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impossible. But the presidential decree on payments for gas gave the Bank of Russia the right to determine a different procedure for selling foreign currency.
The lack of payment in rubles is grounds for stopping gas supplies. The scheme was criticised by the European Commission, which saw it as an attempt by Russia to circumvent EU sanctions.
Gazprombank is also one of the few Russian banks that has issued cards of the Chinese payment system Union Pay, but due to its inclusion in the SDN list, this cooperation may cease. The following banks, which have fallen under US sanctions, have faced a similar situation - refusal to work abroad with Union Pay cards issued by Primorye, Zenit , Uralsib, Saint Petersburg, MTS Bank and others.
2025 could be one of the leanest in the past six years for the mortgage market. Banks will issue approximately 1.2-1.3mn loans for a total of RUB4 trillion – this is the minimum since 2019, when loans amounted to RUB3.1 trillion, according to a study by Frank RG. Loans issued in 2025 will be 17% lower than this year, by the end of which banks will provide RUB4.8 trillion in mortgage loans.
The reasons for the market decline in 2025 will be not only the high key rate (21% from October 28), but also new regulatory measures that the Bank of Russia plans to introduce in 2025, according to a study by Frank RG. In particular, the limitation on the total cost of credit (TCC) will reappear, a single mortgage standard will be introduced, and escrow accounts will become mandatory for individual housing construction.
Last year was the most successful year ever for the mortgage market – banks issued a record RUB7.9 trillion in loans. Since mid-2020, mortgage lending in Russia has been supported by large-scale preferential programmes, including mass mortgages for new buildings, which ended in July. According to Dom.RF, during the programme, banks issued more than 1.5mn loans worth RUB6 trillion.
The cancellation of the mass programme, changes in the terms of other preferential programmes, frequent depletion of funds allocated for them, as well as high rates on market mortgages all led to a collapse in issuances. In September-October 2024, the largest mortgage banks issued loans for RUB373-367bn, which is more than 2 times less than last year's figures, according to data on the Dom.RF website. In just 10 months of this year, banks provided mortgage loans for RUB4.4 trillion, which is 1.4 times lower than the result of 2023.
Rates on market mortgages have reached record levels. By mid-November, the average rate on market mortgages for primary and
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