Based on RF Government Resolution No.1121 dated December 24, 2011
“On the procedure for placement of federal budget funds on deposits with banks”,
RF Government Ordinance dated June 24,
2017 No. 1319-r “On assignment of credit ratings to credit institutions under
the national rating scale for the Russian Federation applied by Analytical Credit Rating Agency”

• Credit institution

Accepting federal budget funds to bank deposits

A-(RU)

RF Government Ordinance dated August 19, 2017 No. 986 “On the procedures for transactions with funds kept on the single federal budget account, with regard to transfers of federal budget funds to bank accounts with credit institutions and accounts opened for the purposes of such transactions”

• Credit institution

Accepting federal budget funds to bank accounts from the Federal Treasury

A+(RU)

3.

RF Government Resolution dated June 30, 2003 No. 379 (as amended on July 12, 2017) "Additional restrictions on investing pension savings into certain asset classes and the maximum share of certain asset classes in investment portfolio in accordance with Articles 26 and 28 of Federal Law "On investments to finance a funded pension in the Russian Federation”

• Securities issued by RF constituent entities;
• Municipal bonds;
• Bonds issued by other Russian issuers;
• Mortgage backed securities issued in compliance with the Russian laws on mortgage backed securities;
• Securities issued by international financial institutions.

Investing funds of the PFRF transferred to a management company

ВВВ-(RU)

4.

RF Government Resolution dated September 01, 2003 No. 540 (as amended on July 12, 2017) “Approval of the State Management Company’s investment declaration for extended investment portfolio”

• Securities issued by RF constituent entities;
• Bonds issued by Russian issuers;
• Mortgage backed securities issued in compliance with the Russian laws;
• Securities issued by international financial institutions and eligible for placement and/or circulation in the Russian Federation

Investing PFRF funds transferred into management of Vnesheconombank

А-(RU)

5.

RF Government Resolution dated June 04, 2012 No. 550 (as amended on July 12, 2017) “Approval of investment declarations of the state management company managing payment reserve funds”

• Securities issued by RF constituent entities;
• Bonds issued by Russian issuers;
• Mortgage backed securities issued in compliance with the Russian laws;
• Securities issued by international financial institutions and eligible for placement and/or circulation in the Russian Federation

Investing PFRF funds transferred into management of Vnesheconombank

А-(RU)

6.

RF Government Resolution dated December 13, 2006 No. 761 (as amended on July 12, 2017) “Additional restrictions on investing pension savings transferred by the Pension Fund of the Russian Federation to a managing company into ruble and foreign currency deposits with credit institutions and military servicemen’s mortgage savings into ruble deposits with credit institutions”

• Credit institution

Investing PFRF funds transferred into management of a management company into ruble and foreign currency deposits with credit institutions and military servicemen’s mortgage savings into ruble deposits with credit institutions

А-(RU)

7.

Moscow Exchange Listing Rules
 

http://fs.moex.com/files/257

• Bond issue
• Issuer (surety/guarantor)

Inclusion / maintenance of bonds issued by Russian issuers in the First Level of Quotation List

ВВВ+(RU)

8.

CBR Instructive Regulation No.2861-U dated August 10, 2012 (as amended on December 19, 2014) “On the list of securities that are part of the Lombard List of the Bank of Russia”:
 

- Decision of the Board of Directors of the Bank of Russia “On improved approach to forming the Lombard List of the Bank of Russia”, published on April 14, 2017
 

http://www.cbr.ru/press/PR.aspx?file=14042017_180002if2017-04-14T17_37_16.htm

- Decision of the Board of Directors of the Bank of Russia “On using credit ratings when forming the Lombard List of the Bank of Russia”, published on July 7, 2017
 

http://www.cbr.ru/press/PR/?file=07072017_185852if2017-07-07t18_58_25.htm

- Decision of the Board of Directors of the Bank of Russia “On changing the approach to forming the Lombard List of the Bank of Russia”, published on July 7, 2017
 

http://www.cbr.ru/press/PR/?file=07072017_185750if2017-07-07T18_56_47.htm

- Decision of the Board of Directors of the Bank of Russia “On minimum credit ratings for inclusion of securities into the Lombard List of the Bank of Russia”, published on October 20, 2017
 

http://www.cbr.ru/press/PR/?file=20102017_180004if2017-10-20T17_52_51.htm
 

• Mortgage-backed bonds issued by credit institutions

Inclusion of securities into the Lombard List of the Bank of Russia

BBB(RU)

