The Central Bank will likely postpone the implementation of regulations for immobilized assets until 2027 — Pyanov

      November 28, 2025, 11:45 — Economy

      First Deputy Chairman of VTB Dmitry Pyanov said in an interview with Interfax that the Bank of Russia is unlikely to manage to implement the new regulation on immobilized assets in 2026. According to him, the implementation of the plan may be postponed until 2027.

      At the end of May this year the Central Bank presented an updated plan for introducing a risk-sensitive limit (RSL) for immobilized assets. Recall that the previous version of the document was announced back in 2021 and was aimed at reducing risks to clients and the financial system related to banks' investments in ecosystems. In the new edition, the composition of such assets has changed, the timeline for implementing the limit has become more flexible, and the immobilization coefficients and the target RSL value have been reduced.

      Under the updated plan, the limit on the share of risky assets relative to banks' capital was reduced from 30% to 25%. This was achieved by changing the list of assets, excluding fixed assets provided that their share is less than 10% of capital.

      It was previously assumed that the reform would be implemented gradually: in the first two years the limit was to be reduced by 15%, then by 20% in the third year and by 25% in the fourth.

      "All year long we prepared for the new regulation, we sold almost all the hotels we had. We were ready to implement the new regulation from October 1, 2026, as had been announced. However, now I believe its introduction will be postponed to 2027. For the implementation of this regulation from October next year the Bank of Russia needs to have draft regulatory acts for internal discussion, but they still have not been published," Pyanov said. He added that there is likely currently a fine-tuning of the regulation's parameters underway to achieve a more balanced approach.

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