In Moscow, a draft bill from the Ministry of Finance aims to carve out construction loans from the upcoming caps on variable interest rates that will apply to microenterprises. This move, reported by Rossiyskaya Gazeta based on the government document, signals a cautious approach to keep construction financing stable as new rules take effect.
Officials worry that without such an exception, the cost of capital for housing and hotel development could rise, potentially stalling projects or pushing up prices for buyers and renters alike. The idea is to shield essential real estate activity from immediate rate shocks while the broader policy framework is sorted out.
Real estate developers frequently manage projects through specialized subsidiaries or SPVs created for a single venture. These entities can operate under microbusiness classifications, which in Russia influences how lending terms are set. For developers of residential property, lenders have proposed a two-tier structure for borrowing costs. The base rate tends to fluctuate and is charged on loan portions not secured by escrow deposits. In this context, an escrow account functions as a dedicated bank pot where funds are held until predefined milestones are achieved. A second, fixed component is then applied to the portion of debt that sits behind an escrow. This blended approach aims to balance flexibility with predictability for borrowers who are managing complex, long timelines on residential construction projects.
At the moment, the State Duma is reviewing a bill that would cap how much floating rates can shift for microbusiness loans. The proposal suggests that changes should not exceed four percentage points relative to the central interest rate that existed when the loan agreement was signed. If enacted, the rule would provide a clearer, more stable borrowing environment for small-scale firms, helping them plan budgets and manage cash flow more effectively in a volatile rate climate.
Meanwhile, major banks are adjusting their programs to accommodate these evolving rules. Sberbank, for instance, reported that in the first half of the year it extended online financing to small businesses totaling more than 270 billion rubles. The emphasis on digital channels reflects a broader shift toward streamlined, accessible credit for microenterprises as policymakers refine the balance between affordability and risk in the market. Financial institutions are watching closely as the legislative process unfolds, anticipating how new caps might alter pricing models, credit appetite, and the speed at which clients can secure funding for development projects.