• Bonds issued by RF constituent entities and municipalities
• Bonds issued by resident legal entities of the Russian Federation including bonds of mortgage agencies and mortgage-backed bonds (if no credit rating for the securities issue is available, the Bank of Russia considers credit rating of the issuer of such bonds (excluding debt issuance securities issued by non-resident legal entities of the Russian Federation outside the Russian Federation, bonds issued by non-resident legal entities of the Russian Federation placed in the Russian Federation, and structured bonds and bonds issued as part of securitization deals with respect to which credit rating of the securities issue is required), except for inclusion of new issues of the following securities into the Lombard List starting from October 1, 2017:

• Bonds of credit institutions and Vnesheconombank
• Bonds of insurance companies
• Bonds of international financial organization
• Debt securities issued by non-resident legal entities of the Russian Federation outside the Russian Federation where Russian credit and insurance institutions and Vnesheconombank are beneficiaries or ultimate borrowers of such debt

Inclusion of securities into the Lombard List of the Bank of Russia

Prior to December, 31, 2017 - BBB(RU)

After January 1, 2018 – А(RU)

9.

CBR Regulation dated July 19, 2016 No. 548-P "Calculation of own funds by professional securities market participants and applicants for a professional securities market participant license"
 

CBR Board of Directors Resolution dated 07 July 2017, “On the list of rating agencies and minimum credit ratings for calculating own funds by professional securities market participants”
 

http://www.cbr.ru/press/PR.aspx?file=06072017_151718sbrfr2017-07-06T15_06_24.htm
 

• Credit institution
• RF constituent entity or municipality
• Non-financial entity
• Financial instrument

Calculating own capital by securities market participants

Calculating own funds by applicants for a professional securities market participant license

ВВВ+(RU)

10.

CBR Ordinance dated February 22, 2017 No. 4297-U “On the procedure for investing insurance reserve funds and the list of assets eligible for investing”
 

CBR Board of Directors Resolution dated 22 February 2017 “On approving credit ratings assigned by rating agencies and applied for the purposes of CBR Ordinance dated February 22, 2017 No. 4297-U” published July 07, 2017
 

http://www.cbr.ru/Content/Document/File/
14724/Inf_note_jul_0717(1).pdf
 

• Securities issued by RF Government and securities guaranteed by RF Government
• Securities issued by RF constituent entities
• Securities issued by municipalities
• Mortgage backed bond
• Mortgage participation certificate
• Other bonds
• Issuers of the above securities
• Sureties (guarantors) for the above securities, except mortgage backed bonds and mortgage participation certificates

Investing insurance reserve funds

ВВ(RU)

• Issue of subordinated bonds (issuer)

Investing insurance reserve funds

A-(RU)

• Credit institution

Accepting insurance reserve funds to deposits, except subordinated deposits — not more than 50% of the total amount of insurance reserves

Not lower than ВВ(RU), but lower than ВВВ(RU)

• Credit institution

Accepting insurance reserve funds to deposits, except subordinated deposits — not more than 60% of the total amount of insurance reserves

ВВВ(RU)

• Credit institution

Accepting insurance reserve funds (subordinated deposits)

AAA(RU)

• Reinsurer (insurance company)

Investing insurance reserve funds

ВВ(RU)

11.

