A quiet banking revolution is taking place in Russia. We may lose the right to freely dispose of our own money — at least the money that isn’t physically in our pockets.

Alongside grandiose statements about the bright future of Russia’s financial system at last week’s TOLK Forum 2026, there was a quieter session where officials discussed the future of banking. It didn’t go entirely unnoticed, with the media quoting Economic Development Minister Maxim Oreshkin as saying “Banks must die.”

But according to those present, something far more serious was discussed: a fundamental restructuring of the financial system that gives the state even greater control.

In short, the standoff between banks and marketplaces is supposed to end by turning them all into universal trade-and-finance platforms. More importantly, all the data generated there is to be consolidated into one massive database. Naturally, the keys to this information will belong to the state since, as officials see it, data security should not be entrusted to private hands.

There was even talk of creating a government body to manage this “meta-platform,” which would place the entire financial life of citizens under constant state surveillance. Some even suggested that this would transform the market economy into some new, more advanced form.

I cannot say for certain whether that is really what was agreed. I was not there. But I have no trouble believing that this is how the authorities imagine governance. Recent developments certainly point in that direction.

It might be your money, but it’s their rules. We have already grown accustomed to banks having the right to block payments, or even freeze entire accounts. The justification is the notorious anti-money laundering law (115-FZ), or suspicion that you are acting under the influence of fraudsters — or are one yourself.

Such cases are no longer unusual. But apparently that was not enough.

We have effectively lost our ability........

© The Moscow Times