The Bank of Russia announced on May 28 that soft regulation and the creation of trusted data sharing platforms will be key areas for developing artificial intelligence in the financial market. These conclusions followed a discussion on its paper, ‘Artificial Intelligence in the Financial Market: Current Status and Prerequisites for Further Development.’
Market participants said that advancing AI requires accessible infrastructure solutions, high-quality data for training, trust in AI technologies, and favorable regulatory conditions. The Bank of Russia said it will continue to follow a technology-neutral approach to allow market participants to deploy innovations and develop AI. The regulator also said it is important to maintain a framework architecture for cross-sectoral regulation that considers industry-specific nuances, current levels of adoption, and risks.
According to the Bank of Russia, “The market already follows the recommendations contained in the Ethics Code for Artificial Intelligence Development and Use in Finance.” In 2026, the Bank plans with financial institutions to compile a collection of best practices used to ensure compliance with this code.
Participants supported proposals by the regulator to create trusted data sharing platforms so financial institutions can train AI collaboratively. These efforts are intended to help counter fraud, assess risks, and improve customer services. The Bank said it will draft proposals regarding regulation of such platforms’ operation and work toward removing barriers related to privacy-enhancing technologies.
The Bank of Russia also said it will continue working with relevant agencies and market participants, “to create an environment conducive to AI development in the financial market” as well as monitor how financial institutions use these technologies.
The Bank serves as the sole issuer of Russian rubles, manages national cash circulation—documenting cash in circulation at 18.6 trillion rubles—and operates independently from other government bodies under leadership including a governor and deputy governors, according to its official website.