CBR Instructive Regulation dated February 22, 2017 No. 4298-U “Procedure for investing own capital by insurer and the list of assets eligible for investing”
 

CBR Board of Directors Resolution dated 22 February 2017 “Approving credit ratings assigned by rating agencies and applied for the purposes of CBR Ordinance dated February 22, 2017 No. 4298-U” published July 07, 2017
 

http://www.cbr.ru/Content/Document/File/
14725/Inf_note_jul_0717(2).pdf
 

• Securities issued by RF Government and securities guaranteed by RF Government
• Securities issued by RF constituent entities
• Securities issued by municipalities
• Mortgage backed bond
• Other bonds
• Issuers of the above securities

Investing own capital by insurer

ВВ(RU)

• Issue of subordinated bonds (issuer)

Investing own capital by insurer

A-(RU)

• Credit institution

Accepting insurer’s own capital to deposits, except subordinated deposits — not more than 50% of the total amount of insurance reserves

Not lower than ВВ(RU), but lower than ВВВ(RU)

• Credit institution

Accepting insurer’s own capital to deposits, except subordinated deposits — not more than 60% of the total amount of insurance reserves

ВВВ(RU)

• Credit institution

Accepting insurer’s own capital (subordinated deposits)

AAA(RU)

12.

CBR Instructive Regulation dated November 16, 2015 No. 3849-U “On requirements for insurers’ association to invest funds from government-support agricultural insurance compensation payments”
 

CBR Board of Directors Resolution, dated 07 July 2017, “Approving credit ratings assigned by rating agencies and applied for the purposes of CBR Ordinance dated November 16, 2015 No. 3849-U”
 

http://www.cbr.ru/Content/Document/File/
14723/Inf_note_jul_0717.pdf
 

• Credit institution

Investing funds held by government-supported agricultural insurance fund

ВВВ(RU)

13.

CBR Instructive Regulation dated July 19, 2016 No. 4075-U “Capital Requirements for companies managing investment funds, unit investment funds or non-state pension funds, and applicants for management company license”
 

CBR Board of Directors Resolution “Establishing long-term credit ratings of certain assets eligible for the calculation of capital of management companies of investment funds, unit investment funds and non-state funds and applicants for management company licenses” published June 15, 2018

http://www.cbr.ru/press/PR/?file=15062018_171716sbrfr2018-06-15T17_07_14.htm

• Credit institution
• Debtor

Requirements to assets included in the capital of management company

А-(RU)

• Securities issue (issuer, warrantor (underwriter) for issue)

А-(RU)

• Securities issue (issuer, warrantor (underwriter) for issue)

ВВВ+(RU)

14.

CBR Instructive Regulation dated May 30, 2016 No. 4028-U “Procedure for calculating own funds of non-state pension funds”
 

CBR Board of Directors Resolution “On establishing long-term credit ratings of certain assets eligible for calculating common capital of a non-state pension fund” published June 15, 2018

http://www.cbr.ru/press/PR/?file=15062018_171716sbrfr2018-06-15T17_10_01.htm

• Securities issue (issuer, warrantor (underwriter) for issue)
• Debtor

Requirements to assets included in the capital of non-state pension funds

А-(RU)

Securities issue (issuer, warrantor (underwriter) for issue)

ВВВ+(RU)

Credit institution

Par. 2 Section 6

А-(RU)

15.

Regulations on additional restrictions on investing pension savings held by a non-state pension fund that provides obligatory pension insurance, cases when a management company, acting as a trustee managing pension savings, has the right to enter into repurchase agreements, risk mitigation requirements subject to which such management company may enter into agreements in derivative instruments, additional requirements to credit organizations managing pension savings and military servicemen’s mortgage savings, and additional requirement a management company must comply with within the effective period of a pension savings trust management agreement for the purposes of investing the funded component of retirement pensions” (approved by CBR on March 01, 2017 No. 580-P)
 

CBR Board of Directors Resolution “Establishing a long-term credit rating level for the purposes of investing pension savings and military servicemen’s mortgage savings” published June 15, 2018

http://www.cbr.ru/press/PR/?file=15062018_171716sbrfr2018-06-15T17_16_19.htm

• Issue of bonds, including subordinated bonds, by credit institutions, issuer or surety/guarantor for such bonds

Investing pension savings by non-state pension fund in securities bought after July 13, 2017

А-(RU)

• Issue of bonds, excluding bonds of credit institutions, issuer of such bonds

ВВ+(RU)

• Surety/guarantor for issue of bonds, excluding subordinated bonds of credit institutions

Investing pension savings by non-state pension fund in securities bought before July 13, 2017

ВВВ+(RU)

