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2 the following webpages: in English; and (in Russian). The Federal Law On Banks and Banking Activity is available in Russian on the following webpage: The Federal Law On Information, Information Support, and Protection of Information is available in Russian on the following webpage: In surveys and other statistical inquiries respondents are always informed that the information they provide will be used in aggregate and only for the purpose of producing statistics Ensuring statistical reporting [Legal mandates and/or measures to require or encourage statistical reporting.] The Federal Law On the Central Bank of the Russian Federation (Bank of Russia), Article 57, specifies, that for fulfillment of its functions, the Bank of Russia shall have the right to request and receive from credit institutions the necessary information on their activities and demand elucidation of the information received. To compile banking and monetary statistics and the balance of payments of the Russian Federation and analyze the economic situation, the Bank of Russia shall have the right to request and receive free of charge the necessary information from the federal bodies of executive power and their regional branches and legal entities. The Bank of Russia considers carefully the response burden for its statistics, making efforts to limit it. The Bank of Russia provides any assistance to respondents in completing and submitting statistical forms by giving lectures to the respondent banks, arranging for meetings and consultations as well as obligatory providing a point of contact in surveys and statistical inquiries; this also involves general guidance by phone and . Descriptions and reporting instructions are provided in the reporting forms. The Bank of Russia emphasizes the significance of close and frequent direct contacts with respondents, raising awareness of the importance of good quality statistics. 0.2 Resources Staff, facilities, computing resources, and financing [ Staff, facilities, computing resources, and financing for statistical programs currently available as well as what would be required for programmed statistical outputs.] Staff resources for compiling the statistics are adequate to perform required tasks. The number of staff is adequate to perform the required tasks and makes up 50 employees. The qualifications of the staff are adequate, with their skills maintained and developed to perform the required tasks by attending specialized subject and topical courses conducted in Russia and abroad. The whole staff has got higher education and large share of it - academic degree. A core staff with adequate training is maintained and staff turnover is manageable. Salary levels are adequate for the nature of the work and competitive with public administration conditions in the country. Computing resources for compiling the statistics are adequate to perform required tasks. Sufficient resources are allocated and best efforts are made to exploit the full potential of effective

3 computing technology for compiling and disseminating the statistical series. Software utilized for compiling and analyzing the statistical series is effective, periodically updated, and well adapted to perform existing and emerging tasks. Hardware is distributed adequately to facilitate the efficient collection and processing of data, and management of databases. Adequate protection is provided for computer resources, including through provision of emergency back-up systems for retrieval of statistical series and updates in the event of natural disasters, accidents, and other unusual events. Physical facilities and other resources are adequate to perform required tasks. Office buildings provide adequate working facilities (e.g., lighting, heat, and cooling). Office furniture and equipment (e.g., desks, chairs filing cabinets, telephones, and related equipment) are adequate to perform required tasks. Transportation arrangements (e.g., for data collection) are adequate. Funding for compiling the statistics is adequate to perform required tasks. Funding is reasonably secure for the identified needs of the statistical program and in addition to the main costs covers the remuneration of the IT company for the software support Ensuring efficient use of resources [Measures implemented to ensure efficient use of resources.] Management ensures that resources are used efficiently. Periodic reviews of staff performance are conducted. Efficiencies are sought through periodic reviews of work processes, e.g., seeking cost effectiveness of survey design in relation to objectives, and encouraging consistent concepts, classification and other methodologies across datasets. Budgeting procedures are used to help allocate resources. 0.3 Relevance Monitoring user requirements [How the relevance and practical utility of existing statistics in meeting users needs are monitored.] Statistics published on the external debt of the Russian Federation cover relevant information on the subject field. The relevance and practical utility of existing statistics in meeting users needs are monitored through the electronic users survey. The opinion of data users concerning the quality of information reported and the emerging data requirements are studied and taken into account. Data users are consulted and kept informed on specific aspects of current data by means of conducting seminars, giving lectures, arranging meetings with mass media representatives with their feedback actively sought. Questions and suggestions are welcomed. The requisite data, such as fax and phone numbers and address are provided. The specialists of the Bank of Russia regularly participate in working groups, statistical meetings and seminars organized by other central banks, international and regional organizations. 0.4 Quality management Quality policy [Processes in place to focus on quality.]

