Open Banking in Russia

The Central Bank of Russia (CBR) has been developing open banking standards since 2019, publishing API specifications and regulatory guidelines. Russia's large and technologically sophisticated banking sector, including digital leaders like Sberbank, Tinkoff, and Alfa-Bank, has significant technical capability for open banking implementation.

The CBR's approach includes standardized APIs for account information and payment initiation, building on Russia's existing digital payment infrastructure including the Faster Payments System (SBP). Implementation has proceeded with a focus on domestic market development.

Russia's open banking trajectory has been significantly affected by international sanctions since 2022, constraining cross-border connectivity. However, domestic open banking development continues, driven by the CBR's digitalization strategy and competition among Russia's major banks.