• Credit institution

Accepting funds to subordinated deposit

ААА(RU)

• Issue of bonds, excluding subordinated bonds of credit institutions, issuer of such bonds

Par. 6 Section 1.4.4, securities bought after July 13, 2017

ВВВ+(RU)

• RF government securities
• RF government-guaranteed securities
• Mortgage backed securities issued in compliance with the Russian laws on mortgage backed securities

Securities compliance criteria under Part 1 Article 36.15 of Federal Law No. 75-FZ dated May 7, 1998 “On Non-State Pension Funds,” for securities bought after July 13, 2017

ААА(RU)

• Credit institution

Requirements to credit institutions with which non-state pension funds, management companies and brokers place pension savings, and with which management companies and brokers place military servicemen’s mortgage savings

А-(RU)

16.

CBR Regulation dated February 24, 2016 No. 534-P “On admittance of securities to organized trading”
 

CBR Board of Directors Resolution “Establishing the list of rating agencies and credit ratings for the purposes of inclusion of securities into Level I (Top Level) Quotation List” published December 30, 2016
 

http://www.cbr.ru/press/PR.aspx?file=30122016_125651if2016-12-30T12_36_53.htm
 

• Credit institution
• RF constituent entity or municipality
• Non-financial entity
• Financial instrument

Inclusion of Russian issuers’ bonds into Level I (Top Level) Quotation List

BBB+(RU)

Inclusion of mortgage backed bonds, SPV-issued bonds, and government securities issued by RF constituent entities and securities issued by municipalities into Level I (Top Level) Quotation List

BBB+(RU)

Inclusion of mortgage participation certificates into Level I (Top Level) Quotation List

BBB+(RU)

17.

CBR Regulation dated February 18, 2014 No. 415-P “Procedure and criteria for assessing the financial position of corporate founders (participants) of a credit institution and corporate entities making transactions aimed at acquisition of equities (shares) of a credit institution and (or) control over shareholders (participants) of a credit institution”
 

CBR Board of Directors Resolution “Establishing credit rating levels in line with CBR Regulation No. 415-P dated February 18, 2014 and CBR Instruction No. 135-I dated April 2, 2010” published January 13, 2017
 

http://www.cbr.ru/press/PR.aspx?file=13012017_124944if2017-01-13T12_49_04.htm
 

• Legal entity

Criteria for submitting documents required for assessing financial standing of legal entities (Par. 7 Section 5.1.1)

AA+(RU)

Criteria for submitting documents required for assessing financial standing of legal entities (Par. 1 Section 5.2, Par. 1 Section 6.2, Par. 6 Section 10.5 of Regulation No. 415-P)

A(RU)

18.

CBR Instruction No. 135-I dated April 2, 2010 “CBR decision-making procedure for state registration of credit institutions and issue of banking licenses”
 

CBR Board of Directors Resolution “Establishing credit rating levels in line with CBR Regulation No. 415-P dated February 18, 2014 and CBR Instruction No. 135-I dated April 2, 2010” published January 13, 2017
 

http://www.cbr.ru/press/PR.aspx?file=13012017_124944if2017-01-13T12_49_04.htm
 

• Credit institution

Criteria for authorized and/or foreign banks that open or maintain correspondent / special savings accounts on the date a credit institution approves an issue of its shares or an increase of its charter capital (for credit institutions that are LLCs)

АА+(RU)

19.

CBR Instructive Regulation dated September 24, 2015 No. 3805-U “Procedure for investing reserve funds of consumer credit cooperatives”
 

CBR Board of Directors Resolution “Establishing requirements to credit ratings assigned to consumer credit cooperatives and credit Institutions” published January 25, 2017
 

http://www.cbr.ru/press/PR.aspx?file=25012017_095222sbrfr2017-01-25T09_51_12.htm

• Credit institution

Placement of reserve funds owned by consumer credit cooperatives with credit institutions, including funds owned by second-tier consumer credit cooperatives (depending on the share size):

- over 50%

ААА(RU)

- 20 to 50%

BBB(RU)

- below 20%

BB+(RU)

• Second-tier consumer credit cooperative

Placement of reserve funds owned by consumer credit cooperatives (depending on the share size) with second-tier consumer credit cooperatives:

- over 50%

ААА(RU)

- 20 to 50%

BBB(RU)

- below 20%

BB+(RU)

20.