4 There is recognition throughout the organization that quality builds trust and thus is the priority of statistical work The significance of the high quality statistics is recognized and highlighted throughout the Bank of Russia. Compiling and disseminating of reliable, consistent, comparable, clear, timely and accessible statistics is the main objective of the Balance of Payments Department. This commitment is important for analyzing the economic situation, making decisions and projections and is therefore brought to the notice of public through the Bank of Russia s website, official documents, public relations and direct contacts with the respondents and users. The quarterly statistical work programs contain the items concerning the data quality development. Staff of the Balance of Payment Department routinely studies the manuals, takes statistical training courses and has got an understanding as to how quality may be achieved. The employees are encouraged to enhance the data quality. The proposals on data quality issues are welcomed and highly appreciated by the management Quality monitoring [Processes in place to monitor the quality of the statistical program. Measures are in place for a systematic monitoring and review of quality. Monitoring processes are in place to inform managers on the quality achieved for ongoing statistical activities. Quality of the data is constantly assessed by the staff. Cross-checks with other available data are done where appropriate. Periodic reviews are undertaken to identify steps necessary to maintain quality requirements Quality planning [Processes in place to deal with quality considerations in planning the statistical program] Quality issues, such as the following, are addressed explicitly and taken into account in the work program planning process: -quality improvements identified during ongoing monitoring and in periodic reviews; -feedback from users on quality standards and on new and emerging data requirements; and -trade-offs among the dimensions of quality (e.g., resources availability, timeliness, and accuracy/reliability). 1. Integrity 1.1 Professionalism Impartiality of statistics [Measures to promote impartiality in production of statistics.] The terms or conditions under which the statistics are produced are in accordance with professional independence. Article 75 of the Constitution of the Russian Federation establishes a special constitutional and legal status of the Central Bank of the Russian Federation (the Bank of Russia). A key element of the legal

5 status of the Bank of Russia is the principle of independence. The functions and powers established by the Russian Constitution and the Federal Law on the Central Bank of the Russian Federation (Bank of Russia) are implemented by the Bank of Russia independently from the federal, regional or local bodies of power. The independence of Bank of Russia status is proclaimed in Article 75 of the Russian Constitution and Articles 1 and 2 of the Federal Law on the Central Bank of the Russian Federation (Bank of Russia). The law (articles 14, 15 and 19) stipulates the appointment procedure for the Bank of Russia Chairman and the Board of Directors. The Bank of Russia Chairman shall be appointed by the State Duma for a term of four years. A candidate for the post of Bank of Russia Chairman shall be proposed by the Russian Federation President. No person may hold the post of the Bank of Russia Chairman for more than three consecutive terms. The Board of Directors shall be comprised of the Bank of Russia Chairman and 12 Board members. Members of the Board of Directors shall work in the Bank of Russia. Members of the Board of Directors shall be appointed by the State Duma for a term of four years at the proposal of the Bank of Russia Chairman, with the agreement of the Russian Federation President. A member of the Board of Directors cannot be a member of any political party or hold any position in a public, political or religious organization. A member of the Board of Directors shall be subject to the restrictions imposed by Article 90 of the Federal Law, specifying, that Bank of Russia employees shall have no right to hold more than one job or work under a contract agreement (except for teaching, research and creative work); shall have no right to hold jobs in credit and other institutions; must notify the Board of Directors in writing about the purchase of shares (stakes) in credit institutions. Professionalism is actively promoted and supported within the organization. Staff recruitment and promotion are based on relevant skills or expertise in statistics or in relevant subject matter fields. An internal regulation Model Job Description enumerates necessary knowledge and duties for each position which a staff member applying for this position should meet. Model Job Descriptions are being renewed on a regular basis. Training in the methodology, compilation methods and statistical practices is provided to the staff through participation in special courses and seminars arranged by the IMF, Eurostat, OECD, National Banks having long experience in the external sector statistics compilation, and other institutions. On-the job training in methodological issues and statistical techniques is provided on an on-going basis. Labour management and activities in the workplace promote a culture of professionalism (by collective review of statistical work, discussion of methodological papers, organization of meetings). Research and analysis (including publications on methodologies) presentations on conferences) are actively encouraged Selection of sources, methodology, and modes of dissemination [Selection of sources, methodology, and modes of dissemination] The choices of data sources and statistical techniques are informed solely by statistical considerations. Decisions on the choices of data sources, statistical techniques, methodology timing, media and methods of dissemination are made by the Bank of Russia independently and based on statistical considerations only. Selection of data sources is guided by the legal authority, principles of cost efficiency and minimization of the respondent burden, statistical requirements, international standards, best practices of statistical techniques and other countries experiences taking into account countryspecific circumstances Commenting on erroneous interpretation and misuse of statistics [Entitlement to, opportunity for, and historical frequency of, comment on erroneous interpretation and misuse of statistics by the appropriate statistical entity.]

