Importance Under the pressure of the so-called stress testing factors, which influenced the Russian economy in 2014, the situation turned into crisis in the beginning of 2015. A dramatic fall in the national currency value caused, inter alia, by speculative operations in the financial market, and the sanctions of the European Union against major Russian banks resulted in serious problems in the banking sector. The latest bailout plan of the Government of the Russian Federation came with the State backing of financial establishments through allocating funds from the Reserve Fund. To maintain sustainable functioning of the financial system, the Central Bank of the Russian Federation strengthens control over its participants and assigns the systematically important status to some of them. Objectives The main objective is to research the institution of systematically important banks and estimate the level of its influence on sustainable functioning of the banking system. Methods We applied comparative methods while studying the approaches to determining systematically important financial institutions that are available in science and in practice. We also analyzed laws and regulations on systematically important banks in Russia. Conclusions and Relevance The institution of systematically important banks in the Russian banking sector, as well as other macroprudential measures are critical to maintain the stability of such organizations and the banking system as a whole. We have found out the benefits such organizations get after they are assigned to the systematically important category, i.e. State aid and higher level of customer confidence. The performed analysis of additional requirements to such organizations (tougher supervision on the part of the Central Bank of Russia, tighter liquidity and capital adequacy ratios, etc.) contributes to the relevance of the study.
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