CBR Instructive Regulation dated December 28, 2015 No. 3916-U “Numeric values and procedure for calculating financial ratios of consumer credit cooperatives” 
 

CBR Board of Directors Resolution “On credit ratings of consumer credit cooperatives and credit institutions” published January 25, 2017
 

http://www.cbr.ru/press/PR.aspx?file=25012017_095222sbrfr2017-01-25T09_52_28.htm
 

• Second-tier consumer credit cooperative

As a criterion for inclusion of second-tier consumer cooperatives into financial ratio calculations

BB+(RU)

• Credit institution

As a criterion for inclusion of credit institutions into financial ratio calculations

BB+(RU)

21.

CBR Regulation dated June 28, 2017 No. 590-P “Procedure for credit institutions making provisions for possible losses on loans and similar debts”
 

On the list of national rating agencies and minimum credit ratings for the purposes of CBR Regulation No. 590-P dated June 28, 2017 published August 1, 2017
 

http://www.cbr.ru/press/PR/?file=01082017_182300ik2017-08-01T18_21_43.htm
 

• Legal entity

For the purposes of Par. 3.12.2.9 and 3.12.2.15 of Section 3.12, and Section 6.5

BB+(RU)

22.

CBR Instruction dated June 28, 2017 No. 180-I “On statutory ratios for banks”
 

CBR Board of Directors Resolution “List of national rating agencies and minimum solvency ratings (for the purposes of CBR Instruction dated June 28,  2017 No. 180-I)” published September 5, 2017

http://www.cbr.ru/press/PR/?file=05092017_160827if2017-09-05T16_08_05.htm

• Borrower from bank (securities issuer, securities issue)
• Mortgage lending agency
• Legal entity

Calculations for the purposes of Subpar. 2.3.26 Par. 2.3, Code 8850, Appendix 1, Section 7 Appendix 3

BB+(RU)

23.

CBR Instructive Regulation dated September 5, 2016 No. 4129-U “Composition and structure of assets of joint-stock investment funds and unit investment funds”
 

CBR Board of Directors Resolution dated March 10, 2017
 

http://cbr.ru/press/pr.aspx?file=10032017_182827sbrfr2017-03-10T18_27_46.htm
 

• Bond issue (issuer)

For the purpose of Section 2.9 of the Instructive Regulation

АА+(RU)

24.

CBR Instructive Regulation dated January 18, 2016 No. 3935-U “CBR procedure to monitor insurers”
 

CBR Board of Directors Resolution dated March 27, 2017
 

https://www.cbr.ru/press/pr.aspx?file=27032017_162249sbrfr2017-03-27T16_21_40.htm
 

• Credit institution
• Insurance company
• Non-financial entity
• Financial instrument

Risk ratio calculation in the course of determining the current liquidity ratio of assets (PL1) and the reliability ratio of asset ‘reinsurers’ share in insurance reserves’ (PP1):

Risk ratio at 0.95

А-(RU)

Risk ratio at 0.85

BBB(RU)

Risk ratio at 0.80

BB(RU)

Risk ratio at 0.50

B+(RU)

Risk ratio at 0.20

Below В+(RU)

25.

CBR Instructive Regulation dated May 19, 2017 No. 4377-U “Requirements to credit institutions and foreign banks eligible to accept funds from the central securities depositary"
 

CBR Board of Directors Resolution dated July 07, 2017 “Approving credit rating levels to be applied by the central securities depositary placing funds with credit institutions and foreign banks“
 

http://www.cbr.ru/press/pr.aspx?file=07072017_165917sbrfr2017-07-07T16_55_31.htm#_blank
 

• Credit institution

Requirements to credit institutions with which the central securities depositary may place funds

AA(RU)

26.