6 The Bank of Russia comments when its statistics are misinterpreted or misused. The Bank of Russia provides explanatory commentary to prevent misinterpretation or misuse of statistics. Additional guidelines on data interpretation can be provided on request. The Bank of Russia monitors media coverage of its data, and would comment publicly and in a timely manner on erroneous interpretations or misuse of the statistics in the media if they take place. 1.2 Transparency Disclosure of terms and conditions for statistical collection, processing, and dissemination [Disclosure of terms and conditions for statistical collection, processing, and dissemination.] Information is available to the public about the terms and conditions under which the statistical series are compiled and disseminated, including the obligation to compile and disseminate the statistics, the confidentiality of individual reporters data, and other key features. The Federal Law on the Central Bank of the Russian Federation (Bank of Russia), as well as detailed information on the CBR s tasks, objectives, organization and authority is provided on the official website of the Bank of Russia. Full description of the legal base, terms and conditions under which statistics are processed and disseminated (methodological basis, data sources, estimation models, revision policy, etc.) is also published in quarterly publication Balance of Payments and External Debt of the Russian Federation and in Bank of Russia s Bulletin. These publications are available on the Bank of Russia s website or may be ordered in the book format Internal governmental access to statistics prior to release [Disclosure of Internal governmental access to statistics prior to their release.] External debt data are disseminated simultaneously to all users. No government officials have access to the data prior to their release to the public Attribution of statistical products [Identification of statistical agencies/units producing disseminated statistics.] Statistical data are clearly identified so that the public is aware of that the Bank of Russia takes responsibility for them. Data released to the public are clearly identified as the Bank s of Russia product by name, logo, and insignia. Information placed on the Internet site is marked copyright by the Bank of Russia. The Bank of Russia requests attribution when its statistics are used or reproduced, including data provided to the users on request Advance notice of major changes in methodology, source data, and statistical techniques. [Advance notice of major changes in methodology, source data, and statistical techniques.] Advance notice of major changes in methodology, source data, and statistical techniques is provided in press releases. Major changes in methodology are also described in the Bank of Russia s Bulletin, Bulletin of Banking Statistics and on the website. 1.3 Ethical standards Guidelines for staff behavior [Measures implementing and enforcing guidelines for staff behavior.]

7 Guidelines for staff behavior are in place and are well known to the staff. There are clear guidelines that make the connection between ethics and staff work. On joining the Bank of Russia new staff is made aware of the following internal documents: Internal Office Labor Regulations, Regulations on Employees of the Bank of Russia, Regulations on Procedures of Destination and Demission of Bank of Russia Employees. The documents provide detailed description of the rights and duties of the Bank of Russia officials in line with the Labor Code of the Russian Federation. Further internal ethical guidelines advise the staff on correct conduct outside the office in order to maintain a good name of the institution. Clear guidelines for the staff of the Bank of Russia to deal with potential conflict of interest situations, discouraging outside interference in bank work and establishing close connection between ethical and professional standards are in place and well known to the staff. They include, inter alia, internal staff discipline rules, work safety instructions, confidentiality protection rules, compliance with Russia s bank and commercial secrecy laws, providing for personal responsibility of management and staff for non-compliance. 2. Methodology 2.1 Concepts and definitions Concepts and definitions [Degree to which the overall structure of concepts and definitions follows internationally accepted standards, guidelines, or good practices.] Analytical framework: The analytical and conceptual framework for external debt statistics disseminated under the SDDS is set by the fifth edition of the Balance of Payments Manual (BPM5) and the External Debt Statistics: Guide for Compilers and Users, 2003 (External Debt Guide). Relationship to international guidelines: External debt data are compiled in accordance with the concepts, definitions and classifications outlined in the Fifth Edition of the IMF s Balance of Payments Manual (BPM5) and the External Debt Statistics: Guide for Compilers and Users (External Debt Guide). Definition: External debt as of the reporting date is the outstanding amount of actual current (not contingent) liabilities, which are owed to nonresidents by residents of an economy and which require payments of interest and/or principal. The future requirement to make payments (principal and/or interest) and not the form or timing of these payments determine whether a liability is debt or not. Therefore: Payments can be made in cash and other financial assets, nonfinancial assets including goods, and/or services; Payments can be made in all currencies of denomination (domestic or foreign currencies); The timing of the future payments need not be known; e.g., payments might be at the demand of the creditor (demand deposits). -Interest payments are defined as the interest paid periodically by the debtor to the creditor for the use of the principal; all other payments of economic value that reduce the principal amount outstanding are known as principal repayments. -Debt service refers to payments in respect of both principal and interest over a period of

