Russia Delays Digital Ruble Launch to September 2026

The Central Bank of Russia has announced that the digital ruble, the nation's central bank digital currency (CBDC), will be launched nationwide on September 1, 2026. This decision comes after a series of delays and adjustments to the initial rollout plan, which was initially set for July 2025. The postponement was due to technical and regulatory challenges that needed to be addressed to ensure a smooth transition.

The phased rollout plan, submitted to the State Duma, outlines a structured approach to integrating the digital ruble into the financial system. Starting from September 1, 2026, the largest systemically important banks will be required to provide their clients with the option to conduct transactions using the digital ruble. These banks include Sberbank, VTB, Alfa-Bank, T-Bank, Russian Agricultural Bank, Gazprombank, Sovcombank, PSB, Moscow Credit Bank, Raiffeisenbank, and UniCredit Bank, as well as six other significant players in the payment services market.

Retail companies that are clients of these major banks and had annual revenue exceeding 120 million rubles in the previous year will also be mandated to open their infrastructure to digital rubles and enable payments for goods and services using the digital ruble from the same date. Other banks with a universal license, along with their corporate clients with annual revenue exceeding 30 million rubles, will have until September 1, 2027, to adjust their systems. The remaining banks and merchants with annual revenue below 30 million rubles will be required to work with the digital ruble starting September 1, 2028. This obligation will not apply to retail outlets with annual revenue of less than 5 million rubles.

The new timeline was established following discussions with market participants and relevant ministries, accounting for the time needed by banks and retailers to adapt their systems. Payments with digital rubles will be processed through a universal QR code system developed by the National Payment Card System (NPCS). All banks must complete technical preparations to support this system by September 1, 2026. The NPCS universal QR code enables acceptance of all payment types, including banks' pay services, the Faster Payments System (FPS), installment services, and in the future the digital ruble. It is also available across the entire network of banks and merchants operating through the FPS, reducing banks' integration costs.

The digital ruble represents a third form of Russia's national currency, which the Central Bank plans to issue alongside existing cash and non-cash forms. The regulator has been conducting a pilot with real digital rubles since August 15, 2023. It was previously assumed that large banks would be required to provide clients with the ability to conduct digital ruble transactions starting July 1, 2025. Banks with a universal license would have to comply by July 1, 2026, while other credit institutions would have until July 1, 2027. These requirements are outlined in draft law no. 811008-8, which also introduces a unified payment QR code to the market, with the NPCS as its sole operator. The bill was submitted to parliament at the end of last year and passed its first reading on May 22.

The Central Bank's proposals, which have been submitted to the State Duma, amend this draft law. The regulator published them several working days after President Vladimir Putin called on the Central Bank and the government to accelerate the mass adoption of the digital ruble and finalize its rollout timeline. This request was made during Putin's speech at the St. Petersburg International Economic Forum (SPIEF 2025). The phased rollout plan aims to ensure that the digital ruble is integrated into the financial system in a structured and manageable manner, allowing for a smooth transition for all stakeholders involved.

Russia's largest commercial bank expects to start offering its customers full-fledged CBDC transaction options from September next year, while small and regional banks will follow suit in September 2027. The Bank of Russia has submitted a draft law to the State Duma, hoping to quickly incorporate its requirements for the banking industry into Russian law. Legislators had previously stated that the Russian CBDC would be interoperable with digital currencies issued by other BRICS countries and could potentially be used in the field of cross-border trade to help Russian traders bypass sanctions.