The Central Bank of Russia published its Russian Financial Sector for 2025 review, reporting that assets in the Russian financial sector increased by almost 3.5 times over 2016–2025, outpacing inflation. Non-bank financial institutions (NFIs) expanded faster than banks over the period, although banks continued to account for the bulk of the market. The review links the rise in NFI assets to a significant inflow of household funds into the financial market since 2019, supported by the COVID-19 pandemic, the development of remote sales channels and online banking, and higher general financial literacy. It highlights growth in brokerage services, unit investment funds, life insurance, and trust management, and notes that banks became more resilient over the decade due to improved risk management, the exit of weaker participants, and the implementation of digital technologies, helping them avoid major losses during crises.
Central Bank of Russia 2026-04-14
Central Bank of Russia review finds Russian financial sector assets rose almost 3.5-fold in 2016–2025 with faster growth in non-bank financial institutions
The Central Bank of Russia’s Russian Financial Sector for 2025 review reports that sector assets grew almost 3.5 times over 2016–2025, with non-bank financial institutions expanding faster than banks but banks remaining dominant. The rise in non-bank assets is attributed to increased household participation in financial markets since 2019, supported by remote channels, online banking and higher financial literacy, alongside growth in brokerage, unit investment funds, life insurance and trust management. The review also notes that banks’ resilience improved due to stronger risk management, market consolidation and digitalisation, enabling them to avoid major losses during crises.