8 time. -Contingent liabilities are excluded from the external debt position. Such liabilities are those for which one or more conditions must be fulfilled before the contingency becomes a current liability. External debt statistics are compiled following the immediate borrower concept, notably: -Debt liabilities of the borrowers, which are residents of the Russian Federation to the nonresident creditors are recorded; -When a resident borrows from a nonresident and onlends the funds domestically, the resident has an external debt liability to the nonresident and a domestic claim on the resident that received the onlent funds; -Debt is attributed to the guarantor only if and when the guarantee is activated. The concept of residence is in conformity with the Guide and BPM5 and relates to those institutional units that have a center of economic interest in the economic territory of the country. In conformity with the Guide, the institutional sectors breakdown classifies institutional units with common economic objectives and functions: general government, monetary authorities, banks, and other sectors. For the presentation of the external debt statistics in a public-sector based approach in line with the Guide and the Government Finance Statistics Manual 2001 (GFSM 2001) the following definitions are used: Public Sector External Debt covers liabilities of the General Government, Monetary Authorities, and those entities in the banking and other sectors that are public corporations, i.e. corporations which are subject to control by government and monetary authorities. Control is established (directly or indirectly) through ownership of more than half of the voting shares or otherwise controlling more than half of the shareholder voting power. Indebtedness of any domestic institutional unit not meeting the definition of Public Sector External Debt is to be classified as Private Sector External Debt. Publicly guaranteed private sector debt is treated as an external debt of the institutional sector of a resident borrower. The outstanding amount of the government guarantees is insignificant. The criteria used for determining whether a liability is a debt instrument or not is the future requirement to make payments principal and/or interest; therefore, it excludes equity capital, guarantees, open credit lines and other contingent liabilities. In conformity with the Guide and BPM5, external debt comprises the following instruments: -Debt securities are instruments usually tradable in organized and other financial markets that usually require the issuer unconditionally to pay a fixed or contractually determined variable money amount; nonparticipating preferred shares are included;

9 -Loans are instruments created through the direct borrowing of funds by a debtor from a creditor through an arrangement in which there is no security evidencing the transaction or there is a nonnegotiable document or instrument provided by the issuer ; - Trade credits position is calculated on net basis and currently is positive, so it is not included in external debt; - Intercompany lending liabilities under a direct investment relationship cover borrowing and lending of funds among direct investors and direct investment enterprises. A direct investment relationship is defined by applying the ownership rule of 10 percent or more of the ordinary shares or voting power for an incorporated enterprise or the equivalent for an unincorporated enterprise. Intercompany lending of banks and other sectors is separately identified in the total external debt position. -Currency and deposits consist of Russian ruble banknotes held by nonresidents and both transferable and other deposits; -Arrears are defined as amounts of interest and/or principal that are past due for payment and that are unpaid. - Other is a residual category and cover liabilities not classified above. The short-term/long-term attribution of external debt is made according to the original maturity of the instrument, defined as the maturity of the debt at creation. -Long-term debt is defined as debt with an original maturity of more than one year or with no stated maturity; and -Short-term debt is defined as debt repayable on demand or with an original maturity of one year or less. Short-term debt includes currency. The attribution of external debt by currency is primarily determined by currency of denomination. Foreign currency debt is determined as debt for which the value of flows and positions is fixed in a currency other than the domestic currency. Domestic currency debt is debt payable in Russian rubles. Debt denominated in Russian rubles identified as foreign-currency-linked debt is classified along with foreign currency. Debt forgiveness is distinguished from debt write-off and its corresponding entry is recorded in the balance of payments capital account. Debt forgiveness can arise mostly in intergovernmental agreements and in foreign direct investment relationship. 2.2 Scope Scope Scope of the data [Scope of the data.]

10 Coverage of external debt: The scope of the statistics is broadly consistent with guidelines outlined in the Guide and BPM5. External debt coveres indebtedness of all institutional sectors of the economy vis-à-vis nonresidents, Indebtedness on negotiable instruments is adjusted to transactions on the secondary market between residents and nonresidents and covers only liabilities to the latter. Liabilities in all currencies are included. External debt excludes equity, financial derivatives, guarantees, open credit lines and other contingent liabilities. External Debt includes: - Tradable debt issued (abroad or in the domestic market) by residents and owned by nonresidents; - Convertible bonds owned by nonresidents (as bonds are converted into equity, so the debt is extinguished); - Nonparticipating preferred shares owned by nonresidents; - Mortgage securities; - Loans owed to nonresidents (including interest-free loans); - Financial leases with nonresidents (treated as loans); - Security repurchases agreements (which are treated as collateralized loans); - Trade credits; - Deposits in domestic banks owed to nonresidents; - Domestic currency owned by nonresidents; - Intercompany lending between entities in a direct investment relationship; - Outstanding debt owed to nonresidents arising from interest costs that have accrued and are not yet paid, this is also relevant to dividends declared; - Debt arrears of principal and interest (including interest on arrears) to nonresidents; - Debt from overdue obligations with nonresidents, even though the underlying instrument may not qualify as debt (e.g., an overdue obligation to settle a financial derivatives contract would, like any arrears, be debt because a payment is required); -SdR allocation; -Debt to nonresidents created by events that require future transfer payments (e.g. claims on nonlife insurance corporations etc.); - Debt liabilities of life insurance corporations to their nonresident participants and policyholders. Geographical coverage: Data cover the territory of the Russian Federation and include financial liabilities vis-à-vis all countries of the world. Economic territory of Russia is identical to its administrative boundaries except for the embassies, consulates, and other entities of foreign governments, which are considered extraterritorial for the Russian economy. Besides, the embassies, consulates, military establishments, space centre and other entities of Russian government abroad are added to the economic territory of Russia Exceptions to coverage [Exceptions to coverage ] As specified in the Guide and BPM5, resident-nonresident liabilities that are excluded from the external debt position include: -Contingent debt; -Positions in financial derivatives and -Equity capital (including investment fund shares), which are nondebt liabilities. Traded debt instruments issued by residents abroad but in hands of residents are excluded from the gross external debt position through monitoring of both secondary market transactions and split of

