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On July 15, 2025, the . The implementation date was set following an initial delay of the rollout that was scheduled to commence in July 2025. â€‹The digital ruble is a digital representation of a traditional ruble issued and regulated by the Central Bank of Russia (CBR). Unlike other cryptocurrencies, it operates under the CBR’s direct control, offering an official, government-backed alternative to cash and other electronic payment methods.

The CBR has mandated that major banks be the first to offer their clients the opportunity to use digital rubles to open accounts, make transfers, pay for goods and services, and conduct other transactions. The requirement will be extended to all banks and retailers in stages by September 2028.

September 1, 2026 

• Major banks must offer clients an opportunity to use digital rubles.
• Retailers that are clients of major banks and whose revenue for the previous year exceeds RUB120m will be required to accept payment in digital rubles.

September 1, 2027

• Banks with a universal licence must offer clients an opportunity to use digital rubles.
• Retailers with an annual revenue of more than RUB30m are required to start processing digital ruble transactions.

September 1, 2028

• Remaining banks must offer clients an opportunity to use digital rubles.
• Retailers with an annual revenue under RUB30m are required to start processing digital ruble transactions.

Retail outlets with an annual revenue of less than RUB5m will be exempt from the obligation to accept payments in digital rubles.

The Bigger Picture

The digital ruble is Russia’s central bank digital currency (CBDC), introduced by the CBR as part of a broader initiative to modernise the country’s payment system and reduce its reliance on foreign currencies, such as the US dollar and the euro. The CBDC would also allow the bypass of Western financial infrastructure such as Swift. The digital ruble was first proposed in 2020, and its pilot programme was launched in 2023, . A full-scale rollout of the digital ruble was set for July 2025, in which major banks and businesses would begin accepting digital ruble payments. However, in February 2025, the July 2025 rollout was delayed, with the  that further details still needed to be worked out and that banks needed to be consulted on the most attractive economic model for their customers before the digital ruble could be fully implemented. On July 15, 2025, the  that the mass implementation of the digital ruble would begin on September 1, 2026, more than one year after the initial implementation deadline.

Over the last decade, there has been a global trend of governments exploring or already implementing their own CBDCs in response to the increasing use of digital payments, the popularity of cryptocurrencies and a decline in the use of cash. Three countries have officially launched their CBDCs:   and , while many others are in the development or pilot phase. The digital euro, a CBDC proposed by the European Union, the digital Canadian dollar and the US CBDC are all still in the discovery phase. In contrast, Russia has sped past these Western jurisdictions in the race to launch a CBDC, with its pilot phase soon coming to an end. The speed at which the country has been able to pilot and be ready to implement the digital ruble could have been in reaction to its weakened economy, compounded by the sanctions that have been placed on it following its invasion of Ukraine. If not for its implementation delay to September 2026, Russia would be the only European country with a working CBDC, and could still be.

Once fully implemented, the digital ruble would provide many benefits for Russia, such as reduced reliance on foreign currencies, increased financial transparency and positioning Russia as a leader in the emerging digital currency space. However, considering the position that Russia currently holds on the international stage, in relation to the war in Ukraine and the imposition of multiple economic sanctions, which has significantly affected Russia’s international settlements and payment infrastructure, it could be inferred that the launch of the digital ruble would allow the country to circumvent the sanctions that have been placed on it. 

In 2022, the majority of Russia’s banking system was disconnected from the Swift international payment network, which has hindered international payments by Russian companies, and transactions in CBDCs do not require the use of Swift. 

Why should you care?

With the introduction of the digital ruble, Russia has made strides toward aligning itself with global financial standards. Most recently,  was passed, which establishes that the anti-money laundering (AML) control over digital ruble transactions in Russia will be carried out by both commercial banks and the CBR, the operator of the digital ruble platform. Commercial banks will continue to identify clients opening a digital ruble account, identify clients whose access to the platform should be restricted and perform other AML functions they already carry out. As the operator of the digital ruble platform, the CBR will evaluate transactions and block funds and transfers in cases of suspected illegal activity. It will also provide the Federal Financial Monitoring Service with relevant information. Bringing the digital ruble into the AML framework is a crucial step in preventing its use for illicit activities, and it could foster international trust in the new digital currency. 

Once the implementation of the digital ruble begins in 2026, more financial institutions will be able to participate in the digital ruble platform, along with more users, which benefits financial institutions but also changes/increases their regulatory burden. The benefits of the digital ruble for financial institutions include:

• Enhancing their operational capabilities with faster payment settlements, which will allow them to process cross-border and domestic transactions almost instantaneously and with lower transaction fees. With the digital ruble platform operating 24/7, financial institutions will be able to offer customers round-the-clock access to their funds and facilitate instantaneous money transfers.
• Offering new opportunities for customer engagement, such as the creation of digital wallets and payment systems that can serve a broader range of customers, including those that are underserved by traditional banking systems.
• Strengthening their reputation and trust: as the digital ruble is traceable and transparent, financial institutions’ efforts for transparency may be more easily recognised, especially by international regulatory bodies. This will be essential for fostering trust in Russia’s financial system, both domestically and internationally.

To capitalise on the benefits of the digital ruble and CBDCs in general, financial institutions  should take key preparatory steps, such as:

• Assessing operational risks in order to identify potential risks such as system outages, fraud or misuse of programmable features. 
• Conducting risk assessments on how offering CBDC services will impact their business as a whole.
• Reviewing their AML policies and controls, and determining if they are compatible with CBDC services.
• Coordinating with central banks, such as the CBR, regarding when and how the AML screenings will take place.
• Determining how their systems should be updated.
• Implementing tools to trace and audit digital ruble transactions for operational and compliance purposes.
• Launching educational campaigns to inform clients about the use of CBDCs, such as the digital ruble, the benefits and any changes to banking services.

Next Steps

The digital ruble demonstrates Russia’s strategic ambition to modernise and protect its financial infrastructure, and to enhance its global competitiveness in the rapidly evolving digital economy.

If the CBR does not delay further, implementation of the digital ruble will begin on September 1, 2026, with a full rollout expected by September 2028. This could result in Russia being the only jurisdiction in Europe with a functioning CBDC, allowing them to set the standard in shaping how CBDCs are implemented in the region, while also giving Russian financial institutions and developers a head start in building the infrastructure, tools and digital payment rails for CBDCs.