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Sergey A. Zubov – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Сandidate of Economic Sciences, Associate Professor (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In 2021, retail lending has been the most dynamically growing banking market segment spurring banking revenues growth. The worsening of loan portfolio quality was driven by rising inflation, stagnation of households’ real incomes and the epidemiological situation, which factors could not but cause the monetary authorities’ concern and make them take additional measures to cool the credit market in order to prevent a pickup in households’ debt burden and reduce market risks.

Key words: Russian banking sector, retail lending, debt burden indicator, macroprudential markups, Bank of Russia.

JEL-codes: D81, E58, G21.