Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Russian Federation 01 01 - Liquidity Support RUB 1,078,000,000,000 14,703,014,118
Russian Federation 01A 01A - Short-term lending RUB 1,078,000,000,000 14,703,014,118 Ministry of Economic Devleopment. (accessed 24 June 2020), (accessed 28 May 2020), (accessed 21 May 2020); IMF. (accessed 6 May 2020); CBR. (accessed 6 May 2020); CBR. (accessed 6 May 2020). Yale. (accessed 15 May 2020).

(i) RUB1 trillion total in repo fine-tuning auctions were held, divided into two dates, (a) 10 March 2020, RUB500 billion worth, and (b) 19 March 2020, another RUB500 billion worth; (ii) No amount/estimate: Short-term zero-interest loans to be provided for all enterprises in affected industries to pay minimum wages for 6 months; (iii) 8 May 2020, RUB3 billion worth of loan programs to subsidiaries of "backbone companies"; (iv) Drafted a program that would provide low-cost loans to businesses through the Vnesheconombank (VEB); (iv) 20 May 2020, Announced the allocation of RUB12 billion from the Reserve Fund and issuing microloans to MFIs in need, for an average microloan term of 6 months; (v) 27 May 2020, RUB58 billion in loans at 0% interest for SMEs to continue paying salaries; (vi) 19 June 2020, RUB5 billion in soft loans to systemically important enterprises to restore working capital. Eligible enterprises must have had a 30% decline in monthly production

Russian Federation 01B 01B - Support policies for short-term lending RUB CBR. (accessed 12 August 2020). (accessed 10 June 2020).

No amount/estimate: (i) 5 June 2020, Required Russian brokers to maintain a short term liquidity ratio of 70% as of October 2021, to be increased to 100% by 2023; (ii) 10 August 2020, upon orders of the Bank of Russia, banks must form reserves for restructurings on loans to non-financial organizations (excluding SMEs) by 1 April 2021. To support small and medium-sized enterprises (SMEs), the Bank of Russia extended relief on reserves.

Russian Federation 01C 01C - Forex operations RUB Yale. (accessed 6 May 2020); IMF. (accessed 6 May 2020); CBR. (accessed 6 May 2020); CBR. (accessed 6 May 2020).

No amount/estimate: (i) 10 March 2020, The Central Bank of Russia (CBR) started selling FX reserves from the National Welfare Fund; (ii) 10 March 2020, The CBR increased the limit on its FX swap operations to provide US dollars with the maturity date of ‘today’ to USD5 billion; (iii) 19 March 2020, Bank of Russia will start selling foreign currency in the domestic market purchased from the National Wealth Fund (NWF), and will apply its foreign currency sales mechanism in the domestic market until 30 September 2020. The Bank of Russia will announce the FX sale mechanism to be applied after 30 September 2020 in a separate notice.

Russian Federation 02 02 - Credit creation RUB 3,900,000,000,000 53,192,722,690
Russian Federation 02A 02A - Financial sector lending/funding RUB 3,500,000,000,000 47,737,058,824 CBR. (accessed 6 May 2020).

27 March 2020, RUB3.5 trillion increase in the maximum aggregate limit under irrevocable credit lines for systemically important credit institutions from RUB1.5 trillion to RUB5 trillion for the period from 1 April 2020 through 31 March 2021.

Russian Federation 02B 02B - Support policies for long-term lending RUB 300,000,000,000 4,091,747,899
Russian Federation 02B1 02B1 - Interest rate adjustments RUB CBR., (both accessed 24 June 2020), (accessed 6 May 2020); TASS Russian News Agency. (accessed 21 January 2021).

