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Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Carbon credits · Russia · 2021–2026

Russia's national carbon-unit system under Federal Law 296-FZ

Nature's voice · report
No measurement of the harm done to me here is on record.
Did nature suffer? Not measured.
Not on record
  • The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 4 none on record · 2 not disclosed · 1 not measured · 6 disputed · 2 unclear See the gaps

Federal Law 296-FZ of 2021 created Russian carbon units, each the verified result of a climate project equal to one tonne of CO2 equivalent. The national registry lists 141 projects and 37,726,274 units in circulation, and sources give conflicting figures for circulation and prices.

37,726,274Carbon units in circulation in the national registry
Registry data of 18 October 2026, with 141 projects and 255,377 units retired; other sources give different circulation figures.

Status As of October 2026: registry lists 141 active projects; reserve account for reversal-risk projects takes effect 1 March 2027; CORSIA decision awaited.

What?
Russia's national registry lists 141 climate projects and 37,726,274 carbon units in circulation under Federal Law 296-FZ; the largest project, run by Gazprom MKS, accounts for 28,272,196 of the units in circulation. JSC Kontur
Where?
Russian Federation, nationwide; registry operator JSC Kontur. JSC Kontur
When?
Law signed 2 July 2021; registry data read 18 October 2026; reserve account from 1 March 2027. President of Russia (kremlin.ru)
Who?
Gained
  • Gazprom MKS — 28,272,196 units in circulation from the methane-venting prevention project JSC Kontur
  • Project holders such as Polyus Krasnoyarsk, Nizhnekamskneftekhim, RUSAL Krasnoyarsk and TANECO — Verified volumes of 2,156,797; 1,988,512; 1,351,054 and 1,112,998 units JSC Kontur
  • Kontur — Registry operator; services exempt from VAT since early 2024 Interfax
Lost
  • Unit sellers — Prices reported from 1,000 down to 150–250 roubles per tCO2 (EastRussia); an average of about 700 roubles barely covering verification (Kept) EastRussia
Harmed
None on record
Why?
Units are issued as verified results of climate projects and retired to offset a carbon footprint or to meet Sakhalin experiment quotas. President of Russia (kremlin.ru)
How?
Projects are registered, validated and verified, units are issued in the registry and sold over the counter and on exchange. JSC Kontur
6 of 6 questions answered from the record

What happened

The record, in order.

Federal Law of 2 July 2021 No. 296-FZ "On limiting greenhouse gas emissions" defines a climate project as "a set of measures ensuring the reduction (prevention) of greenhouse gas emissions or an increase in their absorption" (Art. 2(7)) and a carbon unit as "the verified result of implementing a climate project, expressed as a mass of greenhouse gases equivalent to 1 tonne of carbon dioxide" (Art. 2(9)). Owners may retire units "in order to reduce the carbon footprint" (Art. 11(3)), and issued units "are taken into account when assessing achievement of greenhouse-gas reduction targets" (Art. 9(7)). Organisations emitting 150 thousand tCO2e or more a year, and from 1 January 2024 those emitting 50 thousand tonnes or more, must file annual emission reports by 1 July. Criteria for climate projects are delegated to the authorised federal executive body (Art. 9(2)). The registry operator is JSC Kontur.

The registry data on carbonreg.ru, read on 18 October 2026, listed 141 projects, all with state "active"; 120,786,335 carbon units planned for issue; 37,726,274 in circulation; and 255,377 retired against a carbon footprint. The page also carried quota-unit fields of 741,491 (total) and 13,195 (fulfilled). The largest single project, 41-2023-00000007, is run by OOO Gazprom MKS and prevents methane venting during repair of trunk gas pipelines, using mobile compressor stations, across 15 Gazprom gas-transport subsidiaries in the Unified Gas Supply System from Yamal to the Kazakh border. It was registered on 22 November 2023 with a project start of 1 October 2019. Verified results for 2019–2022 were 275,316, 5,982,805, 10,010,323 and 12,038,393 tCO2e; the registry shows 28,272,196 units of this project in circulation, 34,641 retired and 49,928,002 planned to 2029, against a baseline of 24,650,303.6 tCO2e a year of venting (the 2016–2018 average). Other large issuers by verified volume are AO Polyus Krasnoyarsk (power substitution, 2,156,797), PAO Nizhnekamskneftekhim (energy efficiency, 1,988,512), AO RUSAL Krasnoyarsk (forest fire protection, 1,351,054) and AO TANECO (1,112,998).

Other bodies gave different counts. The Ministry of Economic Development reported 132 climate projects and 37 million units in circulation, 1.2 million of them issued in 2026, as of 12 August 2026. A study by Kept, reported by Vedomosti, counted 127 projects with potential of 109 million units as of 1 August 2026, of which 37.6 million were in circulation, and 110 of the 127 projects were reduction rather than absorption projects. Kontur's Yevgeny Panin said in July 2026 that 122 projects were registered and about 37 million units were in circulation, and that 97 projects would complete crediting periods by 2035 and issue 57.9 million units.

