreign currency and precious metals (161.2 billion rubles). Expenses for the year were at the level of 718.9 billion rubles (against 1.3 trillion rubles in 2022), mainly this amount was formed by interest expenses (436.9 billion rubles) and expenses for the maintenance of employees of the Central Bank (151.2 billion rubles).

Net profit of the Bank of Russia in 2023 amounted to 144.44 billion rubles

According to RBC, the Russian Central Bank in 2023 received its first annual net profit after six years of losses. Of the profit received, the Bank of Russia will transfer 105.3 billion rubles to the federal budget, and 35 billion rubles will remain at the disposal of the Central Bank itself. Of these, 16 billion rubles will go to the Reserve Fund of the Central Bank, 1.4 billion to the Social Fund of the Bank of Russia, and 17.5 billion rubles to cover losses of previous years.

At the end of 2023, a positive financial result (profit) was formed. The main factor in profit formation is the positive revaluation of securities, for which in 2022 a negative revaluation related to the financial result was reflected - indicated in the regulator's report.

By the end of 2023, the total assets of the Central Bank grew to 61.5 trillion rubles from 47.2 trillion rubles a year earlier. This happened against the background of the recovery growth of Russia's GDP in 2023 by 3.6% in real terms and by 10.1% in nominal terms, explained in the Bank of Russia.^[6]

2022: Record loss of 721 billion rubles

The Bank of Russia ended the sixth year in a row with a loss: at the end of 2022, it amounted to 721.7 billion rubles, follows from the annual report of the Central Bank. This is almost 30 times more than a year earlier (26.3 billion rubles), and a record figure in the history of the regulator.

The Central Bank lost 382 billion rubles due to a loss from the sale of Otkritie FC shares to VTB Group and the introduction of Minbank shares as a property contribution to the DIA. The Central Bank sold Otkritie FC to VTB in December 2022 for 340 billion, and Minbank transferred for 1 ruble, despite the fact that the initial value of 100% of the shares was 166.3 billion.

The last time the regulator received a record loss of 435.3 billion rubles. in 2017, when three large private groups went to reorganization - Promsvyazbank, FC Otkritie and Binbank.

CBR ANNUAL REPORT 2022

2020: Loss of RUB 61.5 bln

The Bank of Russia ended with a loss for the fourth year in a row. In 2020, the loss amounted to 61.5 billion rubles. It last made a profit in 2016 thanks to high rates and a liquidity deficit from banks. The losses received were explained by the large costs of saving banks during the "clearing" of the banking market. The loss of the Bank of Russia in 2017-2019 exceeded a trillion rubles (1052.5 billion rubles).

2019: Loss of RUB 182.5 billion

In 2019, the loss of the Central Bank of Russia amounted to 182.5 billion rubles.

This is the third consecutive annual loss of the Central Bank. In total, over three years, the volume of losses exceeded a trillion rubles, but in 2017 and 2018, the regulator lost significantly more than in 2019 - 435.3 and 434.7 billion rubles, respectively.

The last time the Central Bank made a profit in 2016, it amounted to 43.7 billion rubles. It is noted that such financial indicators are associated with a decrease in the growth rate of economic activity.

It is also indicated that the loss was affected by large-scale purchases of foreign currency under the budget rule "maintaining a structural surplus in the liquidity of the banking sector."

As indicated in the financial document, the income of the Central Bank for 2019 was formed in the amount of 630.79 billion rubles, expenses - in the amount of 632.663 billion, the financial result of activity before the transfer of income received from participation in the capital of Sberbank at the end of the year - at minus 1.873 billion rubles. The indicator "income received from participation in the capital of Sberbank at the end of the year and transferred to the federal budget in accordance with federal laws" amounted to minus 180.696 billion. As a result, the loss of the reporting year reached 182.569 billion rubles.

