// definition
OFZ
Russian federal government bonds
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Short definition
Debt securities issued by the Russian federal government. They provide funding in exchange for future payments governed by each issue’s terms. Fixed and floating coupons allocate interest-rate risk differently. A repo can provide liquidity to the holder of an eligible security, subject to conditions and a valuation haircut.
risk atlas
Knowledge map
Intuition
The Treasury receives rubles at issuance; the bond’s terms determine subsequent payments.
Why it matters now
Domestic financing links Russia’s budget choices to bank portfolios and changes in interest rates.
Related analyses
Primary sources
- Bank of Russia: OFZ bondsFederal government bond terminology, February 6, 2026.
- Bank of Russia: repo operationsLiquidity, eligible securities and haircuts.
- BOFIT: floating-rate auctionDomestic financing observed in early September 2026.