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Russia's CBDC to be implemented mandatorily: The digital ruble will be fully launched in September next year. Can it break through Western sanctions?
Against the backdrop of cautious experimental attitudes towards Central Bank Digital Currencies (CBDC) adopted by countries around the world, Russia has chosen to accelerate its progress. The State Duma has passed the digital ruble bill by a large majority, which is expected to come into effect on September 1, 2026, after President Putin's signature. At that time, large enterprises and banks in Russia will be required to fully support digital ruble payments. This radical decision will not only completely rewrite the payment ecosystem within Russia but is also interpreted by the outside world as Moscow's strategic attempt to break through the framework of Western sanctions through technological means.
Legislative Process and Timeline: From Draft to Mandatory Implementation
According to reports from TASS, the bill received overwhelming support during both the second and third readings, with leaders including Anatoly Aksakov, chairman of the State Duma's Financial Markets Committee. This demonstrates the Russian government's determination to promote the digital ruble.
The Russian central bank has just announced the complete roadmap:
Large enterprises and all banks: Digital ruble services must be provided by September 1, 2026.
Medium-sized enterprises: Can be extended to September 1, 2027.
Small businesses and financial startups: Compliance must be completed by September 1, 2028 at the latest.
The payment terminal will uniformly use QR Codes generated for free by the National Payment Card System (NPCS). Merchants with an annual income of less than 5 million rubles or without internet coverage can apply for exemption.
Bank Concerns and Government Objectives: Adjustments Under Conflicts of Interest
However, this policy of mandatorily promoting the digital ruble has also raised questions from commercial banks. The president of Russia's largest bank Sberbank, German Gref, continues to reserve his stance on CBDC, having stated in an interview: "I really do not understand why individuals and banks need CBDC."
CNews reports that commercial banks are concerned about compressed fee income and the high costs of system upgrades. However, the Central Bank of Russia and the Ministry of Finance still believe that the digital ruble can improve payment speed and transparency, and they plan to use it for social welfare and government contract payments, hoping to "eliminate welfare fraud and corruption." For internet restrictions in remote areas, the authorities are considering implementing offline wallet and SIM card solutions to ensure nationwide access. This shows that while the government is promoting the digital ruble, it is also aware of the potential challenges it may bring and is attempting to find solutions.
Geopolitical Calculations: Financial Channels to Bypass Sanctions
Amid the backdrop of escalating Western sanctions, the digital ruble is seen as a strategic weapon for Russia to strengthen its financial sovereignty. Although Gref questioned its domestic application, he also acknowledged that CBDC "may play a role in the field of cross-border settlements."
If successful in establishing a digital currency settlement network with BRICS countries, Russia will be able to partially bypass the SWIFT system and reduce the weight of dollar settlements. This will help Russia reduce its dependence on the dollar in international trade and enhance its financial autonomy. However, NATO Secretary General Mark Rutte has warned that countries cooperating with Russia may face secondary sanctions, adding uncertainty to the internationalization prospects of the digital ruble.
Follow-up observation: Efficiency improvement and risk coexistence
Russia chooses to implement legislation all at once, which stands in stark contrast to the pilot model used by other countries. Whether this speed can ensure technological resilience, information security, and public trust remains to be seen over time.
The next two years will be a period of reshaping for the Russian financial system. The profitability models of commercial banks, infrastructure in remote areas, and the political risks of cross-border payments will all determine the real influence of the digital ruble both domestically and internationally. The implementation of this policy will have a profound impact on the domestic economy of Russia and the international financial landscape.
Russia has passed the CBDC legislation and mandated enterprises and banks to accept digital ruble payments, marking an important step in its digital currency domain. This initiative aims not only to enhance domestic payment efficiency and transparency but also carries geopolitical considerations of bypassing Western sanctions and strengthening financial sovereignty. The future development of the digital ruble will be a key indicator for observing global CBDC trends and the evolution of the international financial landscape.