Russia’s Central Bank to Review Ruble Stablecoin Plan Amid Sanctions Pressure

Highlights:

• Russia will study a ruble stablecoin before making any launch decision.
• Sanctions and trade pressure have pushed Moscow to review digital settlement tools.
• Banks are preparing crypto services as regulators tighten transaction reporting rules.

Russia’s central bank has opened a formal review of a ruble-pegged stablecoin. First Deputy Governor Vladimir Chistyukhin announced the plan on February 12 in Moscow. Chistyukhin spoke during the Alfa Talk conference and outlined the scope of the study. He said officials will assess risks and potential benefits before making any decision. He did not present a launch timeline or product model.

According to Chistyukhin, regulators will take a look at how stablecoins are regulated in other jurisdictions. They will contrast reserve requirements, disclosure regulations, and supervisory instruments. Once the assessment has been done, the findings of the bank will be made public to be discussed. The process puts research ahead of implementation. It also marks a departure from earlier blanket opposition.

The review sits alongside Russia’s broader digital currency agenda. The digital ruble pilot already involves hundreds of thousands of participants. Authorities expect phased expansion before a nationwide rollout in 2026. However, policymakers now want to determine whether another digital instrument could serve trade and settlement needs. The bank has framed the exercise as a technical evaluation rather than a policy reversal.

Sanctions and Cross-Border Friction Drive the Policy Shift

Sanctions have reshaped Russia’s access to parts of the global financial system. Several domestic banks lost connections to key payment networks. This means that exporters and importers find it difficult to conduct cross-border transactions. Companies have been exploring other payment options. This context has prompted policymakers to reconsider past positions on stablecoins.

Lawmakers in the past allowed the use of crypto in some international settlements. The government legalized crypto mining in selected areas as well. Market reports indicate that crypto volumes in foreign trade reach billions of rubles daily.

A ruble-pegged stablecoin would facilitate settlements with BRICS partners and other trade markets. It may provide a mechanism that lessens dependence on the U.S. dollar. Moreover, it could allow faster clearing for cross-border invoices. Officials want to examine whether such a structure would improve transaction efficiency. At the same time, they aim to preserve oversight of monetary flows.

Ruble Stablecoin Framework Options and Safeguards

Officials may evaluate more than one structural model. They could design a state-backed token under direct supervision. Alternatively, they might license controlled private issuers with strict compliance requirements. Under both situations, regulators would demand reserve support and open reporting. The government might combine the token with local payment systems and financial messaging applications.

The central bank has mentioned some risk areas. Stablecoins may influence the liquidity in case of failure by issuers to manage reserves appropriately. They might also facilitate illegal financing. For these reasons, regulators have emphasized the need for safeguards before any approval.

In a related development, Sberbank, the largest state-owned lender, is preparing to introduce crypto-backed loans for corporate clients. Sovkombank has already launched similar products. Reuters reported strong demand, particularly from cryptocurrency mining firms.

At the same time, the central bank plans to introduce new reporting requirements for commercial banks. The updated rules will require detailed disclosures on clients’ crypto-related transactions. The framework will apply to all cross-border transfers, including crypto and fiat operations initiated by Russian citizens. Officials have linked these measures to broader plans for structured cryptocurrency regulation.