The Central Bank of Russia has presented the draft Russian Financial Market Development Programme for 2026–2028, setting priorities to develop the capital market as a source of business financing, increase the transparency of initial public offerings, improve the investment appeal of long-term instruments, and strengthen investor protection. The programme also places special emphasis on implementing digital and payment infrastructure projects and introducing financial market innovations. To support financial stability, the Bank of Russia will monitor systemic risks, refine its approaches to analysing them, and develop measures to mitigate those risks. The draft maintains continuity with previously adopted documents and incorporates proposals from financial institutions, their associations and real-sector representatives, with measures updated to reflect current economic objectives and challenges. The draft programme has been submitted to the President and the Government of the Russian Federation, with the State Duma expected to discuss it in parliamentary sessions at the next stage.