The head of the Russian government, Mikhail Mishustin, called on authorities to strengthen the domestic credit market and reduce the outflow of capital from the country. At a joint session of the ministries overseeing finance and economic strategy, the Prime Minister emphasized the need to expand ruble lending while actively substituting foreign capital with Russian capital where feasible. This stance reflects a broader push toward financial sovereignty and greater domestic resilience in the face of external shocks. [Source: government briefings]
In comments aimed at reinforcing monetary autonomy, the leadership urged a pragmatic approach to funding that prioritizes ruble instruments and local funding channels. The message stressed the importance of nurturing a robust domestic financial system that can support sustainable growth without overreliance on foreign capital. [Source: official statements]
A report from FinExpertiza cited by Izvestia in mid-January indicated that ruble deposits continued to offer attractive returns for investors following a period of conservative asset allocation at year-end. The data highlighted the appeal of local currencies in a climate of heightened macroeconomic uncertainty, underscoring investor preference for stability and predictable yields. [Source: FinExpertiza analysis]
Bank of Russia data released in November showed that the volume of Russians’ loans and borrowings denominated in foreign currencies from February through September 2022 reached 52 billion rubles, marking the lowest level since the statistics began in 2015. The figure pointed to a shift away from foreign currency exposure and a growing emphasis on ruble-denominated credit. [Source: Bank of Russia statistics]
In mid-April, Mishustin reiterated that authorities should support entrepreneurship and maintain a steady focus on improving the business environment, rather than allowing regulatory obligations to lag behind the needs of enterprises. The aim remains to create conditions that empower small and medium firms to grow, hire, and contribute to a more resilient economy. [Source: government briefings]