No amount/estimate: (i) 24 April 2020, the CBR cut the policy rate by 50 bps to 5.5%; (ii) 19 June 2020, Decided to lower the interest rate that the Bank of Russia extends to small and medium-sized enterprises (SMEs) to support and maintain employment by 1%, decreasing the annual rate from a level of 3.5% to 2.5%. As of 27 July 2020, this rate was reduced further by 0.25% to 2.25%; (iii) 19 June 2020, Decided to reduce the key interest rate by 1%, bringing the annual rate to a level of 4.5%. As of 24 July 2020, the key interest rate was again reduced by 0.25% to 4.25%; (iv) 24 July 2020, Cut the interest rates associated with loans to medical and pharmaceutical manufacturers by 70% until the end of 2021; (v) 21 January 2021, Bank of Russia again cut the key rate from 4.25% to 4.0%, for another 0.25% since the last cut in July.

Russian Federation 02B2 02B2 - Other policies to support long-term lending RUB 300,000,000,000 4,091,747,899 Ministry of Economic Development. (accessed 16 July 2020). CBR. (accessed 20 August 2020). (accessed 30 July 2020).,, CBR., (all accessed 6 May 2020); IMF. (accessed 30 July 2020).

No amount/estimate: (i) 20 March 2020, National countercyclical capital buffer maintained at 0; (ii) 27 March 2020, Will devise proposals on amending the Federal Law ‘On Credit Histories’ aimed at preventing the deterioration of borrowers’ credit histories and individual credit ratings because of the pandemic; (iii) 17 April 2020, Expanded the scope of support programs for small and medium-sized enterprises (SMEs), by (a) revising the calculation of debt limits, and (b) relaxing the in-person requirement for SMEs to obtain loans related to supporting/maintaining employment; (iv) 17 April 2020, The BOR also sought to reduce deposit insurance premiums from 0.15% to 0.1% by the end of 2020; (v) CBR has introduced temporary regulatory easing for banks intended to help corporate borrowers; (vi) More favorable treatment for FX loans issued to certain sectors; (vii) Until 30 September 2020, (a) credit institutions will be given an option not to downgrade the assessment of debt servicing quality irrespective of the financial position of a borrower in such sectors as tourism and transport, (b) add-ons to risk weights on foreign currency loans provided to organisations producing pharmaceuticals and medical equipment will be reduced to zero; (viii) Simplified the requirements for Russian Microfinance Institutions (MFIs) to obtain loans and guarantees as part of anti-crisis support for small and medium-sized enterprises (SMEs). Application requirements were softened; (ix) 24 July 2020, Introduced a new methodology for assessing credit risk for mortgages. The move is supposed to free up around RUB300 billion of bank capital for expanded mortgage lending; (x) 24 July 2020, Reduced the risk ratio associated with certain investments such as subordinated liabilities (e.g. perpetual bonds), private shares issued under debt-equity exchanges, and loans to non-commodity exporters covered by the Russian Agency for Export Credit and Investment Insurance (EXIAR). As of 10 August 2020, this now includes the non-application of premiums on risk ratios for foreign currency loans for specific organizations until 31 December 2021. Also as of 10 August 2020, to support consumer lending, the Bank of Russia (BoR) cancelled the premia paid on risk ratios for unsecured consumer loans issued up to 31 August 2020. The BoR also lowered the premiums to risk ratios on unsecured consumer loans extended from 1 September 2020; (xi) 10 August 2020, To support lending to the economy, the Bank of Russia (BoR) extended the rights for credit institutions to restructure corporate loans by changing currency from foreign currency to rubles by 31 December 2020.

Russian Federation 02C 02C - Loan guarantees RUB 100,000,000,000 1,363,915,966 Ministry of Economic Development. (accessed 17 June 2020).

15 June 2020, Announced an increase in the anti-crisis loan program by RUB100 billion (to RUB350 billion total). Through the Vnesheconombank (VEB), the Russian government guarantees loans to businesses up to 85%, with loan rates below 2% per annum, aimed at supporting employment.

Russian Federation 03 03 - Direct long-term lending RUB 500,000,000,000 6,819,579,832
Russian Federation 03A 03A - Long-term lending RUB 500,000,000,000 6,819,579,832 CBR. (accessed 6 May 2020); CBR. (accessed 6 May 2020); IMF. (accessed 21 May 2020).

