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On June 8, 2026, the Bank of Russia implemented a new mechanism within its payment system to enable banks and the Federal Treasury to complete financial market transaction settlements without interruption. The new functionality applies to deposits and repurchase agreements (repo) concluded on the Moscow Exchange and Saint Petersburg Currency Exchange, which are cleared by the National Settlement Depository (NSD). Previously, repo transaction settlements following clearing were conducted by the NSD, requiring market participants to transfer portions of funds from their correspondent accounts held at the Bank of Russia. Under the new arrangement, settlement completion for clearing outcomes now occurs directly within the Bank of Russia's payment system. The expanded payment system capabilities allow banks and the Federal Treasury to manage liquidity more efficiently, increase flexibility in managing monetary resources, reduce operational costs, and minimise the risk of settlement delays and incomplete transactions. By eliminating the need to transfer funds between the Bank of Russia's correspondent accounts and the NSD for repo settlements, participants gain greater control over their cash management and can optimise their liquidity positioning in real time. This development streamlines the settlement infrastructure for financial market transactions in Russia, particularly for repo operations and deposit transactions processed through major Russian exchanges. The change represents an operational improvement designed to enhance the efficiency and reliability of Russia's financial market infrastructure. REFERENCES: Bank of Russia. "Expanded Capabilities of the Bank of Russia Payment System." June 8, 2026. Available at: https://www.cbr.ru/