Russia is accelerating the development of its central bank digital currency (CBDC), the digital ruble, with a primary focus on using it for international trade settlements within the BRICS bloc. The initiative is a strategic move to reduce reliance on the US dollar and create a sanctions-resistant payment system. The Bank of Russia is targeting a September 1, 2025 launch date for cross-border digital ruble payments.
Timur Aitov, chairman of Russia's Financial Market Security Committee, emphasized that the digital ruble is "first and foremost an international project." He stated that while domestic demand from individuals, businesses, and commercial banks is low, BRICS nations collectively require CBDCs to facilitate trade with one another. This sentiment echoes earlier skepticism from Sberbank CEO German Gref, who questioned the domestic need for a CBDC.
The push aligns with broader BRICS efforts to de-dollarize. The Reserve Bank of India has formally proposed linking the CBDCs of member nations—Brazil, Russia, India, China, and South Africa—on the agenda for an upcoming BRICS summit. The goal is to establish a shared infrastructure with unified regulatory standards to streamline cross-border trade and tourism payments.
Russian officials have expressed opposition to using private stablecoins for domestic purposes due to concerns over monetary stability, a view shared by the Indian central bank's Deputy Governor T Rabi Sankar and Bank of Russia Governor Elvira Nabiullina. However, Nabiullina did not rule out stablecoins for cross-border trade.
Domestically, proponents argue the digital ruble could help combat fraud and corruption by providing greater transaction transparency. The technical architecture follows a two-tier model where the central bank issues the currency and commercial banks act as intermediaries.