(i) 20 March 2020, RUB500 billion refinancing limit for a new SME lending facility at a 4% lending rate from BOR, which was then reduced to 3.5%; (ii) No amount/estimate: additional guaranteed loans to SMEs and affected industries; (iii) No amount/estimate: The CBR has temporarily introduced a long-term refinancing instrument (long-term repos are planned for one month and one year).

Russian Federation 03B 03B - Forbearance RUB CBR. (accessed 6 May 2020), CBR. (accessed 6 May 2020). IMF. (accessed 6 May 2020).

No amount/estimate: (i) Forbearance with regard to restructured corporate and SME loans will apply to all sectors, not only affected by COVID; (ii) Parliament approved a law that guarantees that affected citizens and SMEs will receive deferrals of loan payments for up to six months; (iii) 27 March 2020, Recommends that credit institutions, microfinance organisations, and credit consumer cooperatives promptly consider and approve applications from borrowers for debt restructuring due to an income reduction, with recommendations not to charge any increased interest, fines or penalties on borrowers; (iv) 31 March 2020, Prepared amendments to legislation providing "credit holidays" to qualified individuals and enterprises in mortgage and consumer loans, with a grace period of up to 6 months on the repayment of principal and interest on loans; (v) 17 April 2020, Took several measures to ease loan restructuring, with the Bank of Russia (BOR) allowing banks to (a) assess the financial condition, (b) quality of debt servicing, or (c) the quality category of loans as of 1 March 2020.

Russian Federation 04 04 - Equity support RUB
Russian Federation 05 05 - Health and income support RUB 5,507,416,500,000 75,116,532,980
Russian Federation 05A 05A - Health support RUB 32,400,000,000 441,908,773 Ministry of Economic Development Russian Federation. (accessed 2 July 2020). Yale. (accessed 6 May 2020); IMF. (accessed 6 May 2020).

(i) 18 April 2020, RUB32.4 billion allocated to equip and modernize hospital beds; (ii) No amount/estimate: Increased compensation for medical staff as well as health and safety inspectors; (iii) No amount/estimate: zero import duties for pharmaceuticals and medical supplies and equipment; (iv) No amount/estimate: 2 April 2020, Drafted a bill that allows organizations to reduce taxable profits on expenses associated with the purchase of personal protective equipment, test systems for diagnosis of coronavirus, and medical equipment for diagnosis and treatment; (v) 25 June 2020, Allocated RUB20 billion from the reserve fund to carry out preventative disinfection measures for small and medium-sized enterprises (SMEs) and socially-oriented non-governmental organizations; (vi) Individuals under quarantine to receive sick leave benefits and sick leave pay to equal at least the minimum wage until the end of 2020.

Russian Federation 05B 05B - Income support RUB 5,475,016,500,000 74,674,624,207
Russian Federation 05B1 05B1 - Tax and contribution deferrals and policy changes RUB Ministry of Finance. (accessed 21 May 2020); IMF. (accessed 11 November 2020); Yale. (accessed 15 May 2020).

(i) Tax deferrals for most affected companies on most taxes; (ii) Deferrals on social contributions for SMEs in affected sectors for 6 months. As of the first week of November, this has been extended for 3 more months; (iii) 7 May 2020, No amount/estimate: Proposed to suspend customs checks and to expand the provision of tax deferrals; (iv) 19 May 2020, Approved a deferral of property taxes for lessors. Landlords can delay their payments of property and land taxes, provided that they meet eligibility condition.

Russian Federation 05B2 05B2 - Tax and contribution rates reduction RUB IMF. (accessed 11 November 2020).

(i) Social contributions by SMEs on wages in excess of the minimum wage permanently reduced from 30 to 15%.

Russian Federation 05B3 05B3 - Subsidies to individuals and households RUB 145,000,000 1,977,678 (accessed 04 June 2020); Ministry of Finance. (accessed 25 June 2020). CBR. (accessed 6 May 2020); IMF. (accessed 11 November 2020); Yale. (accessed 15 May 2020).