The report explains that "the income and expenses of the Bank of Russia in 2019 were formed under the influence of multidirectional factors. In the context of a decrease in the key rate of the Bank of Russia compared to 2018, interest expenses on absorption operations decreased. As a result of the growth in the volume of reserve assets of the Bank of Russia and the funds of the National Welfare Fund of the Russian Federation placed on the Bank of Russia accounts, revenues from the placement of reserve assets of the Bank of Russia and expenses on the funds of the National Welfare Fund of the Russian Federation increased, respectively. Due to changes in the structure and quality of the Bank of Russia's assets, net income from the restoration of the Bank of Russia's provisions developed in 2019 (against net expenses for the formation of provisions in 2018). Also in 2019, expenses were incurred to replenish the pension fund of the Bank of Russia according to the calculations of the independent actuary. "

According to the report, the assets of the Bank of Russia at the end of 2019 increased, exceeding 40.513 trillion rubles against about 39.369 trillion a year earlier (plus 2.9%).

2014: Net profit of 183 billion rubles

The amount of net profit of the Central Bank of the Russian Federation in 2014 increased by 42% compared to the indicator of the year before last and amounted, according to preliminary estimates, to 183 billion rubles. According to Russian law, the regulator is obliged to transfer 75% of the net profit of 2014, or 137.5 billion rubles, to the budget.

Information technologies in the Central Bank of the Russian Federation

Main article: Information technologies in the Central Bank of the Russian Federation

Innovation and Financial Technology Development

• Policy of the Central Bank in the field of innovation and financial technology development
• Blockchain in the Central Bank of Russia

Regulatory functions in the field of electronic payment systems

2021: The Central Bank of the Russian Federation will begin to control all money transfers between individuals

Central Bank of Russia will ask banks information about all remittances citizens, including personal data senders and recipients of funds. This became known on December 27, 2021. More. here

2020

The State Duma adopted a law giving the Central Bank the right to limit the commission of payment systems

On December 16, 2020, it became known that the State Duma adopted in the final, third reading a law that gives the Central Bank the right to restrict payments to bank payment systems (Visa, MasterCard, Mir and others) for making transfers from cards. Read more here.

The Central Bank of the Russian Federation may receive the right to limit the commission of payment systems charged from banks

The central bank RUSSIAN FEDERATION may receive the right to limit payments bankspayment systems (,, Visa"" and MasterCardWorld others) for making transfers from, the cards corresponding bill was prepared by the deputies. State Dumas This became known on December 10, 2020. More. here

2019

Benefits to banks for collecting biometric data of Russians

On September 18, 2019, it became known about the decision of the Central Bank of the Russian Federation to provide banks with benefits in exchange for collecting biometric data from Russians. The corresponding draft amendments are published on the regulator's website. Read more here.

Control over foreign payment systems operators

On March 12, 2019, it became known that the State Duma in the first reading adopted a package of bills, including establishing requirements for accepting electronic means of payment on the territory of the Russian Federation and the functioning of foreign payment systems. Read more here.

Regulatory functions in the field of information protection in banks

• Information Security Department of the Central Bank of Russia
• Central Bank policy in the field of information protection (cybersecurity)

IT Regulatory Functions in Banks

2023: Discussion of development strategy and support measures for banks with a basic license at a meeting with bankers

The development strategy and support measures for banks with a basic license were discussed at a meeting of the Bank of Russia management with the participation of the Association of Banks of Russia with banks on June 1, 2023 in Moscow at the Central Bank of the Russian Federation on Neglinnaya. The most important prerequisite for the successful functioning and further development of the banking system is advanced information technologies and information security systems. Read more here.

2019: Request for authority of the certification center in the credit and financial sphere

On January 25, 2019, it became known that State Duma it adopted in the first reading a bill that allows To the Central Bank blocking sites in Internet that violate legislation in the financial sphere. The document was developed in pursuance of the instructions of the President. Russia Vladimir Putin

The bill is an amendment to the Law "On Information, on Information Technologies and Information Protection" and the Civil Procedure Code. The authors of the bill are a number of deputies and senators, including State Duma Speaker Vyacheslav Volodin, head of the Federation Council Valentina Matvienko, Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov and others.

The document provides the Central Bank with the authority to extrajudicial blocking of several categories of sites. First of all, we are talking about sites that mislead clients and partners of credit institutions (banks) and non-bank financial institutions regarding the ownership of information distributed on the Internet. Including sites with a similar domain name, design and content will be blocked.