On the demand side, Kontur said about 90% of all retirements in the registry were by Sakhalin experiment participants meeting quotas; retirements totalled 72,400 tonnes in the first half of 2026 against 145,700 tonnes in all of 2025. The registry news feed lists recent retirements to offset the carbon footprint of OOO RVB (30 September 2026) and OOO UK Rosvodokanal (16 October 2026), and a credit of quota units to OAO Russian Railways (15 October 2026). Individuals made their first retirements in 2026 (220 units). Russia applied in March 2026 to include its national system in ICAO's CORSIA, with a decision expected in the fourth quarter of 2026. Government Decree No. 234 of 5 March 2026 adds conditions for international-cooperation climate projects from 1 September 2026 to 1 September 2032: public consultation, Ministry of Economic Development approval, a registry mark on the project and on each unit, and transfer of information to the UNFCCC secretariat. A registry reserve account for projects at risk of reversal takes effect on 1 March 2027.

Prices and market depth were reported differently. Vedomosti cited starting exchange bids of 550–625 roubles a unit with price guidance of 600 roubles (July 2026) and a Kept partner's estimate of 700–1,000 roubles per tCO2e. A Kept manager told Kommersant that from 2022 to July 2025 the volume of deals was about 2.5 million roubles at an average price of about 700 roubles a unit, which "often barely covers the cost of verification", and that fewer than 200 thousand of more than 100 million potential units were in circulation. EastRussia, reporting a Sakhalin forum, said prices fell from about 1,000 to 150–250 roubles per tCO2. Deputy Economy Minister Ilya Torosov said in April 2024 that Russia spends about 10 billion roubles a year on climate projects, including forest planting and measuring ecosystem and ocean absorption; registry-operator services have been exempt from VAT since early 2024.

  1. 2021Federal Law 296-FZ signed (2 July)
  2. 2023Gazprom MKS methane project 41-2023-00000007 registered (22 November)
  3. 2024Reporting threshold for regulated organisations falls to 50 thousand tCO2e (1 January)
  4. 2024Registry-operator services exempt from VAT from early 2024 (reported 23 April)
  5. 2026Application to CORSIA (March); Decree No. 234 (5 March); registry reports 141 projects (October)
  6. 2027Registry reserve account for reversal-risk projects takes effect (1 March)

What was said

Claims, in the words of those who made them.

“a set of measures ensuring the reduction (prevention) of greenhouse gas emissions or an increase in their absorption”

“the verified result of implementing a climate project, expressed as a mass of greenhouse gases equivalent to 1 tonne of carbon dioxide”

“often barely covers the cost of verification”

Nikolai Trofimov, manager at Kept, on the average unit price of about 700 roubles (translated) · 13 August 2026 · translated from Russian · Kommersant

“mainly on paper”

Kept (Nikolai Trofimov), on the existence of the carbon-unit market (translated) · 13 August 2026 · translated from Russian · Kommersant

“the carbon-unit market is infrastructurally ready”

Yevgeny Panin, Kontur (translated) · July 2026 · translated from Russian · Vedomosti

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

How many carbon units are in circulation
Standard-setters and registries
National registry (JSC Kontur)

37,726,274 units in circulation on 18 October 2026.

JSC Kontur
Government and regulators
Ministry of Economic Development

37 million units in circulation as of 12 August 2026, 1.2 million of them issued in 2026.

Kommersant
Company or project
Kept (Nikolai Trofimov)

Fewer than 200 thousand of more than 100 million potential units are in circulation.

Kommersant
The price of a carbon unit
Company or project
Kontur (via Vedomosti)

Starting exchange bids of 550–625 roubles per unit with price guidance of 600 roubles (July 2026).

Vedomosti
Company or project
Kept partner Vladimir Lukin

Prices of 700–1,000 roubles per tCO2e.

Vedomosti
Press and investigations
EastRussia (Sakhalin forum report)

Prices fell from about 1,000 to 150–250 roubles per tCO2, described as a supply surplus.

EastRussia
Whether a functioning market exists
Company or project
Kontur (Yevgeny Panin)

The carbon-unit market is infrastructurally ready.

Vedomosti
Company or project
Kept (Nikolai Trofimov)

The market exists mainly on paper; mandatory demand is almost absent apart from Sakhalin and the external market is closed.

Kommersant

How it looked

What was shown, beside what was recorded.

Shown

  • The reserve account will widen the scope of the Russian programme under CORSIA; natural climate projects are to be added later.
    Ministry of Economic Development, as reported by Kommersant, 13 August 2026 · Kommersant
  • The reserve is a guarantee for foreign buyers and a sign of Russia's readiness for the international market.
    Oksana Gogunskaya, CEO of Kontur, as reported by Kommersant, 13 August 2026 · Kommersant
  • Carbon units are a risk-management tool and a commercial asset.
    Sibur representatives (Gizzatullin, Galaktionova), as reported by Vedomosti, 27 August 2026 · Vedomosti
  • The project aims to cut greenhouse gas emissions and save natural gas; without it the gas would have been vented.
    Gazprom MKS, in the registry project description · JSC Kontur

Recorded

  • Registry data of 18 October 2026: 141 projects, all with state "active"; 120,786,335 units planned for issue; 37,726,274 in circulation; 255,377 retired.
    JSC Kontur
  • Gazprom MKS project 41-2023-00000007: 28,272,196 units in circulation, 34,641 retired, 49,928,002 planned to 2029; verified results 275,316, 5,982,805, 10,010,323 and 12,038,393 tCO2e for 2019–2022.
    JSC Kontur
  • Retirements by Sakhalin experiment participants were about 90% of all retirements; 72,400 tonnes in the first half of 2026 and 145,700 tonnes in 2025 (Kontur).
    Vedomosti
  • Registry project entries carry no additionality test field; the text of 296-FZ contains no definition of additionality.
    President of Russia (kremlin.ru)
  • Individuals made their first retirements in 2026 (220 units).
    Vedomosti

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
No figure published.