CBR Instructive Regulation dated December 03, 2012 No. 2919-U "Assessment of management quality in a credit institution acting as a central counterparty"
 

CBR Board of Directors Resolution "Credit rating levels established in line with CBR Instructive Regulation dated December 03, 2012 No. 2919-U"
 

http://www.cbr.ru/press/PR.aspx?file=07072017_165944sbrfr2017-07-07T16_55_39.htm#_blank
 

• Credit institution
• Financial instrument
• Investment asset

• Par. 25 of the fill-in notes to Table 2 in Subpar. 3.1.1
• Par. 1 Subpar. 3.3.3
• Par. 8 and 11 of the fill-in notes to Table 4 in Subpar. 3.3.6

ААА(RU)

• Credit institution
• Financial instrument

• Par. 4 of the fill-in notes to Table 4 in Subpar. 3.3.6
• Par. 6 of the fill-in notes to Table 4 in Subpar. 3.3.6
• Par. 13 and 15 of the fill-in notes to Table 4 in Subpar. 3.3.6

А-(RU)

27.

CBR Instructive Regulation dated December 27, 2013 No. 148-I "Procedure for issuance of securities of credit institutions in the Russian Federation"
 

CBR Board of Directors Resolution dated July 21, 2017 “Establishing credit ratings for an authorized bank with which issuing credit institution may open or use already opened correspondent account for crediting funds in a foreign currency”
 

http://www.cbr.ru/press/PR/?file=
21072017_132438if2017-07-21T13_21_45.htm
 

• Credit institution

Requirements to a credit institution with which issuing credit institution may open or use already opened correspondent account for crediting funds in a foreign currency (For the purposes of Par. 2 sub-par. 14.7.2 of the Instructive Regulation)

А-(RU)

Russian Government Resolution dated December 7, 2016 No. 1310 “Protection of rights of citizens participating in shared housing construction"

• Credit institution

For placement of compensation funds

АА-(RU)

29.

RF Government Resolution No.874 dated July 24, 2017 (as amended on May 3, 2018) “On the maximum amount of one bank guarantee and the maximum amount of all concurrently valid bank guarantees issued by one bank in order for bank guarantees to be accepted by tax authorities for the purposes of ensuring tax payments”

• Credit institution

Maximum amount of one bank guarantee and maximum amount of all concurrently valid bank guarantees under subpar. 4 Par. 1 of the Resolution.

• Credit institution

Maximum amount of one bank guarantee and maximum amount of all concurrently valid bank guarantees under subpar. 5 Par. 1 of the Resolution.

30.

RF Government Resolution No.648 dated May 29, 2017 “On assigning a share in fishing quota (aquatic biological resources) granted for fishery investment purposes to carry out commercial and (or) nearshore fishing”

• Credit institution

• Legal entity

Financing an investment project

BBB(RU)

31.

RF Government Resolution No.633 dated May 25, 2017 (as amended on August 23, 2017) “On requirements to fishing investment objects and fishing investment projects as well as on procedure for calculating implementation support for the above mentioned investment projects”

• Credit institution

Requirements for implementation support of fishing investment projects

BBB(RU)

RF Government Resolution No.1232 dated October 7, 2017 “On approval of requirements to a credit institution managing cash of a compensation fund established in compliance with the Federal Law “On a public entity that protects rights of citizens who are shared construction participants in case of real estate developer insolvency (bankruptcy), and on making amendments in specific legal acts of the Russian Federation”

• Credit institution

Managing cash of a compensation fund

Bank of Russia Regulation No.575-P dated December 30, 2016 “On risk management requirements, risk management system rules, clearing collateral, allocation of property, asset formation of a central counterparty, as well as requirements to entities that a central counterparty may open trading and clearing accounts with, and on methods for determining allocated capital of the central counterparty”

Decision of the Bank of Russia Board of Directors made on October 31, 2017 “On establishing credit rating levels for application of Bank of Russia Regulation No.575-P dated December 30, 2016”

http://www.cbr.ru/press/PR/?file=31102017_110002inf_1.htm

• Credit institution

• Opening of trading / clearing bank accounts
• Placing temporary surplus funds on correspondent accounts
• Placing temporary surplus funds on deposits
• Placing collective clearing collateral on deposits
• Accepting bank guarantees as individual clearing collateral

