Russia’s central bank governor Elvira Nabiullina says the country is on track to launch its digital ruble on September 1. “Everyone is ready,” she told state media outlet RIA Novosti. The CBDC will complement the existing ruble and start by being accepted by financial and credit institutions.
The project has been in development since 2021. But it’s already drawing sanctions. The EU preemptively targeted the digital ruble in April, part of its 20th sanctions package responding to Russia’s war against Ukraine. The European Council made clear the restrictions were aimed at limiting Russia’s ability to circumvent financial penalties.
Bank of Russia first deputy governor Vladimir Chistyukhin confirmed the enabling law takes effect on September 1 with a transition period running until July 2027. Nabiullina said officials are focused on making the digital ruble convenient and in-demand for people and businesses, discussing what functionality to develop next.
The US is heading in the opposite direction. A housing bill that landed on President Trump’s desk this week includes a ban on the US central bank issuing or creating a CBDC until 2030. Trump hasn’t said he’ll sign it, but the bill will automatically become law in 10 days with no action from him. That timeline puts it into effect this month.
One analyst, former USAID technical adviser Dr. Jack Jarmon, warned in a 2025 report that if Russia’s digital ruble plans stumble, the country could fall back on Bitcoin and proof-of-work currencies to evade sanctions. But he noted Russia’s power grid is old and can’t easily handle the energy demands of large-scale crypto mining. The country also lacks a domestic semiconductor industry and relies on China for components.