Gained elsewhere

Not totalled
State spending on climate projects including forest planting and absorption measurement (Deputy Economy Minister Torosov), per year≈ 10bn
Volume of carbon-unit deals 2022 to July 2025 at an average of about RUB 700 per unit (Kept manager, via Kommersant)≈ 2.5m
As stated in the article.
Currency: RUB · Window: 2022–2026. All figures cover the same period. * Estimate built from cited figures.

Responses on record

  • Ministry of Economic Development (August 2026): The reserve account will widen the scope of the Russian programme under CORSIA; natural climate projects are to be added later. · Kommersant
  • Kontur (July 2026): The carbon-unit market is infrastructurally ready; supply is rising, demand is slowing and prices have stabilised (Yevgeny Panin). · Vedomosti
  • Gazprom MKS (2023): The project aims to cut greenhouse gas emissions and save natural gas; without it the gas would have been vented. · JSC Kontur
  • Strategy Partners (August 2026): The reserve account does not by itself secure international recognition (Elena Pastukhova). · Kommersant

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

No court case on record. No court has ruled on this case.

Insurers

No insurer decision on record.

What nature saw

Outcomes measured on the ground, and nature's note.

Nature's report opens this page. Below: further outcomes measured on the ground.

Projects in registry
141
All with state active, 18 October 2026
Units in circulation
37,726,274
Registry data
Units retired
255,377
Against a carbon footprint, registry data
Largest project
28,272,196 units
Gazprom MKS methane project, in circulation

What we don't know

Undisclosed, unproven, untried: recorded as data.
No court caseNo independent ecological evaluationKey earnings undisclosed

Nature

  • Not measured Harm to nature: No independent ecological evaluation is on record.

Court

Accounts

  • Disputed How many carbon units are in circulation
  • Disputed The price of a carbon unit
  • Disputed Whether a functioning market exists

Record

  • None on record None on record: a definition of additionality in the text of 296-FZ; criteria for climate projects are delegated to the authorised federal executive body (Art. 9(2)).
  • None on record None on record: an additionality test field in registry project entries.
  • None on record None on record: independent measurement of any project's effect on emissions; the registry holds project-reported, verifier-confirmed reductions.
  • Not disclosed Not disclosed: prices and volumes of individual over-the-counter transactions in the registry data.
  • Not disclosed Not disclosed: per-project buyer identities; the registry names buyers only in retirement news items.
  • Disputed Figures differ: units in circulation are 37,726,274 in the registry, 37 million per the Ministry of Economic Development, 37.6 million per the Kept study and fewer than 200 thousand per a Kept manager; the article does not say whether the last figure refers to traded units.
  • Disputed Figures differ: the number of projects is 141 in the registry, 132 per the Ministry (12 August 2026), 127 per the Kept study (1 August 2026) and 122 per Kontur (July 2026).
  • Disputed Figures differ: prices are 550–625 roubles at exchange start with guidance of 600 (Vedomosti, July 2026) and 700–1,000 roubles (Kept partner), while EastRussia reports a fall from about 1,000 to 150–250 roubles.
  • Unclear Unclear: the decision on Russia's March 2026 application to CORSIA, expected in the fourth quarter of 2026.
  • Unclear Unclear: whether amendments to 296-FZ after 2021 changed the regulated-organisation thresholds or added quota obligations.

Did the harm stop?

None on record.

Who paid?

None on record.

Sources

Voices on record: — Company or project✓ Government and regulators— Courts✓ Press and investigations— Communities and civil society— Researchers✓ Standard-setters and registries

Government and regulators

Press and investigations

Standard-setters and registries

Connected cases

Related matters, and cases linked to this one through the same organisations, with the role each played in both.
Terms used on this page

Carbon and conservation finance

Baseline
The projected scenario of what would have happened without a project, such as an expected rate of deforestation. Credits are issued for the difference between the baseline and what actually happened, so an inflated baseline produces more credits.
Offset
Using carbon credits to balance emissions released elsewhere, so that a buyer can claim lower or zero net emissions.
Retired credit
A credit that has been used to make a climate claim and is permanently removed from circulation in the registry.
Standard-setter and registry
An organisation that writes the rules for carbon credits, approves projects, and records when credits are issued and retired. Such bodies typically charge fees per credit.

Bonds and banking

Guarantee
A commitment by a third party, often a development bank, to pay if the borrower does not.
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