Russia's Sberbank secures approval to trade crypto

Sberbank secured approval from the Bank of Russia on October 12, 2026, to join the national cryptocurrency exchange register, expanding its existing digital depository status alongside firms like VTB. Sberbank plans to launch crypto trading for clients on December 1, 2026, testing Bitcoin, Ether, and USDT within its mobile apps. Under Russia's regulatory framework, domestic crypto payments remain prohibited while cross-border trade settlements are permitted, amid ongoing U.S. sanctions targeting Sberbank.

Sberbank's cryptocurrency registrations

• ▪The Bank of Russia added Sberbank to its register of authorized cryptocurrency exchange operators on October 12, 2026
• ▪Sberbank is among nine registered cryptocurrency exchange operators in Russia, alongside financial institutions VTB and T-Invest Lab
• ▪Sberbank entered the Bank of Russia's digital depository register earlier in October 2026 prior to obtaining the Bank of Russia's cryptocurrency exchange authorization

Sberbank's crypto-backed lending

• ▪Sberbank completed a Bitcoin-backed loan pilot project with Russian crypto mining firm Intelion Data in December 2025
• ▪Sberbank deputy chairman Anatoly Popov stated in August 2026 that Sberbank seeks regulatory approval to accept Bitcoin, Ether, and USDT as loan collateral

Digital depository registrations and operations

• ▪Sberbank first deputy chairman Alexander Vedyakhin stated that the bank's digital depository will record customer ownership and process transactions outside public blockchain networks
• ▪Five organizations have entered the Bank of Russia's digital depository register as of October 2026, including VTB and Atomyze

Timeline for Russian cryptocurrency regulation

• ▪The Bank of Russia established qualification and document requirements for cryptocurrency exchanges and depositories that took effect on October 5, 2026
• ▪Russia's regulated cryptocurrency trading framework took effect on September 1, 2026, bringing trading, custody, and cross-border settlements under central bank supervision
• ▪The Bank of Russia announced that cryptocurrency transactions must move through registered intermediaries starting in July 2027, restricting peer-to-peer transfers
• ▪Registered cryptocurrency institutions in Russia must adhere to transaction execution rules immediately and complete full compliance requirements by September 1, 2027

Rules for exchange operators and depositories

• ▪Under Bank of Russia rules, registered cryptocurrency exchange operators are authorized to buy and sell digital currencies using their own funds outside organized trading venues
• ▪Under Bank of Russia rules, registered digital depositories record ownership and transfers of digital currencies and provide customers with address identifiers

Cryptocurrency trading rules and limits

• ▪Under Bank of Russia rules requiring mandatory testing, non-qualified investors face an annual purchase limit of 300,000 rubles of eligible cryptocurrencies per intermediary, while qualified investors trade without annual purchase caps
• ▪Sberbank said the Bank of Russia will determine the final list of cryptocurrency tokens permitted for trading by Russian financial intermediaries

Rules for domestic and cross-border crypto use

• ▪Russia's regulated cryptocurrency framework maintains a strict ban on using digital currencies as payment for ordinary domestic goods and services
• ▪The Bank of Russia permits Russian exporters and importers to utilize cryptocurrencies without amount limits for cross-border trade settlements

Russian crypto regulatory policy

• ▪Existing Russian financial-market institutions can complete cryptocurrency exchange or depository registration through a one-day notification procedure
• ▪The Bank of Russia previously proposed in 2022 to ban domestic cryptocurrency exchanges and prohibit financial intermediaries from handling digital currencies

U.S. sanctions on Sberbank

• ▪The U.S. Treasury Department imposed full blocking sanctions on Sberbank in April 2022 under Executive Order 14024
• ▪U.S. Office of Foreign Assets Control rules prohibit U.S. virtual currency exchanges and wallet hosts from facilitating cryptocurrency transactions involving blocked Russian entities like Sberbank

Debatable claims

• ▪Integrating crypto exchange services into state-sanctioned banks legitimizes excessive financial speculation
• ▪Allowing unlimited cross-border crypto settlements effectively mitigates Western trade sanctions