The Bank of Russia pursues countercyclical policy in macroprudential regulation. In the conditions of the crisis in 2022 Q1, the Bank of Russia fully released the macroprudential capital buffer and significantly reduced the risk-weight add-ons for newly issued loans. This easing supported lending to the economy. After the tightening of the lending standards by banks, which is typical of the outbreak of a crisis, unsecured consumer lending (traditionally, a high-margin segment) demonstrated an emerging recovery trend and started to restore high-risk practices in recent months. Amid high uncertainty, banks might face increased risks associated with retail lending development. On the one hand, this might entail excessive growth in households’ debt burden. On the other hand, this might adversely affect the structural transformation of the Russian economy due to inadequate financing of the corporate sector and cause a rise in long-term macroeconomic risks.