Crisis Policy of the Bank of Russia in 2022: Measures, Risks, Aftereffects

Abstract

The article contains the opinions of experts of the Department of World Financial Markets and Fintech of the Plekhanov Russian University of Economics on the anti-crisis policy of the Russian financial regulator in 2022. The prompt measures taken by the Bank of Russia to stabilize the situation in all segments of the financial market – foreign exchange, credit, stock, exchange, insurance – had concrete positive results both for market participants and for clients of credit and non-credit organizations. The introduced restrictions on currency and payment transactions, measures of financial support for borrowers – small and medium-sized enterprises, individuals, anti-crisis tools of monetary policy, decisions of the regulator on restructuring credit debts of enterprises are considered. Emphasis is placed on regulatory easing for banks in order to mitigate their obligations to the regulator and maintain their resource base during the crisis, as well as structural changes in banks' foreign exchange portfolios in the direction of increasing the share of new currencies of friendly countries. An expert assessment of the key anti-crisis measures of the regulator is given and a number of recommendations are substantiated for adapting the Russian financial market, its subjects, and the regulator to the consequences of sanctions pressure and new challenges for future development.

Keywords

• financial regulator
• financial market
• currency risks
• sanctions crisis
• regulation
• supervision
• banks
• noncredit organizations