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
Financial services report
Financial markets and instruments
Monetary and currency policy: Monetary policy
Monetary and currency policy: Exchange rates
Russia at a glance