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Financial Services Report Russia 1st Quarter

  • ID: 2139179
  • Report
  • February 2017
  • Region: Russia
  • 25 Pages
  • The Economist Intelligence Unit
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The financial system in Russia is dominated by the banking system, although the non-bank financial sector is growing. In terms of assets, at end-2015 the banking system's share was 92% of the total financial system, and pension funds, mutual funds and insurance were much smaller, at around 2-3% each.

Russia's banking system, although relatively large, is dominated by the state, which owns or controls most major institutions; at end-2015 state-owned banks had a 60% share of banking system assets. Pressures on the banking system have increased significantly in the past two years as a result of recession and international sanctions related to the seizure of the Ukrainian region of Crimea. The country lacks significant institutional investors because of the limited development of insurance and asset management activities, and of a private pension system. This hampers the securities market.

The industry identified as "financial intermediation" generated 3.8% of overall economic output in 2015, according to the Federal State Statistics Service (Rosstat). It employed 1.28m people, or 1.9% of the labour force. This is slightly lower than the 1.31m recorded in 2014, and job losses are expected to continue in response to the current economic and financial malaise.

Industry List: Asset management, Financial Services, Banking, Financial Services, Financial markets and instruments, Financial Services, Financial regulation, Financial Services, Financial Services, Financial Services, Insurance
Industry Codes (NAIC): 52
Industry Codes (SIC): 60
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Financial Services Report Russia 1st Quarter

Financial services report
Overview

Banks

Insurers

Asset managers

Financial markets and instruments

Financial regulation
Overview
Regulatory watchlist

Monetary and currency policy: Monetary policy

Monetary and currency policy: Exchange rates

Russia at a glance

Fundamental indicators

Key contacts
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