Russia sets digital ruble launch for September as banks prepare

Russia is moving ahead with a Sept. 1 rollout of the digital ruble, with Bank of Russia Governor Elvira Nabiullina saying major banks are expected to begin offering central bank digital currency services through their applications from that date. Separately, Sberbank plans to launch a cryptocurrency wallet through its mobile applications shortly after Russia’s new digital asset law takes effect on Sept. 1, while its digital asset depository infrastructure is due to be ready by Dec. 1. First Deputy Chairman Kirill Tsarev said the timing depends on publication of the final law and the availability of updated Sberbank apps in online app stores, with Android users potentially receiving the interface before iPhone users. Sberbank is also considering acting as an intermediary to give Russians access to foreign cryptocurrency exchanges under a proposed amendment, depending on domestic rules and the requirements for foreign venues. The bank has been expanding its digital asset business, with Deputy Chairman Anatoly Popov saying in December that Sberbank was exploring crypto-backed lending, had completed more than 160 digital asset issuances on its own platform since the start of 2025, and continued to assess decentralized finance applications and asset tokenization within Russia’s regulated financial system. The broader framework would require companies offering cryptocurrency custody, trading services and cross-border settlements to operate under a licensing regime. VTB and T-Bank Group have also said they plan to set up digital asset depositories after the law comes into force, while Moscow Exchange intends to begin crypto-related operations before the end of 2026.