11 interest payments received by residents and nonresidents Unrecorded activity [Unrecorded activity] -Debt to nonresidents created by the force of law (e.g., claims arising from taxes, penalties, and judicial awards at the time they are imposed); -Amounts owed to a nonresident for a service that has been provided but payment is not due. The respective amounts are, however, relatively minor. 2.3 Classification/sectorization Classification/sectorization [Broad consistency of classification/sectorization systems used with internationally accepted standards, guidelines, or good practices.] Classification: The classification employed and methods of valuation largely correspond to the External Debt Statistics: Guide for Compilers and Users, Data are disseminated by maturity (on an original maturity basis), and by instrument for the following prescribed components: 1. General Government a. Short term (current accounts and deposits, other debt liabilities and arrears); and b. Long term (debt securities, loans and other debt liabilities); The split between federal and local government debt is available. 2. Monetary Authorities a. Short term (loans, and currency and deposits); and b. Long term (other debt liabilities (SDR allocation)); 3. Banks (excluding debt liabilities to direct investors and to direct investment enterprises) a. Short term (debt securities, loans, current accounts and deposits, and other debt liabilities including arrears); and b. Long term (debt securities, loans, deposits, and other debt liabilities); 4. Other sectors (excluding debt liabilities to direct investors and to direct investment enterprises) a. Short term (loans and other debt liabilities); and b. Long term (debt securities and loans); 5. Banks and other sectors - debt liabilities to direct investors and to direct investment enterprises a. Banks; and b. Other sectors. Classification by type of debt instrument.

12 External debt is classified by type of instrument as specified in the Guide and BPM5. Financial leases with nonresidents are treated as loans and included in the gross external debt position. Interest costs that have accrued but are not yet payable including dividends on nonparticipating preferred shares are classified as part of the value of the underlying instrument; stocks in declared but not yet paid dividends are recorded under "Other" liabilities. Classification by maturity of debt instrument. Debt repayable on demand is classified as short-term debt; Arrears are classified under short-term debt; Debt with no stated maturity is determined as long-term debt; When payments schedule of external debt is published the liabilities with unknown date of repayment are classified in the column The schedule is not available of the table. Reclassification. Major reclassifications are clearly identifiable through table footnotes. Besides, the reclassifications are disclosed in Other changes in the IIP of the external debt disseminated quarterly. Sector attribution of external debt liabilities: External debt liabilities are attributed to the sector of the immediate borrower. Sector classification of external debt liabilities: External debt liabilities are classified under the sector category of the debtor and not of any guarantor. 2.4 Basis for recording Valuation [Types of prices (market, historical, administrative, basic, purchasers, producer, etc.) used to value flows and stocks.] Conversion to unit of account: Russia s external debt statistics are compiled in U.S. dollars. Positions denominated in other currencies are converted into U.S. dollars at the official exchange rate fixed by the Bank of Russia that is a close approximation to the market rate on the date to which the given position relates. Valuation: Tradable instruments of local governments, banks and other sectors are estimated at market value which includes accrued interest. For federal government securities, face value is used in external debt tables but market value is presented in the IIP. A supplementary table on market values of federal and local government securities used to be published in Bank of Russia s Bulletin, in the quarterly publication Balance of Payments and External Debt of the Russian Federation» though lately its publication has been discontinued. Non-tradable debt of general government and other sectors is valued at nominal value and that of banks and monetary authorities - at amortized value.