Also, sites related to the offer and provision of financial services in Russia, defined in the Law "On Protection of Competition," by persons who do not have the right to provide them in accordance with Russian law, will be blocked.

Another category of sites that will fall under the ban are financial pyramids. The bill describes them as resources "related to the implementation on the territory of Russia of activities to attract funds and other property of individuals and legal entities, in which the payment of income and the provision of other benefits to persons whose funds and other property were previously attracted, are carried out at the expense of attracted funds and other property of other individuals and legal entities in the absence of investment and other legal entrepreneurial or other activities related to the use of attracted funds and other property. "

It is planned to introduce a separate mechanism for blocking sites "allowing illegal access to the information systems of credit institutions and non-bank financial institutions, electronic means of payment and technical devices of their clients used in the provision of financial services, or information necessary to obtain it using information and telecommunication networks."

This wording also includes illegal access to confidential information about clients of financial institutions. That is, we are talking, in particular, about phishing sites that steal the data of customers of banks and payment systems to hack their accounts.

But to block this kind of resources, the Central Bank will need to apply to the Moscow City Court with a statement on the protection of the rights, freedoms and legitimate interests of an indefinite circle of persons. The Moscow City Court will consider such cases as a first instance.

The procedure for considering cases of blocking such sites will be similar to the procedure for blocking pirated resources. The Central Bank will submit to the Moscow City Court an application in electronic form to block access to a particular resource. The Moscow City Court may make a determination on the introduction of preliminary interim measures in relation to the corresponding resource.

After that, Roskomnadzor will provide the owner of the resource and its hosting provider with three days for remote controversial information, otherwise access to it will be blocked from the territory of Russia. For its part, the Central Bank will have to file a full-fledged lawsuit with the owner of the resource in the Moscow City Court within 15 days, otherwise the preliminary security will be terminated and the site will be unlocked.

The authors of the bill indicate that Internet as of January 2019, there is an increase in the scale of use for committing fraudulent actions in the financial market. At the same time, one of the goals of the Central Bank is to protect the rights and legitimate interests of citizens - consumers of financial services, prevent direct financial losses as a result of the use of Internet sites containing illegal information, as well as increase confidence in the activities of financial organizations and the financial market in Russia as a whole.

If approved, the law will come into force only 180 days after its adoption, since it will take time for the government to adopt the relevant by-laws.

Philip Kulin, general director of the Dremuchy Forest hosting provider, believes that blocking fraudulent sites is the only type of blocking that should be used on the Internet.

As a hosting provider, I myself, without any legal grounds, consider anonymous complaints and block fraudulent sites, as well as sites that spread spam.

2018: Authority of the certification center in the credit and financial sphere

According to the report dated December 6, 2018, the Bank of Russia took the initiative to take over the powers of a certification center in the credit and financial sector by electronic signature.

Recall that the certification center is designed to issue certificates of verification keys, enhanced qualified electronic signature, as well as ensure the legal significance of electronic document management in accordance with the requirements of the legislation of the Russian Federation.

The head of the Project Office for the implementation of the Digital Economy program, Vladimir Mesropyan, recalled that as of December 2018, the powers of the certification center are spelled out in the legislative initiative of the Ministry of Digital Development, Communications and Mass Media of the Russian Federation (Ministry of Communications). According to the bill, individuals receive an electronic qualified digital signature in state and private certification centers, legal entities receive an electronic digital signature that can remotely confirm their decisions on transactions in the certification centers of the Federal Tax Service, and representatives of state authorities in the certification center of the Treasury of the Russian Federation.

Olga Kraeva, Deputy Head of the Department of Methodology and Standardization of Information Security and Cyber ​ ​ Resistance of the Information Security Department of the Bank of Russia, took the initiative to empower the Central Bank with the powers of a certification center in the credit and financial sector. This means that the Central Bank can take some of the legal entities from the Federal Tax Service.

