meta_id 3104010

On April 24, 2026, the Board of Directors of the Central Bank of the Russian Federation adopted a decision establishing special application features for Regulation No. 646-P (dated July 4, 2018) concerning the methodology for determining own funds (capital) of credit organisations under Basel III framework. The decision introduces exemptions and modifications for subordinated bonds issued by credit organisations in accordance with specific Russian federal legislation enacted in 2022. Key provisions include: exemptions from certain requirements when subordinated bonds are denominated in Russian roubles or currencies of unfriendly foreign states, with nominal value conversion to roubles as specified in the bond issuance decision; exemptions from specific capital requirements when bonds are repaid early if less than five years have elapsed since their inclusion in own funds; and modified calculation methodologies for maturity dates and residual values of rouble-denominated subordinated bonds, with reference dates adjusted based on the inclusion date of foreign currency-denominated subordinated bonds in capital sources. The decision also establishes that the maximum interest rate for rouble-denominated subordinated bonds is determined by the Board's separate decision dated December 19, 2025, concerning the maximum interest rate for subordinated instruments in capital calculations. The decision applies from its publication on the Central Bank's official website through December 31, 2026. This regulatory adjustment addresses the treatment of subordinated debt instruments issued under Russia's sanctions-related legislative framework and facilitates capital adequacy compliance for Russian credit institutions operating under current geopolitical conditions.