Russia Mandates Digital Ruble Adoption by 2028

Russian lawmakers have approved a bill that mandates banks and retailers to support the digital ruble and implement a universal QR code for payments starting next year. This legislation follows the Bank of Russia's proposal for a phased introduction of the digital currency, beginning in September 2026, in response to a call from President Vladimir Putin.

The State Duma, the lower house of Russia's parliament, has adopted a bill that sets the foundation for the introduction of the digital ruble, the country's central bank digital currency (CBDC). The digital ruble has been in development for some time, with a pilot project launched nearly two years ago. The recent call from the Russian president for widespread adoption has accelerated its finalization.

Bill No. 811008-8, submitted by a group of deputies and senators in December 2024, has been approved on its third and final reading in the Duma after significant revisions. The law requires banks and retailers to gradually connect to the digital ruble platform and introduce a universal payment code starting from September next year. Banks are obligated to offer clients the option to make digital ruble transfers, while the QR code operator, the National Payment Card System (NSPK), must ensure this can be done through the new method.

The digital ruble will be introduced in stages. Russia’s largest and most systemically important credit institutions, as well as banks playing key roles in the payment services market, must be ready to process digital ruble transactions by September 1, 2026. Smaller, universal banks have until September 1, 2027, and all other institutions must be able to work with the digital currency by September 1, 2028. These deadlines were set by the Central Bank of Russia in June after President Putin urged financial authorities to expedite the process.

Next year’s deadline also applies to retailers with annual revenues exceeding 120 million rubles. Merchants with annual revenue over 30 million rubles must start accepting digital rubles the following year. Retailers making over 20 million rubles annually have until September 1, 2028. The bill exempts shops without internet access and retail facilities with revenues of less than 5 million rubles a year from this obligation.

The new legislation also mandates the implementation of Russia’s universal QR code for payments. Banks must be able to process transactions through this new system by September 1, 2026. The law stipulates that money transfer operators, including credit institutions and branches of foreign banks, must provide clients with transfer details or a link to the transfer details using a universal payment code. Banks and retailers are prohibited from charging fees for the services of the single QR code operator, the NSPK. The law also outlines technical requirements for the operator and rules for connecting users to the system and generating the QR codes.

The obligation to use the universal payment code does not apply to cross-border transfers. However, the digital ruble has been seen as a tool that could aid Russia’s foreign trade under the heavy sanctions imposed over its actions in Ukraine.