The temporary lag causes us great concern when we cannot promptly send information to the tax office to revoke the certificate, this happens in cases with the temporary introduction of the administration in banks and the decision to block all information in the Bank of Russia payment system. If the revocation of the certificate from the head of a credit institution and the chief accountant does not occur instantly, then there is a risk of withdrawal of funds. Accordingly, we are actually creating a fraudulent scheme in the bill, and the Bank of Russia cannot support such a proposal. Therefore, we propose to empower us to create a certification center at the Bank of Russia so that at the moment we can revoke certificates. Olga Kraeva, Deputy Head of the Information Security and Cyber Resilience Methodology and Standardization Department of the Information Security Department of the Bank of Russia

Moreover, the Central Bank understands that the Federal Tax Service will not be able to take on all the risks in the event of an extreme situation in the financial sector. In addition, Olga Kraeva doubts that the Russian budget will cover the losses incurred by depositors and consumers of financial services^[7].

2015: Expansion of the Central Bank's powers to require copies of databases from banks

On November 20, 2015, it became known that the Central Bank (CB) of Russia will receive more opportunities to demand backup copies of databases from credit institutions. Thanks to this, the regulator will be able to reduce the likelihood of losing the information that banks must transmit to it.

As reported on the website of the Government of the Russian Federation, the Commission on Legislative Activities approved amendments to the Law "On Banks and Banking Activities," involving the expansion of the list of grounds for sending the Central Bank to banks requirements for the creation and transfer of backup copies of databases for storage.

"The adoption of the draft law will help reduce the likelihood of loss of information subject to storage and transfer by credit institutions to the Bank of Russia. This will make it possible to make the activities of credit institutions more transparent, to increase the safety of the assets of liquidated credit institutions, "the document says

.

Amendments to the law developed by the Ministry of Finance of the Russian Federation should reduce the likelihood of information destruction by banks shortly before the revocation of their license.

In particular, the Central Bank can request backups of electronic databases from financial institutions in the event of restrictions on the receipt of funds in deposits and other operations. Blocking individual operations is already a more common practice, less stressful for bankers, and they will not rush to destroy the archives, the Ministry of Finance expects.^[8]

History

2024

Purchase of the St. Petersburg Currency Exchange

The Bank of Russia acquired the St. Petersburg Currency Exchange (SPVB), becoming its main shareholder. It is planned to create a full-fledged foreign exchange trading center on the basis of the site. This became known on October 31, 2024. Read more here.

The court recovered 0.5 billion rubles from the ex-deputy chairman of the Central Bank Korishchenko

The Ninth Arbitration Court of Appeal on September 4, 2024 confirmed the recovery of ₽549 million from the former deputy chairman Central Bank Russia Konstantin Korishchenko. This amount was included in the register of creditors' claims Investment bank in the lawsuit, Deposit Insurance Agencies (DIA) which acts as the bankruptcy trustee of the bank. The court upheld the decision Moscow of the Arbitration Court, issued on June 10, 2024. More here

The court ordered Aquarius to pay 153 million rubles to the Central Bank of the Russian Federation due to the departure of Dell from Russia

The Moscow Arbitration Court ruled that Aquarius pay the Central Bank of Russia ₽153 million in connection with the termination of technical support for data storage systems by the American company Dell, which left the Russian market in 2022. This became known on August 2, 2024 from a published court decision. Read more here.

Purchase of Slava Business Center

The Central Bank of Russia has acquired the Slava business center under construction, located near the Belorusskaya metro station in Moscow. The deal concluded between the Bank of Russia and the group ВЭБ.РФ. This became known on July 19, 2024. Read more here.

Creation of the Banking Sector Support Fund for 500 billion rubles

At the end of June 2024, the Bank of Russia announced the creation of the Banking Sector Support Fund (FPBS) with a target capital of 500 billion rubles. The regulator told details about this project in a report on the regulation of the concentration of credit risks. Read more here.

2023

Apple device ban

The Bank of Russia has banned its employees from using Apple devices. The corresponding order of the Chairman of the Central Bank of the Russian Federation Elvira Nabiullina became known on December 5, 2023.

From December 25 [2023], a ban on the use and purchase of Apple equipment for official purposes will come into force TASS , reports citing informed sources.

RIA Novosti sources confirm that from December 25, 2023, Central Bank employees are prohibited from using Apple phones and tablets for official purposes. According to the agency's interlocutors, the Bank of Russia will also not buy Apple mobile devices.

According to the Central Bank's annual report for 2022, the average number of employees at the regulator was 44,568 by the end of 2023.