13 2.4.2 Recording basis [Degree to which recording meets requirements for accrual accounting.] Prevailing principle used for recording debt position of federal government and non-tradable debt of other sectors is due for payments basis. Accrual principle is used for recording debt position data for monetary authorities, banks and for traded instruments of other sectors. Liabilities to repay dividends that have been declared are covered. The valuation principles are stated in footnotes and explanatory notes of the relevant tables Grossing/netting procedures [Broad consistency of grossing/netting procedures with internationally accepted standards, guidelines, or good practices.] In line with the recommendations of the Guide and BPM5 external debt is recorded on a gross basis, separate from any related asset components. The trade credits of other sectors are recorded on net basis and are the exception to the rule, whereas the trade credits of the federal government sector are recorded in a regular way. 3. Accuracy and reliability 3.1 Source data Source data collection programs [Comprehensiveness source data from administrative and survey data collection programs, and appropriateness of the collection modality for country-specific conditions.] Source data are obtained from integrated data collection programs of external sector statistics. The data sources are broadly sufficient to compile the statistics, covering the full range of institutional sectors and financial instruments. The data sources are kept under continuous review to ensure that the data collection programs are comprehensive: new developments both in economy and international guidelines are taken into account. Sources of data are reports of the Central Bank of the Russian Federation (Bank of Russia), Ministry of Finance of the Russian Federation (Minfin of Russia), international financial organizations, local governments, banks, Vnesheconombank (VEB), custodians, and other financial and non-financial enterprises. In some cases estimates of the Bank of Russia are used. Debt securities: The data is derived largely from ITRS, issuers and custodians reports to the Bank of Russia. The data on debt securities of resident banks are obtained from their reports. Adjustments for secondary market transactions are obtained from the ITRS and custodian reports. Loans: The sources of data are surveys, administrative data of general government and monetary authorities, ITRS, foreign exchange control documents. Currency and deposits: The sources of data for currency and deposits are surveys of banks, Vnesheconombank and monetary authorities. The special model is used to assess the amount of national currency owned by non-residents. Intercompany loans: The sources of data are surveys and ITRS.

14 Other debt liabilities: This item is based on data from the Minfin of Russia, the Bank of Russia, banks, ITRS, information-analytical systems and specialized companies databases, mass media Source data definitions, scope, classifications, valuation, and time of recording [Degree to which source data approximate the definitions, scope, classifications, valuation, and time of recording required (as described in ).] Source data used by the Bank of Russia are consistent with the definitions, scope, classifications, and time of recording stated in the Guide and BPM Source data timeliness [Source data timeliness relative to what is required for producing statistical outputs whose timeliness meets applicable data standard (SDDS requirements or GDDS recommendations).] Data collection and processing are adequate to meet timeliness and periodicity for disseminating the external debt statistics. Respondents are aware of the deadlines set for data reporting. The Bank of Russia employs thorough follow-up procedures to ensure the timely receipt of source data (e.g., by contacting the respondents). 3.2 Assessment of source data Source data assessment [Routine assessment of source data including censuses, sample surveys, and administrative records (e.g., for coverage, sample error, response error, and nonsampling error); whether assessment results are monitored; how results are used to guide statistical processes.] Source data are routinely assessed for coverage, response error, over/under-coverage, misclassification, mismeasurement and etc.; the results of the assessments are monitored and made available to guide statistical processes. The procedures identify outliers and other atypical differences in periodic responses by individual survey units. Extreme values are confirmed with respondents, and records maintained on the confirmation. Accuracy of the data from surveys is routinely assessed. Source data are analyzed in the context of revisions. All significant changes arising from available upto-date data are incorporated into the external debt statement mainly during one year after the first publication of data. The list of main changes in external debt publications with the indication of the reasons of the revisions is published quarterly. 3.3 Statistical techniques Source data statistical techniques [Statistical techniques in data compilation to deal with data sources (e.g., to align them with target concepts from 2.1.1).] Data compilation procedures minimize processing errors such as coding, editing, and tabulation errors. Currency and deposits: The stock of the domestic currency owned by nonresidents as of the reference date is estimated as balance between inflows and outflows of banknotes. Banks are the main exporters (importers) of ruble banknotes. For each category of other economic agents involved in such transactions (such as legal entities, individuals, including migrants; travelers; individuals engaged in unregistered exports/imports of goods; residents employed abroad; non-residents employed in the Russian Federation, etc.), the shares of ruble currency transactions in the total volume of settlements are estimated by the Bank of Russia. A few economies use Russian ruble as their legal tender.

15 Debt securities: External debt data result from complex process of reconciliation of flows and stocks data available from different sources (surveys and ITRS). The totals sum up balances on security-bysecurity basis purchased by nonresidents. Nonparticipating preferred shares owned by non-residents are also included. Loans: Repurchase agreements and financial leases are treated as loans. Verification. Different report forms are cross-checked as far as possible Other statistical procedures [Statistical techniques employed in other statistical procedures (e.g., data adjustments and transformations, and statistical analysis).] Specific procedures are developed to adjust data from various sources to improve coverage, classification, and valuation and conform to guidelines set out in the Guide and BPM5. -Where position data are estimated from cumulating transactions data, revaluation is made to the position data to include valuation and other changes; -When external debt is contracted by a resident agency and the funds are onlent to another resident, the agency contracting the debt is recorded as debtor, and not the agency to which these funds are onlent; -A change in the terms of debt due to debt refinancing/rescheduling is recorded as the creation of a new debt with the original debt extinguished; -Debt liabilities of residents issued in the domestic market are included as external debt if owned by nonresidents; -Debt of residents issued in foreign markets are excluded from external debt if owned by residents; -Traded instruments are revalued to market prices using price information from the market that is updated on a regular basis. 3.4 Data validation Validation of intermediate results [Assessment and investigation of statistical discrepancies in intermediate data.] Intermediate results are checked across a wide range of data sources, including: -data on debt received from the Ministry of finance, creditor data, specialized securities databases, mass media, financial press and other sources are used to assess the reported information on external debt liabilities; -for high value external debt, borrowing data from financial accounts of enterprises can be compared with the reported information; Assessment of intermediate data [Assessment and investigation of statistical discrepancies in intermediate data.]

