Sberbank CEO Skeptical of Russia’s Digital Ruble Initiative

German Gref, CEO of Russia's largest bank Sberbank, has publicly expressed skepticism about the digital ruble project, stating he sees no clear advantages to the central bank digital currency (CBDC). This stance directly contradicts the Russian government's push for nationwide adoption, with the Central Bank of Russia mandating all banks to offer digital ruble payment options by September 2026.

The digital ruble's development comes as over 130 countries explore CBDCs amid declining cash usage and the disruptive potential of cryptocurrencies like Bitcoin. While Moscow views the digital ruble as a solution for sanctions-burdened cross-border trade, Gref remains unconvinced. "I don't see its advantages," he told reporters at the St. Petersburg financial forum, acknowledging only potential benefits for international settlements.

The project's timeline has already slipped by over a year, with the central bank recently postponing its mandatory implementation deadline. This delay highlights the challenges of CBDC adoption even in state-driven economies, particularly when facing skepticism from major financial institutions.