Translation disclaimer: machine-assisted translation may contain inaccuracies. Always refer to the original source for authoritative text.
The development of the financial market is one of the priority areas of work for the Ministry of Finance of Russia (Minfin) [Russia's federal ministry responsible for fiscal and financial policy]. The domestic financial market must become the key source of financing for the national economy. This was stated by Minister of Finance Anton Siluanov, speaking at a session of the Public Expert Council on the national project "An Efficient and Competitive Economy" [one of Russia's national projects, state-level strategic initiatives with dedicated funding and measurable targets]. The discussion, held at the Fundamental Library of Lomonosov Moscow State University (MGU), focused on improving the effectiveness of the financial sector in order to broaden and diversify companies' access to capital.
According to the Minister, the past year was a difficult one for the Russian stock market amid sanctions pressure, a high key interest rate, and geopolitical uncertainty. The Russian financial market is undervalued in current conditions. Minfin is taking steps to encourage state-owned companies to enter the market and to strengthen investor confidence.
"In addition to debt financing, companies must raise funds for their development through IPOs and SPOs [secondary public offerings]. This applies first and foremost to state-owned companies. We are incentivizing them to enter the market, including by setting KPIs and providing state support," said Anton Siluanov.
Based on 2025 results to date, the trend of investors shifting toward conventional deposits due to the high interest rate persists, though significant public interest in bonds is also evident.
"For those who are looking ahead, now is exactly the right time to invest in the stock market. A range of instruments has been created for this purpose — the Long-Term Savings Program (PDS) [a state-backed voluntary long-term savings scheme introduced in 2023] and the Long-Term Life Insurance product (DSZh) [a tax-advantaged long-term life insurance savings instrument], among others," the Minister added.
He emphasized that Minfin is focused on building a comprehensive system of incentives and motivations — both for issuers, to generate quality supply in the stock market, and for investors, to foster sustained demand for financial instruments.
"The Russian financial system has played an important role in the structural transformation of the economy over the past four years, even as it has itself become a target of sanctions and pressure. Nevertheless, we were able to substitute domestic sources of financing for external ones and find resources for development. But further structural change, growth in investment, and an increase in the capitalization of the domestic market will require the development of the financial system and its advancement — in the best sense of the word. Because the issue is not only about debt financing sources, but above all about developing the capital market and equity financing. This requires an appropriate institutional environment, protection of property rights, the development of a long-term savings system for citizens, and the emergence of new market issuers," said Minister of Economic Development of the Russian Federation Maxim Reshetnikov in his remarks.