Cash clearing system - Russia


The RUB cash clearing system is based upon five processing cycles throughout the day in the Central Bank of Russia (CBR), as follows:

CBR processing cycleInstructions to CBR
(Moscow Time) a
CBR reporting
(Moscow Time) a
Cycle 110:00 - 11:0012:00
Cycle 211:15 - 14:0015:00
Cycle 314:15 - 16:0017:00
Cycle 416:15 - 18:0020:00
Cycle 519:00 - 21:0022:00

a. Moscow Time = CET+2 hours during winter time and CET+1 hour during summer time.

Current market practice

The features of market practice in the Russian cash clearing process are as follows:

  • Cycles 1, 2 and 3 are rarely used: funds are transferred to counterparties mainly during Cycles 4 and 5.
  • Instructions are processed on a gross basis: netting is not allowed.
  • Cash received during one cycle cannot be used to execute payments until the following cycle.
  • Funds received up to and including Cycle 4 will be placed overnight as per the mandatory reserve requirements of the CBR: funds will be returned by the end of Cycle 4 on the following day.
  • Funds received in Cycle 5 will not be included in the overnight placements.
  • Reporting is provided by the CBR after each cycle and by domestic participants throughout the day.
  • The market does not operate on the basis of SWIFT MT210 messages.

Application of value date (VD)

If no delays occur, funds received in Cycle 4 are, as a general rule, applied to the counterparty with same-day value.

The results from Cycle 5 (which runs between 19:00 and 21:00 Moscow Time) are available at around 22:00 Moscow Time. As this cycle occurs after the close of business in Russia, practice indicates that, for funds transferred during Cycle 5, the delivering party is debited for same-day value and the receiving party is credited for VD+1.