Bank of Russia expands Lombard List with new securities
The Bank of Russia's Board of Directors decided on July 7, 2026, to include a range of new government and exchange-traded bonds in its Lombard List. This expansion aims to broaden the collateral eligible for central bank refinancing operations.
Diverse additions to eligible collateral
The Bank of Russia has significantly expanded its Lombard List, incorporating a diverse range of new securities.
These additions include government bonds from the Republic of Sakha (Yakutia) and the Amur Region.
A substantial portion comprises exchange-traded bonds from numerous major Russian corporations.
Issuers represent key sectors such as energy (e.g., Gazprom capital, Rosneft Oil Company), retail (X5 FINANCE, Magnit), and telecommunications (MegaFon, Rostelecom).
Further inclusions cover infrastructure (Russian Railways, Russian Highways), mining (Polyus, Seligdar), agriculture (PhosAgro, EkoNiva), and manufacturing (METALLOINVEST, United Engine Corporation).
This broad-based enhancement of eligible collateral also features bonds from Positive Group, INARCTICA, and DOM.RF Mortgage agent, reflecting a comprehensive update to the list of assets accepted for central bank operations.
The decision aims to ensure sufficient liquidity provision and support financial market stability.
Lombard List supports market liquidity
The Lombard List is a crucial instrument for the Bank of Russia's monetary policy, defining the securities eligible as collateral for its refinancing operations.
By accepting a broader range of assets, the central bank enhances the liquidity of the financial system, allowing commercial banks to access funding more easily against their holdings.
This mechanism is vital for maintaining stability in money markets and ensuring the smooth transmission of monetary policy impulses.
The inclusion of both government and corporate bonds reflects a balanced approach to managing systemic liquidity, providing flexibility while mitigating concentration risks.
These operational adjustments are a regular part of central bank efforts to adapt to evolving market conditions.
Routine move, strategic implications
While seemingly a routine operational update, this expansion subtly broadens the CBR's toolkit for liquidity management.
The inclusion of diverse corporate bonds reflects an ongoing effort to deepen domestic financial markets.
However, the long list of specific securities highlights the granular, rather than broad-brush, nature of such adjustments.