• Issuer of financial instruments or counterparty in such instruments (par. 3 cl.5.2, par. 2 cl.5.4 of Bank of Russia Regulation No.575-P)

• Placing temporary surplus funds
• Accepting financial instruments as individual clearing collateral

RF Government Resolution No.1080 dated December 21, 2011 “On investing temporary surplus funds of a government corporation or a  government company” (as amended on October 23, 2017 in accordance with RF Government Resolution No.1287 “On amendments to Rules for investing temporary surplus funds of a government corporation or government company, and annulling specific provisions of some acts of the RF Government”)

• Securities

Investing temporary surplus funds of government corporations into securities (subcl. f, b-d of cl.2 of RF Government Resolution No.1080)

BBB-(RU)

Securities purchased prior to November 2, 2017 shall be sold by November 2, 2018 (within 12 months)

• Credit institution

Placing temporary surplus funds of government corporations or government companies into deposits with credit institutions (subcl. g, i of cl.2 of RF Government Resolution No.1080)

BBB-(RU) – for new deposits after November 2, 2017 and for extension of previously made agreements

Deposits opened prior to November 2, 2017 shall be demanded by May 2, 2018 (within 6 months)

RF Government Resolution dated December 30, 2017 No. 1706 “Approval of Rules for federal subsidies provided to Russian credit institutions in compensation of lost income under preferential interest rate loans issued to small and medium-sized enterprises for projects in priority industries”

• Credit institution

A criterion for selection of Russian credit institutions as authorized banks

In compliance with Article 45 of the Federal Law “On contracting procurement of goods, works, and services for government and municipal needs:

RF Government Resolution No.440 dated April 12, 2018 “On requirements to banks entitled to issue bank guarantees for security of tender bids and contract performance” (as amended by RF Government Resolution No. 919 dated July 18, 2019)

• Credit institution

Issue of bank guarantees

B-(RU)

For guarantees issued prior to January 1, 2020

B(RU)

For guarantees issued in the period from January 1, 2020 to December 31, 2020

B+(RU)

For guarantees issued in the period from January 1, 2021 to December 31, 2021

RF Government Resolution dated April 24, 2018 No. 497 “On requirements to Russian credit institutions eligible to open a special account, and amending the Regulations on tender for selection of Russian credit institutions eligible to open accounts by a regional operator”

• Credit institution

A criterion for selection of Russian credit institutions eligible to open a special account to transfer funds intended for capital repairs of common properties in a block of flats

A+(RU)

RF Government Resolution dated August 28, 2018 No.1015 “On the maximal share of assets at value other than market value in an investment portfolio, and eligibility criteria for investing pension savings into such assets, and amending certain resolutions of the RF Government”

• Management company

Russian issuers’ bonds must meet the eligibility criteria as at the valuation date

RF Government Resolution dated September 08, 2018 No. 1072 “Amending certain resolutions of the RF Government on investing pension savings and temporary free funds of a state-owned corporation/state-owned company in securities”

• Non-state pension fund
• Investment assets

An issuer/issuer’s securities shall have the following rating  to be eligible for investments by state-owned management companies
 

At least
А-(RU)

An issuer and its securities shall have the following rating  to be eligible for investments by management companies selected by bidding

At least BBB-(RU)

An issuer/issuer’s securities shall have the following rating  to be eligible for investments by state-owned corporations/companies

At least BBB-(RU)

List of rating agencies and credit ratings applicable for the purposes of inclusion and maintenance of bonds in the First Level of Quotation List
Executive Order No.1764-od dated September 12, 2018 of Public Joint-Stock Company "Moscow Exchange MICEX-RTS"

• Issuers whose issues are traded on the sites of Moscow Exchange

Inclusion / maintenance of bonds in the First Level of Quotation List of Moscow Exchange

ВВВ+(RU)

Bonds of concessionaire issuer

BB+(RU)

A-(RU)

"Provisions for evaluation of, requirements to, and grounds for recognition unsatisfactory the financial position of founders/members of a credit institution and other persons specified in Federal Law dated July 29, 2017 No. 281-FZ "On amendments to certain legislative acts of the Russian Federation concerning mandatory requirements to founders/members, management bodies and officers of financial institutions”

• Credit institutions

A legal entity organized under the laws of the Russian Federation and having a credit rating under the national rating scale for the Russian Federation in order to confirm the solvency of a foreign individual who is a founder of a financial institution or enters into a transaction aimed at purchase of shares in, or acquisition of control over, a financial institution acting under the laws of the Russian Federation.

