Ethical AI: Russia’s Central Bank Moves to Protect Bank Customers
Russia’s Central Bank has released a code of AI ethics aimed at ensuring greater transparency, fairness, and accountability in the use of artificial intelligence in the financial sector.
Not a Mandate, but a Recommendation
On July 9, 2025, the Central Bank of Russia published a Code of Ethics for the development and use of artificial intelligence in finance. The document is non-binding, but it is intended to build public and institutional trust in AI technologies.
Millions of Russians interact with AI on a regular basis—particularly through digital banking services. Whether it's chatbots in customer support or algorithms evaluating credit applications, AI is making critical decisions with minimal human input. But these systems aren’t flawless. Users often encounter seemingly arbitrary rejections and responses, leaving them frustrated and powerless.
The new code recommends giving customers the right to escalate questionable decisions to a human bank employee. Financial institutions are also encouraged to monitor and assess AI performance, and make adjustments as needed to improve outcomes.
People First: Core Ethical Principles
The Central Bank has defined five key principles to guide AI development in banking: human-centricity, fairness, transparency, safety, and responsible risk management. The top priority is clear—humans, not machines, should remain at the center of decision-making.
The code explicitly warns against discrimination based on ethnicity, language, religion, political affiliation, or other factors. Banks are also urged to inform customers whenever they are dealing with an AI system or AI-generated content. Security is a major focus, encompassing system integrity, protection of personal data, and proactive risk mitigation.
Balancing Innovation with Security
Russia’s banks have become increasingly reliant on AI-powered ecosystems to automate tasks, analyze big data, personalize services, and bolster cybersecurity. But as adoption grows, so do the risks—legal, ethical, and technological.
The Code of Ethics is designed to help banks strike a balance. Notably, the Central Bank chose soft regulation over strict mandates, favoring recommendations and standards instead of rigid compliance. This light-touch approach is expected to stimulate fintech innovation while embedding ethical safeguards.
Turning Ethics into Action
This is not Russia’s first effort to formalize ethical guidelines for AI. A national AI Alliance—which includes the country’s largest IT firms—previously introduced its own Code of Ethics and AI Algorithm Guidelines, backed by the Analytical Center under the Government and the Ministry of Economic Development.
More than 900 organizations have signed the Alliance’s code, including 80 international companies. The document establishes international standards for ethical AI development, prioritizing transparency, data safety, and human rights.
Russia is positioning itself as a thought leader in ethical AI. With strong state support and an emphasis on human dignity, the country is building a digital economy that aims to fuse rapid technological progress with responsible governance.
