Russia's Federation Council approves law on banks using digital ruble, implementing single QR code

MOSCOW. July 16 (Interfax) - The Federation Council at a meeting on Wednesday approved the law that will gradually connect banks and merchants to the digital ruble platform starting on September 1, 2026, and will require banks to use a universal payment QR code beginning on September 1, 2026.

A group of deputies and senators initiated the bill.

The legislators' proposals contain two amendments, namely banks' mandatory use by of a universal payment code, operated by JSC National Payment Card System (NPCS), and establishing the gradual obligation for banks to provide clients with the opportunity to perform transactions with digital rubles. It is also specified that it will also be possible to transfer digital rubles using a universal QR code.

UNIFIED QR CODE

Banks will use the unified QR code as of September 1, 2026, according to the approved law.

"A money transfer operator, which is a lending institution or a branch of a foreign bank that provides clients with electronic means of payment that allow reading information in graphic or other form and receiving transfer details or a link to the transfer details in electronic form, is obliged to provide clients with such transfer details or a link to the transfer details only using the universal payment code," according to the approved law.

It also prescribes a ban on charging for the services of the unified QR code operator. The law prescribes technical requirements for an operator regarding ublishing connection rules and the procedure for generating the code. It is clarified that the obligation to use the universal payment code does not apply to cross-border transfers.

DIGITAL RUBLE

Banks will be required to provide clients with the opportunity to conduct transactions with digital rubles. Starting on September 1, 2026, the rule applies to systemically important lending institutions and banks recognized as important in the payment services market. Beginning on September 1, 2027, the rule applies to banks with a universal license, and as of September 1, 2028 to all other lending institutions.

RETAIL

The obligation for sellers to accept digital rubles is introduced as of September 1, 2026, for sellers with annual revenue of more than 120 million rubles, provided that as of January 1, 2026, they have an agreement on accepting electronic payments with a systemically important lending institution or a bank recognized as significant in the payment services market; as of September 1, 2027, for sellers with annual revenue of more than 30 million rubles, provided they have an agreement with a systemically important bank, significant in the market or a bank with a universal license; as of September 1, 2028, for all other sellers with revenue of more than 20 million rubles per year.

The law also exempts sellers working in places without access to the Internet and communications, as well as retail facilities with revenue of less than 5 million rubles per year from the obligation.