AA+(RU)

A legal entity organized under the laws of the Russian Federation and having a credit rating under the national rating scale for the Russian Federation in order to evaluate the financial position of a foreign legal entity.

Bank of Russia Instruction dated April 02, 2010 No. 135-I “Procedure for decision making by the Bank of Russia for state registration of credit institutions and issue of banking licenses”

• Credit institutions

Criteria applicable to an authorized and/or foreign bank, with which correspondent accounts (savings accounts subject to a special regime) are opened/maintained on the date an issue of shares in a credit institution is approved or a decision is taken to increase the authorized capital of a credit institution organized in the form of limited liability company

AAA(RU)

CBR Ordinance dated September 03, 2018 No. 4897-U “Amending CBR Instructive Regulation dated February 22, 2017 No. 4298-U “On the procedure for investing own capital by insurers and the list of assets eligible for investing”

• Insurers

Eligibility criteria for investing insurer’s own capital in subordinated bonds

Bank of Russia Regulation No. 658-P, dated 1 November 2018 ‘On the Requirements for a Qualified Central Counterparty, the Procedure for Recognition of Central Counterparty Management Quality as Satisfactory; on the Grounds and the Decision-Making Procedure for Recognition of Central Counterparty Management Quality as Unsatisfactory; on the Procedure for Informing the Central Counterparty of the Decision’

http://www.cbr.ru/press/PR/?file=26022019_094108if2019-02-26T09_39_52.htm

• Credit institutions
• Securities issuers
• Financial instruments

Requirements for resident banks with which the qualified central counterparty is allowed to deposit temporarily unallocated funds in rubles and/or foreign currency, and/or precious metals.

ААА(RU)

Requirements for resident banks with which the qualified central counterparty is allowed only to deposit collective clearing collateral in rubles and/or foreign currency, and/or precious metals.

Requirements for investment assets used to calculate the investment asset allocation ratio by credit quality.

Requirements for resident banks with which the qualified central counterparty is allowed to open correspondent accounts in rubles and/or foreign currency, and/or precious metals.

Requirements for resident banks with which the qualified central counterparty is allowed to open clearing accounts in rubles and/or foreign currency, and/or precious metals.

Requirements for securities and  derivative financial instruments in which the qualified central counterparty is allowed to use to place temporarily unallocated funds in rubles and/or foreign currency, and/or precious metals.

Requirements for securities that the qualified central counterparty is allowed to take as collateral.

RF Government Resolution dated June 18, 2018 No. 697 On approval of criteria/requirements applicable, in accordance with the Federal Law  “On participation in shared-equity construction of apartment buildings and other real estate and on amendment of certain legislative acts of the Russian Federation,” to authorized banks and banks entitled to open escrow accounts used in settlements under shared-equity construction agreements

• Credit institution

Credit rating for banks that may be authorized banks and entitled to open escrow accounts used in settlements under shared-equity construction agreements

RF Government Resolution dated July 30, 2019 No. 987 "On the maximum amount of a single bank guarantee and the maximum amount of all concurrently effective bank guarantees issued by the State Development Corporation VEB.RF or Eurasian Development Bank for acceptance by the customs authorities" (the expected effective date: September 01, 2019)

• VEB.RF

The maximum amount of a single bank guarantee and the maximum amount of all concurrently effective bank guarantees issued by VEB.RF for acceptance by the customs authorities:

RUB 20 bln and RUB 80 bln, respectively

RUB 4 mln and RUB 40 mln, respectively

• Eurasian Development Bank

The maximum amount of a single bank guarantee and the maximum amount of all concurrently effective bank guarantees issued by Eurasian Development Bank for acceptance by the customs authorities:

RUB 6 bln and RUB 23 bln, respectively

RUB 1 mln and RUB 10 mln, respectively