Russia's largest bank joins digital ruble pilot program

Key Takeaways

Sberbank, TBank and Tochka Bank are now part of the digital ruble pilot program.
By July 2025, major Russian banks must support digital ruble operations or face fines from the CBR.

Sberbank, Russia's largest lender, has joined the digital ruble pilot program along with TBank and Tochka Bank, according to a statement from the Central Bank of Russia (CBR) reported by Interfax on 28 December.

The program previously included 12 credit unions, with the expectation that an additional 14-15 banks will be on board in 2025, said Olga Skorobogatova, who was the First Deputy Governor of the CBR in October. report.

With the participation of the three new banks, the program now includes 15 credit organizations, adding to the existing partners such as VTB, Alfa-Bank, Banca DOM.RF, Banca Ingosstrakh, Gazprombank, Ak Bars Bank, MTS Bank, Promsvyazbank, Sovcombank. , Sinara Bank, TKB Bank and Agricultural Bank of Russia.

A total of 22 banks have signed an agreement with the central bank and are preparing their systems for the project, according to the report.

The digital ruble, which represents the third type of Russian national currency along with cash and non-cash, began its pilot phase with a real digital ruble in August 2023. The central bank expanded tests from 600 to 9,000 com- partner from October 2024.

Starting in July 2025, major Russian banks must support digital ruble operations for their customers. The central bank announced in September that banks must allow customers to “open and increase digital ruble accounts, make transfers, and accept digital rubles in their infrastructure.” Smaller financial institutions will add these capabilities the action in the coming years.

Banks that do not prepare by the deadline will be fined by the CBR. The central bank aims to make the digital ruble widely accessible, allowing citizens and businesses to “use it freely on the same level as cash and non-cash.”