State authorities and companies began banning the use of Apple equipment at work after FSB it announced the disclosure of an intelligence campaign USA using the virus on Apple mobile devices. According to the FSB, several thousand smartphones American manufacturers were infected. In addition to Russian users, the special service also discovered a virus on the gadgets of foreign subscribers using SIM cards registered at the diplomatic mission and embassies in. We Russia are talking about the infection of devices of employees of diplomatic departments of countries NATO and the post-Soviet space, as well as. Israel Syria PEOPLE'S REPUBLIC OF CHINA

Apple denied the FSB statement. The company "has never collaborated and will not cooperate with any government to implement a backdoor in any Apple product."^[9]

The departure of Ksenia Yudaeva from the post of first deputy chairman of the Central Bank

On August 1, 2023, Ksenia Yudaeva officially left the post of First Deputy Chairman of the Central Bank of the Russian Federation, but remained to work in the financial regulator as an adviser to Chairman Elvira Nabiullina. Read more here.

Departure of Ruslan Westerovsky from the Central Bank of the Russian Federation to Sberbank

At the end of February 2023, Deputy Chairman of the Central Bank of the Russian Federation Ruslan Vesterovsky resigned and went to work at Sberbank, in which he took the post of senior vice president, head of the Wealth Management block. Igor Kobzar, who served as the leader of the bloc, will continue his career in Sberbank as vice president, general director of Sberbank Life Insurance. Read more here.

Creation of an automated insurance information system operator

On March 3, 2023, the Board of Directors of the Central Bank of the Russian Federation decided to create an automated information system (AIS) insurance operator. The new joint-stock company was called the National Insurance Information System (NSIS JSC). 100% of the shares of NSIS JSC will belong to the Bank of Russia. Read more here.

Beeline filed a lawsuit against the Central Bank of the Russian Federation

On January 13, 2023, VimpelCom filed a lawsuit against the Central Bank of Russia. The reason for the complaint was one of the points of clarification of the regulator on the procedure for the execution of presidential decrees on the temporary procedure for the fulfillment of obligations on bonds of foreign investors, Vedomosti writes with reference to the file of arbitration cases. Read more here.

2022

Sale of Otkritie to VTB Bank for 352 billion rubles

On December 22, 2022, the Central Bank of the Russian Federation announced the sale of Otkritie to VTB Bank for 340 billion rubles. The corresponding decision was made by the board of directors of the regulator. The central bank suffered hundreds of billions in losses on the sale of Otkrytie. Later it was reported that VTB buys Otkritie Bank from the Central Bank for 352 billion rubles, and the regulator spent 555 billion rubles on its recovery. Thus, the loss of the Central Bank will amount to 203 billion rubles. Read more here.

Exit from the capital of the Ministry of Bank

On November 10, 2022, the Central Bank of the Russian Federation announced the withdrawal from the capital of Moscow Industrial Bank (MINnBank). The Russian Federation represented by the Federal Property Management Agency became the owner of 100% of the shares of the credit institution. At the same time, until May 2023, the bank is expected to join Promsvyazbank. Read more here.

The arrest of Dmitry Rubinov in the embezzlement case

In August 2022, the Basmanny Court of Moscow, at the request of the investigation, arrested Dmitry Rubinov in absentia. The former top manager of the Bank of Russia is accused of particularly large embezzlement (part 4 of article 160 of the Criminal Code of the Russian Federation). Read more here.

2021: Kirill Pronin - the new head of the fintech department of the Central Bank of the Russian Federation

On June 22, 2021, the Central Bank of the Russian Federation announced the appointment of Kirill Pronin as the new head of the financial technology department. In this post, he replaced Ivan Zimin, who will resign on June 24 and continue his career outside the Central Bank. Read more here.

