Is Russia heading for a banking crisis?

Hello! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week we analyze why some believe Russia is on the verge of a banking crisis – and whether this could ever come to pass. We also look at a presidential decree easing the rules for Western investors in the hope of encouraging a cash influx that can reduce ruble volatility.

Worries grow over possible financial instability - but stress levels remain low

For the last two years, Russian banks have been lending more and more, and enjoying record profits. But the economy has slowed sharply in 2025, causing a series of knock-on problems for financial organizations. News agency Bloomberg last month cited sources in the Russian banking sector warning of the rising risks of a systemic crisis in Russian finance. This week, Central Bank head Elvira Nabiullina stated that there was no cause for concern. Who is right? Is Russia heading for a full-on banking crisis?