September 26, 2026 — Russia’s banking system is entering the autumn amid significant liquidity pressure. According to the latest available data from the Bank of Russia, the structural liquidity deficit stood at 3.07 trillion rubles on September 25. This indicates that the banking sector continues to face a substantial shortage of its own liquidity and remains reliant on support from the regulator.
The pressure has persisted throughout the final days of September. The liquidity deficit stood at 3.14 trillion rubles on September 23 and 3.07 trillion on both September 24 and 25. At the same time, the Bank of Russia has been conducting large-scale liquidity operations: as of September 25, repo financing through auctions exceeded 6 trillion rubles, while loans secured by illiquid assets amounted to more than 827 billion rubles.
The situation is unfolding while Russian banks continue to operate with a high cost of money. The Bank of Russia’s key interest rate stands at 14%, keeping funding expensive and adding pressure on both banks and borrowers.
Household behavior is another factor. Demand for cash has remained elevated, forcing banks to balance the need to retain customer funds with the need to maintain lending to the economy.
The Bank of Russia does not describe the situation as a banking-system collapse and continues to characterize the sector as stable. However, as of September 26, 2026, the combination of a multitrillion-ruble liquidity deficit, large-scale refinancing operations, high interest rates and rising problem debt is creating additional pressure across Russia’s financial system.
For Russian banks, 2026 is increasingly defined by their reliance on central-bank liquidity. The key question is how long lending can continue at current levels while funding remains expensive and available liquidity remains under pressure.
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