2020

Former head of Unicredit Bank Mikhail Alekseev became deputy chairman of the Central Bank

On October 5, 2020, the Central Bank of the Russian Federation announced the appointment of Mikhail Alekseev as Deputy Chairman of the Board. In this position, the former head of the bank Unicredit Bank"" will oversee the department of cash circulation and the activities of the Association. " Rosinkas In addition, Alekseeva is planned to be appointed chairman of the board of directors of the Management Company. Banking Sector Consolidation Fund (MC FCBS) More. here

100 employees of the Central Bank of the Russian Federation were diagnosed with coronavirus

On May 8, 2020, it became known that about 100 employees of the Central Bank of the Russian Federation were diagnosed with the COVID-19 coronavirus. Most of the infected work in Moscow, the chairman of the Central Bank Elvira Nabiullina said at a press conference.

We have a large organization, and therefore, unfortunately, there are cases of the disease, - she said, answering the question whether there are positive results among the tests for coronavirus among the staff of the Central Bank.

According to her, the Bank of Russia is testing workers for coronavirus. The head of the Central Bank added that by May 8, 2020, about 80% of central office employees work remotely, in the regions - about 60-65%. In addition, a mode of shift work has been introduced, including isolated from the outside world.

According to Vedomosti, in connection with the spread of a new type of coronavirus, Elvira Nabiullina holds weekly press conferences. At them, she tells how the regulator assesses the current situation and what is being done to mitigate the consequences of the pandemic.

By May 8, 2020, the COVID-19 coronavirus was diagnosed in 187,859 residents of Russia. Among them are bank workers. Thus, 120 cases of coronavirus infection in employees were registered in the VTB Group, Dmitry Pyanov, a member of the bank's board, told reporters on May 8, 2020.

According to him, most of the infected employees of a credit institution are treated at home. One of the infected died.

In connection with the COVID-19 coronavirus pandemic, Russian banks have begun to take measures to combat the spread of infection. In particular, a requirement for social distancing was introduced in offices, including for customers. Employees are obliged to carry out disinfection, including when working with documents. Banks also form interchangeable groups of employees who ensure uninterrupted work with individuals and legal entities.^[10]

Ex-employees of the Bank of Russia sent to prison for embezzlement of 585 million rubles

At the end of April 2020, the court issued sentences in the case of two former employees of the Main Directorate of the Bank of Russia for the Central Federal District Alexei Batrakov and Dmitry Kaprielov, as well as two ex-heads of the Dynamic Systems Bank (DS-Bank) Igor Sinyukhin, Fyodor Tsyrulnik and their accomplices. They were accused of embezzling 585 million rubles. Read more here.

Sale of 50% shares in Sberbank to the Russian government for 2.14 trillion rubles

On April 10, 2020, the Ministry of Finance of Russia announced the purchase of 50% of ordinary shares of Sberbank from the Bank of Russia at the expense of the National Welfare Fund. The transaction was carried out at the weighted average trading price on the Moscow Exchange for the period from March 9 to April 7, which amounted to 189.44 rubles. per share. The transaction amount is about 2.14 trillion rubles. The Central Bank clarified that the purchase and sale agreements were concluded on April 8, and on April 10 the shares were transferred to the government of the Russian Federation.

Another ordinary share of Sberbank remained in the possession of the Central Bank, which will be transferred no later than May 6. The preservation of this share from the Bank of Russia is necessary to conclude a shareholder agreement, explained in the Central Bank.

On March 10, 2020, Deputy Finance Minister Vladimir Kolychev, who is responsible for this deal, called the circumstances for the purchase of Sberbank a good moment. On this day, Sberbank shares fell by almost 9% amid a general collapse in the stock market after the breakdown of the deal to limit OPEC + oil production. The next day, Finance Minister Anton Siluanov said that the deal could be completed in one tranche, and did not rule out its completion in April. "We intend not to postpone, so as soon as the legislation is adopted, we will quickly complete this deal," said Mr. Siluanov (quoted by TASS). He noted that the National Welfare Fund is formed in foreign currency and in ruble terms, reserves have become higher. "Therefore, we expect that we will have enough financial resources to carry out this deal at once,"^[11] explained^[11].

In early April, the Ministry of Finance announced that in March it converted funds from the National Welfare Fund (NWF) in the amount of $8.67 billion, €7.92 billion and £1.6 billion into 1.49 trillion rubles. in order to acquire ordinary shares of Sberbank.

Educational portal

Since August 31, 2017, the Bank of Russia has launched an information and educational Internet resource fincult.info, designed to increase the financial literacy of Russians.

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