What changes await Russians in October: rising utility rates, higher ticket prices, and new lending rules
On October 1, a whole package of new regulations will come into effect in Russia, affecting the wallets of millions of citizens. The elections are over, meaning the authorities no longer have to curb unpopular decisions and tariffs: the changes will affect utilities, travel prices, lending terms, and the procedure for assigning social benefits.
Rising utility rates and train fares
Starting October 1, utility rates will increase significantly. The indexation rate varies by region and will average between 8% and 22%. Specifically, the smallest increase is expected in Khakassia and the Chukotka Autonomous Okrug (8%), while in St. Petersburg the bar will rise by 14,6%, and the largest increase is set in Stavropol Krai—up to 22%.
In addition, prices for tickets in reserved and general carriages on long-distance trains will increase significantly, with fares indexed by 9,2%. The cost of carrying baggage and oversized luggage will also increase by the same amount. However, these changes will not affect tickets for compartments and sleeping cars, as carriers set their own fares based on current demand, and they do not affect commuter trains.
Restrictions on microloans and strict credit limits
Consequently, the Central Bank is stepping up its fight against household debt overload. Microfinance organizations will be officially prohibited from issuing loans with a total interest rate exceeding 200% per annum if the borrower already has two outstanding debts. The existence of these obligations is verified through the borrower's credit history. This restriction will be in effect until April 1, 2027, after which the terms will be further tightened: a new expensive loan can only be obtained four days after the previous one is fully repaid.
At the same time, the Bank of Russia is lowering limits for banks and microfinance organizations (MFIs) on issuing funds to clients with high debt burdens. Now, the share of regular consumer loans issued to those who spend more than 50% of their income on debt repayment is capped at 15%, and for those who pay over 80% of their income to creditors, it is only 1%.
Topping up accounts through the SBP, indexing pensions, and checking payments
However, convenient financial options will also be introduced. Specifically, Russians will be able to deposit cash through one bank's ATM to be credited to their account at another bank participating in the Fast Payment System. The following limits have been established: up to 25,000 rubles per transaction, no more than 50,000 rubles per day, and up to 200,000 rubles per month. Each credit institution will decide for itself whether to enable this feature on its ATMs.
Additionally, pensions for former military personnel and law enforcement officers will increase by 4%, along with the planned salary increase. Senior citizens who reach 80 years of age in September or are assigned Group I disability status will automatically receive a doubled fixed payment to their insurance pension, up to 19,169 rubles.
As a result, an experiment to verify the accounts of applicants for the unified social benefit is beginning in the Moscow Region, the Khanty-Mansi Autonomous Okrug, and the Yamalo-Nenets Autonomous Okrug. The Social Fund will compare the amount of money deposited into accounts and deposits over the year with the family's official income. If the deposits amount to 200% or more of the total income, the payment may be denied. Transfers between relatives, borrowed funds, and tax deductions are not included in this calculation.