Banks in Russia will soon be required to impose a two-day suspension on client orders for digital ruble transactions if there are indications of fraud. This measure is part of a new ordinance by the Bank of Russia, aligned with the Federal Law ‘On the National Payment System,’ aimed at safeguarding individuals and businesses from fraudulent fund transfers.
The methods to counter suspicious activities involving digital rubles will mirror those used for electronic funds transfers since July 25, 2024. When a bank detects a potentially fraudulent transaction, it must notify the client about the risk. The client can then confirm the transaction by the next day. If not confirmed, the funds will stay in the client’s digital ruble account or digital wallet.
This ordinance is set to become effective on February 23, 2025.