Key measures include: (i) Unemployment benefits to equal at least the minimum wage for three months; (ii) All children up to 3 years of age in families eligible for maternity capital to receive an additional lumpsum benefit for 3 months, starting in April, and all families with children to get an additional lumpsum benefit for each child for 3 months if parents lose jobs; (iii) 1 June 2020, Additional RUB145 million allocated for individuals who participated in a mutual aid program for the vulnerable from 1 April to 30 June 2020. Individuals will receive RUB12130 per month for April 1 to 30 June 2020 for each person assisted; (iv) Allowed citizens to transfer free of charge up to 100 thousand rubles a month through the Quick Payment System (SBP); (v) Social welfare programs/benefits are automatically extended for six months, and current beneficiaries don't have to keep demonstrating eligiblity during the six months; (vi) 24 June 2020, Decided to extend and expand support measures for children and young people during the coronavirus outbreak. Parents and children under the age of 16 are entitled to regular payments by the Russian government.

Russian Federation 05B4 05B4 - Subsidies to businesses RUB 20,000,000,000 272,783,193 Ministry of Economic Development Russian Federation. (accessed 2 July 2020), Ministry of Finance. (24 June 2020); Ministry of Economic Development. (accessed 16 July 2020), (accessed 17 June 2020), (accessed 17 June 2020), (accessed 28 May 2020); IMF. (accessed 11 November 2020); Yale. (accessed 15 May 2020).

(i) 25 June 2020, Allocated RUB20 billion from the reserve fund to carry out preventative disinfection measures for small and medium-sized enterprises (SMEs) and socially-oriented non-governmental organizations; No amount/estimate: (ii) Interest rate subsidies for SMEs and systemically important enterprises; (iii) Deferrals on rent payments to all levels of government until the end of the year plus zero rent to the federal government for three months for SMEs in affected sectors; (iv) Budget grants for SMEs in affected industries to cover salaries at the rate of one minimum salary per employee for two months; (v) 27 May 2020, Allowed SMEs to terminate leases without penalties; (vi) 12 June 2020, Updated the register of socially oriented non-profit organizations (SONCO), which will be provided with additional support measures such as subsidized loans, tax benefits, and extension of deadlines for contributions; (vii) 16 June 2020, Automatically renewed selected permits and licenses across a broad range of industries for the coming year, to reduce the regulatory burden and costs during the pandemic; (viii) 15 July 2020, The Ministry of Economic Development and the Federal Tax Service began to provide subsidies to socially-oriented non-profit organizations (SONCO) and small and medium-sized enterprises (SMEs) to prevent the coronavirus infection; (ix) 22 June 2020, Extended the deadline for SMEs to apply for federal subsidies to cover costs during the coronavirus pandemic which was originally set for 1 June 2020 to 1 July 2020.

Russian Federation 05B5 05B5 - Indirect income support RUB
Russian Federation 05B6 05B6 - No breakdown (income support) RUB 5,454,871,500,000 74,399,863,336 IMF. (accessed 11 November 2020); Yale. (accessed 15 May 2020).

(i) The total cost of the fiscal package is currently estimated at 4.2% of GDP, divided into the measures below. The government has announced that the package would eventually be increased to around 5% of GDP, to be spent in 2020-21. This excludes the additional RUB32.4 billion in health measures presented in Measure 5A.

Russian Federation 05C 05C - No breakdown (health and income support) RUB
Russian Federation 06 06 - Budget reallocation RUB
Russian Federation 07 07 - Central bank financing government RUB 20,000,000,000 272,783,193
Russian Federation 07A 07A - Direct lending and reserve drawdown RUB 20,000,000,000 272,783,193 Ministry of Economic Development Russian Federation. (accessed 2 July 2020).

25 June 2020, Allocated RUB20 billion from the reserve fund to carry out preventative disinfection measures for small and medium-sized enterprises (SMEs) and socially-oriented non-governmental organizations. This amount is also reflected in Measure 5A.

