Russia’s largest bank, Sberbank, has officially joined the pilot programme for the digital ruble, alongside leading digital bank TBank (formerly Tinkoff) and Tochka Bank. This comes as a significant development, as Sberbank was notably absent from the initial group of banks participating in the Central Bank Digital Currency (CBDC) trials, which began in August 2023. According to a report by Interfax, this move is part of a broader rollout plan that now faces mounting scrutiny over its ambitious timeline.
A newly submitted bill to the State Duma reaffirms the Bank of Russia’s goal of launching the digital ruble by July 2025. This schedule is seen as optimistic, with concerns raised by banks and retailers about the feasibility of meeting this deadline. Originally, a second wave of 17 banks was supposed to join the pilot programme alongside the initial 13 institutions over a year ago. Delays in onboarding these participants have heightened doubts about the practicality of the current schedule.
Leadership Changes and Industry Pushback
The tight timeline coincides with notable turbulence within the central bank. Olga Skorobogatova, a key architect of the digital ruble initiative, resigned in November 2024, shortly after resistance from banks and retailers intensified. Despite these objections, the new legislation sticks to the schedule outlined earlier by the Bank of Russia.
Under the proposed plan, the largest banks and retailers will begin using the digital ruble in July 2025. Businesses with annual turnovers between 20 and 30 million rubles (approximately $180,000 to $270,000) will have until mid-2026 to comply, while smaller retailers and non-bank credit institutions will follow suit in mid-2027.
Driving Factors: Domestic and International Motivations
While the initial focus of the digital ruble is on domestic payments, there are clear indications that international considerations are driving the accelerated timeline. Facing economic sanctions, Russia sees the CBDC as a strategic tool for cross-border transactions. President Vladimir Putin has publicly called for expedited progress on the digital ruble, aligning with Russia’s leadership role in the BRICS initiative for cross-border digital payments. A functioning CBDC is expected to bolster Russia’s credibility and foster adoption in international trade, particularly within the BRICS bloc.
In addition to the CBDC, Russian legislation now permits the use of cryptocurrencies for cross-border payments—a shift from the central bank’s earlier stance. Russia’s finance minister, Anton Siluanov, recently confirmed the first instances of such transactions, with plans for expansion throughout the year. This dual approach of leveraging both the digital ruble and cryptocurrencies underscores Russia’s efforts to circumvent sanctions and establish alternative financial networks.
Challenges Ahead
Despite the government’s push, questions remain about whether the infrastructure and adoption levels will be ready in time. Banks, retailers, and policymakers have expressed concerns about the aggressive timeline, which leaves little room for resolving technical or logistical hurdles. The pressure to meet the July 2025 deadline reflects not just domestic priorities but also geopolitical strategies, as Russia seeks to assert its financial independence and leadership in the global CBDC landscape.
