The Bank of Russia Board of Directors has updated its approach to compiling the Lombard List to implement a countercyclical approach and, given that credit institutions have sufficient collateral, will no longer include bonds issued by certain categories of financial organisations. The exclusion covers bonds of development institutions, leasing, factoring and microfinance organisations, special-purpose financial companies, and special-purpose project financing companies. The change does not apply to mortgage-backed bonds issued by Limited liability company DOM.RF Mortgage agent or to bonds of the above issuers that are already included in the Lombard List. The decision also does not prevent the use of these bonds in Bank of Russia repo and lending operations, provided the issuer or bond issue complies with Bank of Russia requirements. The updated approach becomes effective on 15 December 2025.
Central Bank of Russia 2025-12-12
Bank of Russia adopts countercyclical Lombard List approach and stops adding bonds from development and other specialised financial issuers
The Bank of Russia has revised its Lombard List policy to exclude bonds from certain financial organizations, including development institutions and microfinance companies, as part of a countercyclical strategy. This change, effective 15 December 2025, does not affect mortgage-backed bonds from DOM.RF Mortgage Agent or existing listed bonds, nor does it restrict their use in repo and lending operations if compliant with Bank of Russia standards.