Cooling-off period to be applicable to transfers in digital rubles
Banks will be obliged to suspend the execution of client orders for transactions in digital rubles for two days if these transactions have signs of fraud. The procedure for protecting households and companies from transferring funds to scammer accounts has been stipulated in the Bank of Russia ordinance in accordance with the Federal Law ‘On the National Payment System’.
Methods to counter suspicious transactions in digital rubles will be similar to those that have been applicable to electronic funds transfers since 25 July 2024. If a bank identifies such a transaction, it will inform the client that there exists a risk of fraud and the transaction may be confirmed no later than on the next day. If the client fails to confirm the transaction, the funds will remain in his/her digital ruble account (digital wallet).
The ordinance will take effect on 23 February 2025.