Russia has a relatively large, albeit state-dominated, banking system, which has been 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, or of a private pension system. This hampers the development of the securities market.
The industry identified as "financial intermediation" generated 4.2% of overall economic output in 2013, according to the Federal State Statistics Service (RosStat). It employed 1.26m persons, or 1.9% of the employed labour force. However, large cuts in staff are expected during 2015-16 in response to the current economic and financial crisis.
During 2014 the financial sector was affected by large capital outflows. Worryingly for the long-term outlook for the economy, these preceded the current political crisis in Ukraine. They have risen further as a result of Russia's annexation of Crimea and the stand-off with the West. The EU and US have imposed sanctions on major Russian banks, which will limit access to external funding and has led to a rise in the cost of borrowing from abroad. These developments have damaged the country's short-term economic growth outlook and long-term investor sentiment.

Financial services report 5

Banks 6

Insurers 12

Asset managers 14

Financial markets and instruments 16

Financial regulation 19

Monetary and currency policy 21

Russia at a glance 23

Fundamental indicators 24

Key contacts 25

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