Russian Banks Instructed To Permit Client Use of Digital Rubles From July 1, 2025

The Digital Ruble will be in use across Russia in less than a years’ time, as the Central Bank has issued instructions to Russia’s systemically important lending institutions to allow clients the option to conduct transactions in Digital Rubles by July 1, 2025. The regulator has sent the corresponding proposals on amending the legislation to the Finance Ministry, the Central Bank said.

The banks concerned are Gazprombank, Sovcombank, Promsvyazbank, Russian Agricultural Bank, Sberbank, Tbank (formerly Tinkoff Bank), Alfa-Bank, VTB , FC Otkritie, UniCredit Bank, Credit Bank of Moscow , Rosbank and Raiffeisenbank.

Bank clients will have ethe right to open digital ruble accounts, deposit cash into them, make funds transfers, as well as receive digital rubles via the relevant infrastructure, the Central Bank of Russia said. Russia will be the first country in the world to fully introduce a digital variant of its sovereign currency in large scale format to its general public.

Russia’s smaller banks have been given more time to adjust their systems – their deadline is July 1, 2026, while other credit institutions have to make sure they comply with the requirement by July 1, 2027.

In addition, the regulator plans to set deadlines for the mandatory acceptance of payments in digital rubles by trade and service companies (TSCs). This requirement is to be fulfilled by July 1, 2025 by companies with annual revenue of over ₽30 million (US$330,000) by July 1, 2026 by those with annual revenue of over ₽20 million (US$220,000) and by July 1, 2027 by all other companies.

Payments for purchases with digital rubles will be conducted using a universal QR code based on the National Payment Card System, which will help banks and TSCs avoid additional costs.

The digital ruble is a third variant of the national currency that has been designed to expand the options of making payments and funds transfers. Digital ruble transactions have been piloted since August 15, 2023, with around 600 individuals from among employees of 12 banks taking part in the first phase.

The second pilot phase started from September 1, 2024 and is involving 9,000 individuals, and 1,200 TSCs.