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Financial Services Report Russia 1st Quarter

  • ID: 2139179
  • February 2015
  • Region: Russia
  • 25 Pages
  • The Economist Intelligence Unit

Russia has a relatively large, albeit state-dominated, banking system, which has been gradually developing capital-adequacy standards in order to bring it into line with the Basel III regulatory standards adhered to by European banks. However, the country lacks significant institutional investors because of the limited development of insurance and asset management activities, or of a private pension system. This hampers the development of the securities market.

The industry identified as "financial intermediation" generated 4.2% of overall economic output in 2013, according to the Federal State Statistics Service (RosStat). It employed 1.26m persons, or 1.9% of the employed labour force. However, large cuts in staff are expected during 2015-16 in response to the current economic and financial crisis.

During 2014 the financial sector was affected by large capital outflows. Worryingly for the long-term outlook for the economy, these preceded the current political crisis in Ukraine. They have risen further as a result of Russia's annexation of Crimea and the stand-off with the West. The EU and US have imposed sanctions on major Russian banks, which will limit access to external funding and has led to a rise in the cost of borrowing from abroad. These developments have damaged the country's short-term economic growth outlook and long-term investor sentiment.

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

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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