The digital rouble is being introduced in Russia

Pepeliaev Group advises that, on 1 August 2023Except for certain provisions, for which another term of coming into force has been stipulated.
, Federal Laws No. 339-FZFederal Law No. 339-FZ “On amending articles 128 and 140 of Part One, Part Two and articles 1128 and 1174 of Part Three of the Russian Civil Code” dated 24 July 2023.
 and No. 340-FZFederal Law No. 350-FZ “On amending individual items of the legislation of the Russian Federation” dated 24 July 2023.
 came into force, which determine the legal grounds for the digital rouble to be used in settlements as a new form of Russian national currency.

The specified laws form a legal ground for the digital rouble to be introduced into circulation; determine the powers of the Bank of Russia as the operator of the platform of the digital rouble and the role of credit institutions when their clients carry out operations with the digital rouble; determine organisational grounds for legal entities and individuals to use the digital rouble as a new method of settlements; and enable foreign persons to use the digital rouble in settlements.

Digital roubles are classified as non-cash monetary funds. Settlements using them are carried out in accordance with Russian legislation on the national payment system. Basic provisions have been introduced to the Federal Law “On the national payment system”Federal Law No. 161-FZ “On the national payment system” dated 27 June 2011.
 based on which the new method of settlements will function. Amendments have also been made to the laws: on the Bank of RussiaFederal Law No. 86-FZ “On the Central Bank of the Russian Federation (the Bank of Russia)” dated 10 July 2002 and Federal Law No. 395-1 “On banks and banking activities” dated 2 December 1990.
, on banks and banking activities, to the Russian Civil Code, etc.

Operations with the digital rouble are carried out on the platform of the digital rouble that is operated by the Bank of Russia. Such platform ensures interaction between the Bank of Russia and credit institutions and individuals and legal entities for operations with digital roubles to be carried out.

Pepeliaev Group's Comment

The Draft Regulation on the rules of the platform of the digital rouble has been published by the Bank of Russia and is currently at the stage of an independent anti-corruption expert review.

For the period until 31 December 2024, the Board of Directors of the Bank of Russia together with the Russian Federal Financial Monitoring Service (abbreviated in Russia to “Rosfinmonitoring”) should determine which users of the platform of the digital rouble may carry out operations with digital roubles on the platform of the digital rouble and set a list of the types of operations to be carried out on the platform as well as the threshold values of the amount of such operations.

In order to be granted access to the platform of the digital rouble a user needs to open a digital rouble account.

The digital rouble account is a new type of a bank account. The parties to a contract for a digital rouble account are the user and the Bank of Russia. The credit institution with which the user has opened a (classic) bank account is an intermediary, i.e. it represents the Bank of Russia in relationships with the user for the purposes of using the platform of the digital rouble.

Each user can have only one digital rouble account on the platform. It is not allowed to conclude a contract for a joint digital rouble account (if several persons act on the part of the user), to credit the digital rouble account and to assess interest on the balance of digital roubles.

Pepeliaev Group's Comment

Certain provisions on the specific aspects of carrying out operations with digital roubles and on the platform of the digital rouble will come into force from 1 January 2025, while individual provisions on the contract for a digital rouble account will come into force from 1 December 2025. 

What to think about and what to do

In order to benefit from the new opportunities for carrying out operations with the digital rouble, companies should decide whether they are already able now to join the pilot project on using the digital rouble or at later stages of its implementation.

If companies are interested in taking part in the digital rouble project, they need to assess whether they are ready in organisational and technological terms to meet a number of the established requirements and to make necessary amendments to internal policies and procedures.  

Help from your adviser

Pepeliaev Group’s specialists have vast experience in advising on matters relating to the application of legislation on the national payment system, on banks and banking activities, and so on.

We are ready to provide comprehensive assistance to the members and users of the platform of the digital rouble with respect to the issues of interacting with the Bank of Russia and applying the specified federal laws, as well as to develop amendments to the privacy policy.

Translated by the Translation Department of Pepeliaev Group