The government commission has taken steps that broaden the eligibility for mortgage lending by Russian banks, allowing loans in rubles to individuals identified as foreign nationals connected to unfriendly states. This policy shift reflects a deliberate alignment of credit access with geopolitical considerations and signals a broader interpretation of who may participate in domestic mortgage markets. Source: Ministry of Finance of the Russian Federation.
The official document makes clear that Russian lending institutions are permitted to issue ruble-denominated loans to those categorized as foreign persons affiliated with foreign states. In practical terms, this means banks can extend credit to borrowers who have ties to countries that the Russian government regards as unfriendly, potentially expanding the pool of mortgage applicants. Analysts note that such moves are often traced to macroeconomic strategies aimed at stabilizing domestic housing finance channels amid international tensions. Source: Ministry of Finance of the Russian Federation.
Meanwhile, data from the national credit bureau reveals shifts in the composition of borrowers with multiple loan obligations. For the first time, the share of borrowers holding two or more loans in Russia surpassed the 50 percent mark by the close of the prior year. This uptick is linked to a rising number of bank customers carrying five or more loans, a trend that underscores evolving borrowing patterns and the strain on household credit capacity. Source: national credit bureau, December 2022 update.
By year-end 2022, the share of single-loan borrowers dipped to 49.7 percent, with prior years showing different distributions: 52.3 percent in 2021 and 55 percent in 2020. The data also show that the share of Russians with two loans remained relatively stable around the mid-20s range across 2020 and 2021. These figures illustrate a broader transition in consumer credit behavior, where more households diversify their credit portfolios while the concentration of single-loan borrowers declines. Source: national credit bureau, December 2022 update.