The Bank of Russia has changed the deadline for introducing fees for digital ruble transfers

The Bank of Russia announced an extension of the grace period during which companies will not be charged fees for transactions in digital rubles. This period will now last until December 31, 2026. This decision is aimed at encouraging the use of the digital ruble and simplifying the transition to new financial technologies.

Changes in Tariffs after the Grace Period

After the grace period ends, which will end at the end of 2026, minimum fees will apply in the payment market. Specifically, starting January 1, 2027, the fee for digital ruble transfers from individuals to legal entities will be 0.3% of the payment amount, up to a maximum of 1,500 rubles. This means users will need to take these new conditions into account when planning their financial transactions.

For companies providing housing and utility services, the fee will be 0.2%, up to a maximum of 10 rubles per transfer. The fee for transfers between legal entities will be a fixed amount of 15 rubles per transaction. These changes may impact the cost of services and transactions related to digital rubles.

Free Transfers between Individuals

It is important to note that digital ruble transfers between individuals will remain free, regardless of the grace period. This decision is aimed at supporting users and encouraging active use of the digital currency. Furthermore, all users will be able to open or close accounts on the digital ruble platform without any fees.

Pilot Project and Implementation Timeline

The Bank of Russia will launch a digital ruble pilot project starting August 15, 2023. Major banks and trading companies are expected to be required to offer their clients the ability to conduct transactions with digital rubles starting September 1, 2026.

Other banks with a universal license and trading companies whose clients have annual revenue exceeding 30 million rubles will be able to configure their systems until September 1, 2027. Remaining banks and merchants with annual revenues of less than 30 million rubles must begin using digital rubles on September 1, 2028. This requirement will not apply to retail outlets with annual revenues of less than 5 million rubles.

In Conclusion

Earlier, Bank of Russia Governor Elvira Nabiullina stated that the decision to delay the mandatory use of the digital ruble until September 2026 was due to the need to "develop the most in-demand services." This underscores the importance of careful preparation and adaptation to the new conditions for both financial institutions and users. The introduction of the digital ruble and related services could significantly change Russia's financial landscape, opening up new opportunities for businesses and individuals.