The Central Bank of the Russian Federation also known as the Bank of Russia is the central bank of the Russian Federation, founded in 1860 as The State Bank of the Russian Empire, headquartered on Neglinnaya Street in Moscow. Article 75 of the Constitution of the Russian Federation establishes a special legal status of the Bank of Russia, gives it the exclusive right to issue currency (Part 1) and protect the ruble and ensure its stability, which is the main function of the Bank of Russia (Part 2). The status, purposes, functions and powers of the Bank of Russia are also spelled out in Federal Law No. 86-FZ, dated July 10, 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’, and other federal laws. According to Article 3 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’, the goals of the Bank of Russia are to protect the ruble and ensure its stability, promote the development and strengthen the Russian banking system, ensure the stability and development of the national payment system, develop the financial market of the Russian Federation and ensure its stability.
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Russians increasingly abandon bank cards for QR codes and biometrics. Q1 2026 saw 1 billion such transactions, up 1.7x year-over-year, totaling 1.5 trillion rubles. Cashless payments reached 88.9% of retail turnover.
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Bank of Russia confirms September rollout of digital ruble with major banks ready and connected to the platform for implementation.
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