Russia has a relatively large, albeit state-dominated, banking system, which is now gradually developing capital-adequacy standards in order to bring it into line with the Basel III regulatory standards adhered to by European banks. However, the country lacks significant institutional investors because of the limited development of insurance and asset management activities. This hampers the development of the securities market.
In early 2014 the financial sector was affected by large capital outflows triggered by Russia's annexation of Crimea and the imposition of Western sanctions against some financial institutions. This has damaged the short term economic growth outlook and long-term investor sentiment. In the event of another downturn and a credit squeeze, the Russian Central Bank (RCB) seems ready to provide liquidity support for the country's banks. The country holds large foreign reserves, worth US$43obn in April 2014.

Financial services report 2

Banks 3

Insurers 7

Asset managers 9

Financial markets and instruments 11

Financial regulation 14

Monetary and currency policy 16

Russia at a glance 17

Fundamental indicators 18

Key contacts 19

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