Russia expects local subsidiaries of European banks Raiffeisen Bank International (RBI) and UniCredit to participate in the mass launch of the digital ruble in July 2025, or face potential fines, the central bank said on Thursday.
Austrian bank RBI and Italian bank UniCredit are two of 13 systemically important Russian banks, but they are also under pressure from the European Central Bank to reduce their exposure to Russia.
Russia has been testing a digital ruble and plans to implement it on a large scale from July 1, 2025. Under the pilot project, a select group of individuals and businesses were allowed to open digital wallets and make purchases and transfers with digital rubles.
Bank of Russia Governor Elvira Nabiullina said full rollout next year would be voluntary for individuals, but not for systemically important lenders.
“We envisage that those who are not ready will pay a fine, but for this legislation must be adopted,” Ms Nabiullina told reporters at a financial forum in Sochi. “(The legislation) has been introduced. We hope it will pass.
Raiffeisen’s Russian subsidiary declined to comment. UniCredit did not immediately respond to a request for comment.
More than 130 countries are exploring digital versions of their currencies, as financial authorities around the world respond to the decline in the use of cash and the threat to their money printing power from players such as the bitcoin and “Big Tech”.
The digital ruble could prove crucial for Russia, which is trying to circumvent payment problems caused by broad Western sanctions and whose major trading partners, such as China, are becoming more cautious in their dealings with Russia due to sanctions.
Moscow is seeking to convince BRICS countries to build an alternative platform for international payments, which would be safe from Western sanctions, when it hosts the group’s leaders at a summit next week.
It will take several years before the digital ruble can be used by the majority, said the first deputy governor of the Bank of Russia, Olga Skorobogatova. She confirmed that the subsidiaries of Raiffeisen and UniCredit are expected to participate.
“Naturally, all structures should support the digital ruble for their clients, whether they are banks or commercial service companies,” Ms. Skorobogatova said. “For all systemically important banks and universal banks, we envisage the same conditions and there are no exceptions.
