Financial accounts and Financial balance sheets of the system of national accounts of the Russian Federation
Q3 2025
Last update: 03.03.2026
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In Q3 of 2025, net lending to the domestic economy as a whole totalled 0.6 trn rubles (0.3% of GDP) and was higher than in the preceding quarter (0.2% of GDP).
Households remained the main net lenders, however, their contribution to the economy’s net lending decreased noticeably compared to the Q2 – from 2.0% to 1.0% of GDP. At the same time, non-financial organisations reduced their volume of net borrowing in Q3 from 2.9% to 1.3% of GDP.
Net lending (+)/net borrowing (-) by economic sector (% to GDP)
Fig.1
Net intersectoral financial flows, bln rubles
Fig.2
Q1 2019
Q2 2019
Q3 2019
Q4 2019
2019 year
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020 year
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021 year
Q1 2022
Q2 2022
Q3 2022
Q4 2022
2022 year
Q1 2023
Q2 2023
Q3 2023
Q4 2023
2023 year
Q1 2024
Q2 2024
Q3 2024
Q4 2024
2024 year
Q1 2025
Q2 2025
Q3 2025
Q4 2025
2025 year
As before, non-financial organisations attracted the bulk of financing from credits and loans, the amount of which totalled 5.7 trn rubles in Q3 of 2025.
At the same time, in Q3 of 2025, the trend towards an increase in funds attracted by non-financial organisations through the issue of debt securities (more than 1.0 trn rubles quarterly) continued.
Shares and other forms of participation in capital consistently occupy the greatest share in the liabilities structure of non-financial organisations (around 40%), however, they are used as a financing instrument by non-financial organisations to a lesser degree.
Financial assets and liabilities of the non-financial corporations, bln rubles
Tab.1
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.10.2025 |
2022 | 2023 | 2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | |||
| Financial assets, total | 487 787 | 36 219 | 39 888 | 30 548 | 5 568 | 16 337 | 3 785 | 850 | 5 354 | ||
| Currency and deposits | 50 865 | 7 131 | 4 259 | 4 278 | 1 181 | 2 261 | -55 | -144 | 1 414 | ||
| Debt securities | 5 293 | 471 | -638 | 677 | 289 | 671 | 355 | -1 | 254 | ||
| Loans | 82 835 | 5 486 | 9 820 | 12 109 | 2 228 | 4 450 | 3 494 | 3 900 | 2 293 | ||
| Equity and investment fund shares | 168 942 | 1 540 | 2 033 | 2 448 | 89 | 204 | 376 | 49 | 439 | ||
| Insurance, pension and standardized guarantee schemes | 549 | 60 | 101 | 61 | 0 | -8 | 152 | -15 | 36 | ||
| Other accounts receivable | 179 304 | 21 531 | 24 313 | 10 974 | 1 781 | 8 759 | -537 | -2 939 | 918 | ||
| Financial liabilities, total | 615 622 | 35 756 | 47 680 | 42 505 | 10 781 | 16 902 | 6 535 | 6 843 | 8 127 | ||
| Debt securities | 15 133 | 97 | 394 | 2 526 | 600 | 1 074 | 1 274 | 1 023 | 1 130 | ||
| Loans | 159 231 | 10 198 | 15 550 | 20 754 | 5 485 | 5 682 | 4 068 | 6 389 | 5 684 | ||
| Equity and investment fund shares | 243 917 | 2 308 | 2 089 | 1 782 | -171 | 675 | 614 | 671 | 273 | ||
| Other accounts payable | 197 341 | 23 153 | 29 646 | 17 442 | 4 868 | 9 470 | 579 | -1 239 | 1 039 | ||
Non-financial corporation sector indices, bln rubles
Fig.3
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
In the structure of household financial assets, the greatest share (more than 50%) is occupied by cash and deposits.
In Q3 of 2025, household investments in cash and deposits were lower compared to Q2 and amounted to 1.4 trn rubles, which reflects quarterly seasonality. At the same time, investments in debt securities reached their highest value on record since 2015 and amounted to 0.5 trn rubles.
