Аннотация:Over the last two decade, the Russian economy faced four recessions and financial crises. At the beginning of the second decade of the twenty-first century, the Russian financial system met with a series of emergencies and challenges. Both internal and external conditions for the country’s development have worsened dramatically. In 2020–2021, the COVID-19 pandemic necessitated national sanitary restrictions of an unprecedented scale. In 2022, the special military operation in Ukraine has also created a new situation on the European continent, unexpected for most economic practitioners and theoretical experts. However, oddly enough, some consequences of these dramatic events have certain common features. Firstly, there has been an economic slowdown over the past several years, to be followed by a recession or zero GDP growth. External economic sanctions have created serious challenges to the stability of Russia’s financial system. After the first emergency anti-crisis measures, longer-term issues are coming to the fore. At this point, secondly, the main demand for financial services is generated by the corporate sector. However, companies are seeing supply and value production chain disruptions. Uncertainty in the business climate is fraught with systemic risks for both the budget and the banking sectors of Russia. Overcoming them is a strategic goal of the Russian government and the Central Bank. Both corporate and retail lending risks have increased. The situation requires a reorganization of the financial intermediaries in the bank loan and securities markets.