Russian Federation 07B 07B - Secondary purchase: government securities RUB
Russian Federation 08 08 - International Assistance Received RUB 73,318,300 1,000,000
Russian Federation 08A 08A - Swaps RUB
Russian Federation 08B 08B - International loans/grants RUB 73,318,300 1,000,000
Russian Federation 08B1 08B1 - Asian Development Bank RUB
Russian Federation 08B2 08B2 - Other RUB 73,318,300 1,000,000 AKI Press.$1_million_to_Russia/ (accessed 5 November 2020).

3 November 2020, USD1 million in humanitarian aid (including food, oil products and other goods) from Turkmenistan in the context of the coronavirus pandemic.

Russian Federation 09 09 - International Assistance Provided RUB
Russian Federation 09A 09A - Swaps RUB
Russian Federation 09B 09B - International loans/grants RUB
Russian Federation 10 10 - No breakdown RUB
Russian Federation 11 11 - Other Economic Measures RUB Ministry of Finance. (accessed 23 July 2020). CBR. (accessed 12 August 2020)., (both accessed 23 July 2020). (accessed 6 May 2020). Yale. (accessed 6 May 2020).

(i) 20 March 2020, BOR regulated credit institutions and non-bank financial institutions are allowed to recognise equity and debt securities acquired before 1 March 2020 at fair value in the accounting records. They can also recognise debt securities, acquired from 1 March 2020 through 30 September 2020 at their fair value as of the acquisition date; (ii) 2 June 2020, Allowed non-state pension funds (NPFs) and management companies (UK) to temporarily re-evaluate securities within pension funds and assets of closed-end mutual funds; (iii) 16 July 2020, Preserved income tax conditions (e.g. to be recognized as Russia tax residents), including deductions, for Russian citizens who were unable to return to Russia due to the spread of the coronavirus. The Russian government approved amendments first proposed by the Ministry of Finance; (iv) 20 July 2020, Changed the terms for specialized depository institutions to draw up and submit reports during 2020, with the Bank of Russia (BoR) Board of Directors postponing the original deadlines set; (v) 10 August 2020, The Bank of Russia extended: the special treatment of real estate assets on the balance sheets of credit institutions, the treatment of insurance reserves for insurance companies, and exemptions on violations of cooperatives' reserve fund requirements.

Russian Federation 12 12 - Non-Economic Measures RUB
Russian Federation 12A 12A - Measures affecting travel and transport (local and international) RUB Reuters. (accessed 14 January 2021); DW. (accessed 4 January 2020); IMF. (accessed 1 October 2020).

Russia has taken several measures to combat the pandemic, including: (i) Progressively closing the border with the People's Republic of China and some European countries; (ii) Mandating self-quarantine for people arriving from other countries and people at risk; the central government has asked regional authorities to implement containment policies commensurate with the extent of infection in their regions; (iii) 25 December 2020, Russian authorities have ordered people arriving from the UK to quarantine for two weeks in light of the new COVID-19 strain; (iv) 12 January 2021, Russia has extended its ban on UK flights until 1 February 2021 over the new coronavirus variant; (v) 27 January 2021, Russia resumes regular flights to Vietnam, India, Finland, Qatar. [update]

Russian Federation 12B 12B - Measures affecting business and workplace RUB IMF. (accessed 1 October 2020).

Further, (i) Russia has also resorted to closing schools, theaters, and sports facilities, and encouraged remote work; (ii) 30 March 2020, the authorities announced an open-ended quarantine in Moscow requiring non-essential businesses to close and people to remain indoors.

Russian Federation 12C 12C - Others RUB IMF. (accessed 1 October 2020).

(i) 1 June 2020, Moscow will move to the second stage of reopening, with opening some non-essential shops and service sector businesses with tightened safety requirements; (ii) On 8 June 2020, Moscow unexpectedly moved to the third stage of reopening earlier than planned, lifting all major restrictions, while preserving safety requirements. Moscow’s economy is now largely back to business; (iii) The federal government has announced a three-stage reopening plan but it is up to regional governors to decide when and how to proceed. During the first stage of reopening, people will be allowed to walk and exercise outdoors, and small shops and service-sector establishments will reopen. The second stage will allow schools and larger shops and service-sector businesses to open. In the third stage, parks, hotels, restaurants, and all shops will reopen.