In Q3 of 2025, the volume of lending to households exceeded the values of the Q1 and Q2 of 2025 and amounted to 0.75 trn rubles, but was lower than the same indicators for
Financial assets and liabilities of the households, bln rubles
Tab.2
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.10.2025 |
2022 | 2023 | 2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | |||
| Financial assets, total | 182 895 | 10 972 | 16 130 | 16 932 | 3 395 | 6 364 | 1 435 | 4 321 | 3 114 | ||
| Currency and deposits | 95 719 | 7 844 | 10 332 | 13 047 | 2 062 | 5 888 | 408 | 2 689 | 1 414 | ||
| Debt securities | 5 680 | 48 | 829 | 273 | 30 | 92 | 467 | 279 | 540 | ||
| Loans | 1 114 | -231 | 167 | 113 | -9 | 50 | -99 | 51 | -15 | ||
| Equity and investment fund shares | 59 673 | 2 167 | 2 569 | 1 436 | 393 | 507 | 476 | 718 | 302 | ||
| Insurance, pension and standardized guarantee schemes | 8 474 | 15 | 75 | 840 | 418 | 216 | -101 | 141 | 232 | ||
| Other accounts receivable | 12 236 | 1 129 | 2 159 | 1 224 | 500 | -389 | 284 | 443 | 641 | ||
| Financial liabilities, total | 47 338 | 2 944 | 7 287 | 5 163 | 1 353 | 371 | -222 | 251 | 951 | ||
| Loans | 44 044 | 2 818 | 7 356 | 5 093 | 1 355 | 251 | -226 | 199 | 752 | ||
| Other accounts payable (including debt securities) | 3 294 | 126 | -69 | 70 | -2 | 120 | 4 | 52 | 199 | ||
Households sector indices, bln rubles
Fig.4
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
In Q3 of 2025, the volume of net lending by the government sector increased and amounted to 1.5 trn rubles.
The volume of attracted funds comprised a large share of government debt securities – 1.1 trn rubles (in Q2 – 1.4 trn rubles).
Financial assets and liabilities of the general government, bln rubles
Tab.3
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.10.2025 |
2022 | 2023 | 2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | |||
| Financial assets, total | 94 628 | 8 476 | 6 877 | 8 189 | 3 803 | -1 864 | 3 079 | 1 316 | 4 473 | ||
| Currency and deposits | 18 691 | -1 773 | -1 917 | 2 586 | 1 002 | -1 840 | 543 | -877 | 339 | ||
| Debt securities | 4 794 | 16 | 1 315 | 828 | 232 | 257 | 78 | 75 | 145 | ||
| Loans | 9 019 | 2 436 | 2 498 | -2 612 | 582 | -1 296 | -569 | 59 | 759 | ||
| Equity and investment fund shares | 27 310 | 739 | 856 | 295 | -99 | 197 | 114 | 279 | 509 | ||
| Insurance, pension and standardized guarantee schemes | 23 | 9 | 15 | 1 | -1 | -1 | -5 | -3 | 1 | ||
| Other accounts receivable | 34 792 | 7 048 | 4 110 | 7 090 | 2 087 | 818 | 2 917 | 1 783 | 2 720 | ||
| Financial liabilities, total | 48 149 | 3 603 | 1 272 | 3 611 | -884 | 3 020 | 2 309 | 702 | 3 013 | ||
| Debt securities | 31 183 | 2 301 | 2 089 | 2 934 | 342 | 1 988 | 1 032 | 1 412 | 1 147 | ||
| Loans | 3 473 | 468 | 557 | 36 | 65 | 26 | 42 | 127 | 297 | ||
| Other accounts payable | 13 493 | 834 | -1 375 | 641 | -1 292 | 1 007 | 1 235 | -838 | 1 569 | ||
General government sector indices, bln rubles
Fig.5
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
The banking system dominates in the Russian financial sector. The volume of banking system assets remained the largest in the asset structure of the financial sector, and, by 01.10.2025, it had amounted to 67%. In Q3 of 2025, the financial organisations sector acted as a net borrower in the amount of 0.3 trn rubles, which was driven by an increase in funds on deposits with credit institutions.
