Russia's Largest Bank, Sberbank, Prepares to Issue Crypto-Backed Loans

Russia’s largest bank, Sberbank, is preparing to offer crypto-backed loans to corporate clients, citing strong demand for the service, a bank spokesperson said. The lender is working with the central bank to develop a regulatory framework for such financial products. Sovkombank, a domestic rival, was the first Russian bank to issue crypto-backed loans.

In late 2025, Sberbank conducted a pilot loan for a crypto-mining company, Intelion Data, using mined cryptocurrency as collateral. The loan size was not disclosed. The bank has also developed its own custody infrastructure to handle digital assets.

The Russian central bank classifies cryptocurrencies as foreign exchange assets, allowing their purchase and sale but banning use for domestic payments. A broader regulatory framework is expected by July 1, 2026.

Why the Move Happened

Sberbank aims to serve not just crypto-miners but also other corporations that hold digital assets. The bank’s decision follows similar initiatives by global banks like JPMorgan and Wells Fargo.

The move aligns with a broader strategic push by Sberbank to build digital asset infrastructure over the past several years. In 2025 alone, the total value of digital financial assets issued on its platform reached 408 billion rubles ($5.3 billion).

What Analysts Are Watching Next

Regulatory clarity remains a key focus as the central bank finalizes its legislative framework. The Russian central bank's approach to crypto assets could shape the broader ecosystem's development.

Sberbank’s pilot program with Intelion Data tested digital collateral mechanisms and could inform future regulation, according to Anatoly Popov, deputy chairman of Sberbank’s executive board.

The bank’s expansion into crypto-backed lending also reflects growing interest in alternative assets among Russian businesses. With most global currencies subject to Western sanctions, cryptocurrencies are becoming more important for foreign trade.

Investor Implications

The shift signals increased institutional acceptance of crypto assets in Russia, potentially expanding use cases and collateral options for enterprises. Sberbank’s involvement could boost confidence in the space among other financial players.

However, regulatory developments and market adoption rates remain key uncertainties. Analysts are monitoring the central bank's July 2026 deadline for a finalized framework and the practical uptake of such loans by corporate clients.