State Duma Approves Law on Currency Transactions with Digital Ruble

The State Duma of the Russian Federation has approved in the first reading a bill regulating currency transactions with the digital ruble. The new norm opens up opportunities for businesses to make payments under foreign trade contracts and repatriate foreign exchange earnings into digital ruble accounts.

Business Opportunities

The adopted law provides companies with the right to use the state's digital currency to make payments under international agreements. This simplifies the process of repatriating foreign exchange earnings, allowing them to be directed directly to special digital ruble accounts.

Development Context

This decision is part of a large-scale transformation of the national payment system. The regulator had previously drawn attention to control issues regarding transactions, but now the emphasis has shifted towards legalizing and making the new tool convenient for economic entities to use.

Businesses will be able to settle payments under foreign trade contracts using digital rubles and repatriate foreign exchange earnings into digital ruble accounts.