16 The behavior of series is routinely assessed against related series of balance of payments. The difference between the beginning and end-period value of external debt data for each liability category is equal to the sum of transactions, price changes, exchange rate changes, and other adjustments for that category Assessment of discrepancies and other problems in statistical outputs [Investigation of statistical discrepancies and other potential indicators of problems in statistical outputs.] Discrepancies with balance of payments transactions and data on IIP liabilities are investigated quarterly and as a result of this work either transactions or stocks are adjusted. Coverage of debt securities is compared against the results of the creditor data published by the Coordinated Portfolio Investment Survey (CPIS). Data derived from the Joint BIS-IMF-OECD-World Bank s Statistics database are used for making analytical tables of different kinds by country. 3.5 Revision studies Revision studies and analyses [ Periodicity with which studies and analyses of revisions are carried out; whether and how they are used internally to inform statistical processes (see also 4.3.3). The Bank of Russia prepares analytical commentary on the balance of payments revisions as well as a detailed table of discrepancies in which the amounts are specified. These materials are published annually in Bank of Russia s Bulletin and Balance of Payments and External Debt of the Russian Federation. List of revisions of balance of payments transactions and external debt stocks along with the reasons for the revisions are available in the same publications quarterly. Findings from revision studies are used to refine preliminary data and data collection programs for the subsequent periods. 4. Serviceability 4.1 Periodicity and timeliness Periodicity [Periodicity of statistical outputs relative to applicable dissemination standard (SDDS requirement or GDDS recommendation)] Russia is SDDS subscriber. Quarterly external debt position data, broken down by four institutional sectors (general government, monetary authorities, banks, and other sectors) are disseminated. Data are disaggregated by maturity (short- and long-term) and provided on an original maturity basis and by type of instrument Timeliness [Timeliness] The timeliness of the external debt statistical series follows the IMF data dissemination standards (SDDS). Quarterly external debt position data are disseminated in one quarter after the reporting date. Estimation of external debt position for the next reporting date is available and made public in 3 working days after this date. Gross External Debt Position by Sector (prescribed SDDS item) and Debt-Service Payment Schedule for Outstanding External Debt (encouraged SDDS item) are quarterly submitted to the World Bank s Quarterly External Debt Statistics database according to the predetermined schedule for data releases.

17 4.2 Consistency Internal consistency [Consistency of statistics within the dataset.] The external debt statistics is internally consistent. External debt position data are consistent with the corresponding external debt transactions data and projected payments data. Nominal and market value are reconcilable for traded instruments. Liabilities components of balance of payments are consistent with the corresponding external debt position data. Debt data are consistent with the corresponding series in the international investment position (IIP) statistics. Differences between government debt data published by the Minfin of Russia and the Bank of Russia's data on external debt arise from different bases of recording, and these differences are reconcilable. The Bank of Russia uses its own databases on secondary market transactions with securities to adjust the Minfin of Russia s debt data on government foreign exchange securities to bring it in line with the residency criterion. Also included are ruble denominated government debt securities held by nonresidents not recorded as external debt by the Minfin of Russia Temporal consistency [Consistency or reconcilability of statistics over a reasonable period of time.] The external debt statistics are consistent over time. Consistent time series are available since When changes in source data, methodology, or techniques are introduced, historical series are reconstructed as far back as reasonably possible. Detailed methodological notes identify and explain the main adjustments made to maintain consistency over time. Unusual changes in trends are explained in the commentary included in the external debt publication Intersectoral and cross-domain consistency [Consistency or reconcilability of statistics with those obtained through other data sources and/or statistical frameworks.] External debt position data are consistent with: -external debt data included within the IIP; -related transactions recorded in the balance of payments. 4.3 Revision Revision schedule [Transparency and regularity of revision schedule.]

