Alla Bakina

Central Bank of Russia Confirms Digital Ruble Will Be Free for Citizens with No Commissions

The Bank of Russia has announced that all operations with the digital ruble will be completely free of charge for individual citizens. Director of the National Payment Systems Department Alla Bakina stated that transfers and payments for private users will incur zero commissions. Businesses will still face fees, but the regulator promises they will be minimal and lower than standard bank rates for similar transactions. Starting 1 September, Russians will be able to open digital ruble wallets through mobile apps of systemically important banks and other payment-significant credit institutions. A dedicated button with the new currency logo will appear on the main screen of these applications. Payments will be made via a special QR code that buyers scan in their banking app before selecting the digital ruble wallet and confirming the transaction. Large retail chains with annual revenue exceeding 120 million rubles must begin accepting digital ruble payments from September, with the requirement later expanding to smaller merchants. The Bank of Russia emphasizes that the digital ruble represents a third form of the national currency alongside cash and bank deposits, available for voluntary use by citizens.

Sberbank to Terminate Currency and Multicurrency Visa Cards from September 2026 Despite Prior Extensions to 2030

Sberbank announced it will cease servicing currency and multicurrency Visa cards starting September 1, 2026, including those whose validity was previously extended until 2030. The bank notified customers via SMS and advised them to close affected cards in advance through the Sberbank Online app or at a branch to avoid access issues with their funds. This decision aligns with ongoing sanctions against Russia, import substitution policies, and the gradual removal of Visa and Mastercard from the Russian market. Central Bank officials, including Elvira Nabiullina and Alla Bakina, have confirmed that international payment systems must exit Russia, with the share of Visa and Mastercard already reduced to less than 17 percent. The National System of Payment Cards continues to incur costs supporting legacy cards while promoting domestic alternatives such as Mir. Customers are encouraged to transfer remaining balances to other accounts to maintain uninterrupted access to their money.