Sberbank Prepares Crypto Custody Services Amid Sanctions

Russia’s largest bank, Sberbank, is preparing to offer custodial services for cryptocurrencies, signaling a major advancement in the integration of digital assets within the country's financial infrastructure. This development is part of a broader strategy to adapt to the evolving global financial landscape and the impact of Western sanctions, which have prompted Russia to explore blockchain and crypto as strategic tools for economic flexibility.

Sberbank has drafted a regulatory proposal aimed at enabling crypto custody services similar to traditional banking. The proposal includes measures such as asset freezing in cases of illicit use, demonstrating the bank's commitment to balancing innovation with regulatory compliance. This move comes as Russia has recently implemented legal reforms that facilitate the use of cryptocurrencies in cross-border transactions, thereby encouraging broader adoption, especially among institutions seeking to bypass traditional financial systems.

Sberbank’s recent issuance of a Bitcoin-linked bond, which is now trading over-the-counter and may be listed on domestic exchanges, further underscores the bank’s growing interest in digital finance. This initiative aligns with Russia’s broader national strategy to develop a government-backed crypto exchange designed to serve wealthy individuals and institutions under a controlled legal framework. The country’s financial evolution, once driven by necessity, is increasingly looking like a well-planned strategy to enhance economic resilience and flexibility.