18 To maintain integrity and comparability of time series, revisions are made to the earlier published data. The common revision methods and principles applied to the balance of payments, external debt and international investment position data are available on the Bank of Russia s website in Statistics section, External Sector Statistics subsection, Balance of Payments part. The existing practice employs the following types of revisions: - regular introduced within the year since the data have been first published for the reporting period in order to take account of changes in the reporting data, replace estimate figures with data obtained from reports coming with larger time lag; - one-time (single) introduced as far as information about significant unrecorded transactions is received, or in case of methodology changes. The historical data are revised as far as possible in case of major changes in methodology. However, the historical data are not revised in instance of changes to the data collection systems; - technical refer to the implementation of the double accounting principle of the balance of payments transactions, changes in coverage or other changes. The revisions are consistent and made simultaneously to the balance of payments, external debt and international investment position data. The revisions policy for external sector statistics, which include external debt data, is described in Bank of Russia Bulletin and in publication Balance of Payments and External Debt of the Russian Federation by means of appendix tables that identify the cause for revisions to specific items in the balance of payments and period of revision (on quarterly basis), and provide a comparison of initial and revised estimates with commentary. New source data are also indicated in these editions Identification of preliminary and/or revised data [Identification of preliminary and/or revised data.] At the time of data dissemination, users are informed whenever data are preliminary. At the time of data dissemination, users are informed whenever data are revised (for instance, when the data are published in Bulletin of Banking Statistics, there is a convention, that the revised data are printed in bold). If the status of the data is not identified in some statistical publications, the tables contain appropriate footnotes indicating that data are subject to changes in future publications Dissemination of revision studies and analyses [Dissemination of revision studies and analyses (see also 3.5.1).] Revisions are measured, assessed, and explained in the external debt publications. Major reclassifications on external debt components are clearly identified through table footnotes. The Bank of Russia publishes a list of revisions to the data in which the amounts and the reasons for the revisions are specified for each category of external debt if they occur. 5. Accessibility 5.1 Data Statistical presentation [Statistics are presented in a way that facilitates proper interpretation and meaningful comparisons (layout and clarity of text, tables, and charts)]

19 The external debt statistics are disseminated according to the classifications recommended by the Guide and BPM5, and in time series form. Commentaries on current-period developments are included. Data on future external debt-service payment schedules, in which the interest and principal components are separately identified, are disseminated quarterly for the twelve months, next four quarters and the following two years ahead within one quarter after the reference period. Data are broken down into institutional sectors and - for principal payments - instruments. Estimation of external debt position for the next reporting date is available and made public in 3 working days after this date. Additional tables are disseminated to meet a range of users' needs with various levels of detail: - External Debt of the Russian Federation (data for central government broken down by type of creditor); - External Debt of the Russian Federation analytical presentation (data for public and private sectors subdivided into short-term and long-term debt); -External Debt of the Russian Federation detailed analytical presentation (data for public and private sectors subdivided into instruments); -External Debt of the Russian Federation in National and Foreign Currency detailed analytical presentation (data for public and private sectors subdivided into instruments and domestic and foreign currencies); - Russian Federation: Net External Debt Position (debt liabilities minus corresponding assets); - Loans Received by Nonbanking Corporations, by Currency; - Loans Received by Nonbanking Corporations, by Country; - International Investment Position for External Debt of the Russian Federation (reconciliation among flows, valuation and other changes and stocks); - Actual Payments on the External Debt of the Federal Government of Russia (in Russian); -a set of tables on banks liabilities in various breakdown. Data are disseminated in billions of US dollars and cover the entire economy. Data are disseminated by maturity (on an original maturity basis), and by instrument. External debt and other relevant data are available on the following web pages: and and in the quarterly publication Balance of Payments and External Debt of the Russian Federation, in which analytical materials are presented as well Dissemination media and format [Dissemination media and format meet user needs.] Statistics are disseminated in ways that facilitate re-dissemination in the media. External debt position data are available in formats consistent with the World Bank s Quarterly External Debt Statistics (QEDS) database. More comprehensive and/or detailed statistics are also disseminated in paper and electronic formats. Current statistics can be accessed for free through electronic database maintained by the Bank of Russia on the following web pages:

20 and Hard copy - New release [Hard copy - New release] External debt statistics are released on the pre-announced schedule. A schedule announces in advance the dates on which the statistics are to be released. The statistics are released punctually, that is according to the pre-announced schedule which is available on the Bank of Russia website in IMF Special Data Dissemination Standard (SDDS) section, Advance Release Calendar subsection at: and in Bulletin of Banking statistics Hard copy - Weekly bulletin [Hard copy - Weekly bulletin] Bank of Russia s Bulletin (in Russian) Hard copy - Monthly Bulletin [Hard copy - Monthly Bulletin] Bulletin of Banking Statistics (in English and in Russian); Hardcopy publications are available from: Business News Agency Prime-TASS 2, Tverskoi blvd., , Moscow, Russia. Tel.: ; Fax: ; Internet Address: Hard copy - Quarterly bulletin [Hard copy - Quarterly bulletin] Balance of Payments and External Debt of the Russian Federation (in Russian) Hard copy - Other [Hard copy - Other] Annually: Annual Report of the Bank of Russia Monthly: Bulletin of Banking statistics (in Russian and in English)