In Ukraine, the financial stress index has fallen to pre-war levels, whilst in Russia it is breaking records

This is stated in a report by the NBU and *The Moscow Times*.

In early 2026, the regulator noted fluctuations in the index. These were triggered not only by the weakening of the hryvnia but also by a seasonal decline in banks’ liquidity ratios.

Despite this, the situation improved significantly in the spring. One of the main reasons was the corporate securities sub-index. It improved thanks to the redemption by Ukrainian corporations of high-yielding Eurobonds.

The index of Ukrainian companies’ share prices on the Warsaw Stock Exchange also played an important role.

“The government securities sub-index reached its lowest levels since the start of the full-scale invasion, thanks to a fall in yields on government bonds and a narrowing of spreads on sovereign Eurobonds,” the NBU report states.

The National Bank emphasises that the financial stress index reflects the current state of affairs in the financial sector. It does not take into account future risks and challenges. A further point to note is that this indicator remains volatile (subject to change).

As for the situation in Russia, the index there has set a new record. It reached 2.47 points, marking its highest level since October 2022.

“The indicator has come very close to the threshold of 2.5 points, exceeding which has historically corresponded to periods of crisis in the financial system,” writes The Moscow Times.

As a reminder, it was previously reported that the National Bank had recorded the longest period of rapid lending growth in 15 years.

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