AI regulation discussed at the Data Fusion conference

AI regulation discussed at the Data Fusion conference

The Russian market is ripe for the introduction of artificial intelligence regulations, but it's important to find a balance between the interests of the state, business, and the public to ensure the technology's development continues. Fear of new technology is natural—in the 19th century, people were similarly wary of the development of trains. Bank of Russia Governor Elvira Nabiullina and Deputy Prime Minister Dmitry Grigorenko discussed this at the Data Fusion conference.

In March 2026, the Ministry of Digital Development, Communications, and Mass Media published a draft law on artificial intelligence regulation. It was discussed at the Data Fusion plenary session.

"According to HSE University estimates, last year, business spending on AI implementation exceeded 250 billion rubles. Legally, we don't even know what AI is, but we're still spending money. And, of course, the government's job is to step in when it's needed, so as not to stifle the technology's development and to establish the rules," Grigorenko believes.

"Regulating AI is important. It provides a unified framework and, at a minimum, a common language that regulators, market participants, and developers can speak," Nabiullina said. She emphasized that a balance is needed when introducing regulations. "When we begin regulating, when we begin drafting legislation, there's always a desire to regulate everything. And, in my opinion, the greatest risk is regulating a developing technology given all the potential fears—and we know there are significant fears regarding this technology," the head of the Central Bank said.

However, humanity is no stranger to technological disruption and the fears that come with it, and techno-optimists and techno-pessimists have always existed, Nabiullina recalled. She cited the opinions of 19th-century doctors who believed that high train speeds were detrimental to health and led to nervous exhaustion. "Imagine if, based on these fears, we were to limit train speed. Our lives would be slower and poorer," Nabiullina reasoned.

In her opinion, it's not the technology itself that needs to be regulated, but the risks it creates. She drew a parallel with how the Central Bank regulates operational risks: "Artificial intelligence carries operational risks, failures, and hallucinations. But we've learned to regulate operational risks without delving into the technology itself. That is, by setting performance requirements to prevent failures, etc. And I think we should approach this in a similar way, setting performance requirements." The Central Bank head also concluded that the law should be at the highest level, giving industry regulators the right to specify requirements based on market specifics.

The scaling, implementation, and use of AI in terms of its impact on society is similar to the advent of electricity, and in 5-10 years, a different world awaits us, believes Grigorenko. AI and robots will create a new industrial society, agrees VTB President and Chairman of the Management Board Andrey Kostin. "This will be a change, perhaps even greater than the creation of the internet. Another thing is that, in terms of practical application, for example, for banks, today, the development of technologies, including artificial intelligence, is not so much a matter of saving money as it is a need to successfully compete with our peers, who are also moving very quickly in this direction. The goal is to create the most interesting and fastest products for our clients," Kostin noted.

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