In 2023-2024, the Russian financial market continued to develop under external restrictions. The approaches chosen to preserve the market principles and the openness of the Russian economy played the key role and thus ensured the flexibility and adaptability of the system in a changing environment. The phasing-out of the regulatory easing introduced in 2022 was completed to a considerable extent. Financial institutions remained resilient in the new realities. Structural changes in the Russian economy require significant resources that, in the medium term, can be provided primarily from internal sources. The financial market should contribute to the formation of such resources by transforming savings into investments. The Russian Financial Market Development Programme for 2025-2027 (Programme 2025-2027) is the main medium-term document on the development of the domestic financial market. This document reveals the main goals, principles and areas of the financial market development policy as well as the key objectives that the Bank of Russia will address collaboratively with the Government of the Russian Federation.