Financial assets and liabilities of the financial corporations, bln rubles
Tab.4
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.10.2025 |
2022 | 2023 | 2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | |||
| Financial assets, total | 433 854 | 25 387 | 42 996 | 45 302 | 16 192 | 16 108 | -4 248 | 2 906 | 14 646 | ||
| Monetary gold and SDRs | 25 388 | 8 | 16 | 11 | 3 | 2 | 2 | 2 | 2 | ||
| Currency and deposits | 76 734 | 7 496 | 9 274 | 11 902 | 2 246 | 5 624 | -1 384 | -1 064 | 5 607 | ||
| Debt securities | 53 495 | 1 459 | 145 | 964 | 168 | 3 669 | 248 | 1 564 | 1 658 | ||
| Loans | 172 333 | 12 396 | 23 910 | 23 878 | 11 404 | 3 420 | -1 754 | 2 288 | 6 360 | ||
| Equity and investment fund shares | 69 704 | 1 453 | 4 200 | 1 457 | 521 | 307 | 85 | 287 | 297 | ||
| Insurance, pension and standardized guarantee schemes | 177 | 33 | 150 | 62 | 13 | 28 | -226 | 1 | -4 | ||
| Other accounts receivable | 36 023 | 2 542 | 5 300 | 7 029 | 1 838 | 3 059 | -1 219 | -172 | 726 | ||
| Financial liabilities, total | 399 916 | 21 421 | 44 702 | 43 873 | 17 395 | 14 538 | -5 756 | 1 131 | 14 913 | ||
| Monetary gold and SDRs | 2 059 | 7 | 4 | -3 | -1 | -2 | -1 | -0 | -0 | ||
| Currency and deposits | 197 256 | 12 724 | 19 159 | 26 442 | 6 350 | 11 860 | -2 900 | 277 | 8 708 | ||
| Debt securities | 15 807 | 1 388 | 3 727 | 3 134 | 779 | 1 538 | 250 | 298 | 1 010 | ||
| Loans | 49 717 | 4 212 | 9 735 | 5 269 | 7 387 | -346 | -2 974 | -729 | 2 647 | ||
| Equity and investment fund shares | 89 545 | 1 475 | 4 776 | 2 632 | 728 | 665 | 436 | 678 | 994 | ||
| Insurance, pension and standardized guarantee schemes | 9 271 | 162 | 365 | 969 | 428 | 225 | -128 | 116 | 273 | ||
| Other accounts payable | 36 262 | 1 452 | 6 936 | 5 430 | 1 725 | 597 | -439 | 492 | 1 282 | ||
Financial corporations sector indices, bln rubles
Fig.6
Financial asstes (transactions)
Liabilities (transactions)
Net lending(+)/Net borrowing(-)
Structure of financial corporations financial assets, bln rubles
Fig.7
Financial accounts and balances of financial assets and liabilities are part of the Russian system of national accounts (SNA). SNA comprises a large scale of macroeconomic data, which characterise the production process of goods and services, the creation, allocation, redistribution and the usage of income; it also includes the corresponding changes in financial and non-financial assets and liabilities of various institutional sectors of an economy.
Financial accounts and balances of financial assets and liabilities – being a paramount informational foundation for the conduction of in-depth studies aiming at the investigation of financial flows in an economy (flow-of-funds analysis) and structural analysis in the framework of macroeconomic analysis – allow not only to evaluate the structure of financial assets and liabilities with regard to economic agents, but also to promptly identify imminent risks and accumulation of financial disbalances in various economic sectors, thus serving a good instrument to sustain the financial stability and implement macroprudential regulation.
For more detailed information about financial accounts, please refer to the CBR webpage.
-The figure displays net financial flows between economic sectors.
-The node size is proportional to the index “Net lending/borrowing”.
-Borrowing sectors are shaded in blue, while lending sectors are coloured green.
-The index value of “Net lending/borrowing” is shown near each node.
-The arrows point out the direction of financial flows, with their width showing the size of the flow.