Russia’s Biggest Lender Moves Toward Crypto-Backed Corporate Loans
Russia’s largest bank, Sberbank, is preparing to roll out loans secured by cryptocurrencies for corporate clients, building on a successful pilot launched late last year and aligning itself with the country’s rapidly evolving digital asset policy.
According to reports, the state-backed financial giant is completing the infrastructure and internal rules needed to scale crypto-collateralized lending. The initiative targets companies that legally hold or generate digital assets and are looking to unlock liquidity without selling their crypto.
A Sberbank representative said the bank is ready to work closely with the Central Bank of Russia (CBR) to develop a regulatory framework that would allow such products to operate on a permanent basis. The bank emphasized that any broad rollout will depend on clear, stable rules governing the use of digital assets as collateral.
“We are prepared to engage in dialogue with the Central Bank to shape regulatory solutions for launching these services,” Sberbank noted in comments to Russian media. The bank added that its collaboration with clients involved in cryptocurrencies is grounded in detailed assessments of their business models and risk profiles, highlighting a cautious but deliberate approach.
Sberbank views the growing demand from corporate customers as a promising opportunity, but it has stressed that regulation must come first. Transitioning from isolated pilot deals to a full-scale crypto-backed lending program will, in its view, require legal clarity on everything from collateral valuation to enforcement in case of default.
As part of its early efforts, Sberbank carried out a pilot transaction in December 2025 with a crypto mining company. The bank extended a loan secured by the digital assets the miner had produced, testing both the technological infrastructure and risk management processes needed for such deals. The pilot, the bank said, was primarily focused on understanding how to handle crypto as collateral in real-world conditions.
“Sberbank has already implemented a pilot project for lending secured by cryptocurrency,” the bank explained. “The key objective was to test the technological aspects of working with this form of collateral. We are now analyzing the results and refining the infrastructure and methodology required for broader deployment of similar products.”
With this move, Sberbank is following a global trend, as major international institutions such as JPMorgan and Wells Fargo have explored or piloted similar structures around digital assets and tokenized collateral. For Russia’s largest lender, this is also a strategic way to remain competitive as more corporations integrate crypto into their balance sheets.
Sberbank is not alone in this segment. Sovcombank, the country’s ninth-largest bank, has already declared that it was the first Russian lender to issue crypto-backed loans. The bank recently began offering loans collateralized by Bitcoin to both individuals and corporate entities that legally own digital assets under Russian law.
“Sovcombank sees broad partnership potential across the crypto ecosystem — from miners and data-center operators to trading platforms and exchangers,” said Marina Burdonova, the bank’s compliance director. She added that the bank is designing tailored offerings for each segment, including specialized cash management services, loans and project financing options, and risk management tools.
These developments are unfolding as Russia finalizes its new regulatory architecture for digital assets, expected to come into force by July. In December, the Central Bank of Russia presented a detailed set of proposals designed to allow both retail and qualified investors to purchase digital assets through licensed domestic platforms.
Under the proposed rules, non-qualified retail investors who pass a knowledge assessment will be allowed to buy up to 300,000 rubles per year in the most liquid digital assets. Qualified investors, in contrast, will face no quantitative cap and will be permitted to acquire any digital asset once they pass a risk-awareness test.
Major market infrastructure players, including the Moscow Exchange (MOEX) and SPB Exchange, have signaled their readiness to support the new regime. Both exchanges have indicated they can launch regulated crypto trading services swiftly once the legal framework is officially enacted, potentially creating a domestic market for tokenized assets, structured products, and spot crypto trading.
At the legislative level, the Committee on State Building and Legislation in the State Duma, the lower chamber of Russia’s parliament, has advanced a bill aimed at refining the country’s approach to digital assets. The work in parliament is expected to complement the CBR’s regulatory package and define how digital assets are classified, taxed, and treated in cases such as bankruptcy or collateral enforcement.
Why Crypto-Backed Loans Matter for Russian Corporates
For Russian companies, especially those in the mining, fintech, and IT sectors, access to crypto-backed loans could transform how they finance operations. Many such firms accumulate significant digital asset holdings yet face challenges when trying to convert that into traditional liquidity without triggering tax events or market impact from large sales.
Using cryptocurrencies as collateral allows businesses to keep exposure to potential future price appreciation while accessing fiat funding to pay for electricity, equipment, salaries, or expansion. This model is already well-established in some foreign markets through specialized lenders and, increasingly, through traditional banks.
In the Russian context, where sanctions and restrictions complicate access to international capital markets, crypto-backed lending may become an additional financing tool for certain export-oriented or tech-driven enterprises. However, the extent to which it can scale will depend on how regulators balance innovation with concerns over capital flight, money laundering, and market volatility.
Key Risks and Risk Management Approaches
Crypto-collateralized loans introduce specific risks for both lenders and borrowers. Chief among them is price volatility: if the value of the pledged assets drops sharply, the loan can quickly become undercollateralized. To mitigate this, banks typically apply conservative loan-to-value (LTV) ratios — for example, lending significantly less than 50% of the current value of the crypto collateral.
In addition, lenders need robust systems to monitor market prices in real time and to execute margin calls or liquidate collateral if thresholds are breached. This demands specialized infrastructure, custody solutions, and compliance systems that differ from traditional collateral management.
Sberbank’s decision to start with a limited pilot reflects these complexities. By testing with a crypto mining company — a business whose revenues are closely tied to digital assets — the bank could observe how collateral behaves across market cycles and stress scenarios. The ongoing analysis of that pilot will likely shape how strict or flexible Sberbank’s eventual product terms will be.
Implications for the Russian Banking Sector
The entrance of large regulated banks into crypto-backed lending signals a shift in the Russian financial system’s stance toward digital assets. For years, crypto in Russia operated in a gray area, tolerated but not fully integrated into mainstream finance. Sberbank and Sovcombank’s initiatives suggest a gradual normalization, at least for segments that meet legal and compliance standards.
This could spur competitive dynamics: once one major institution proves demand and manages the risks effectively, others may feel pressure to develop similar offerings to avoid losing innovative clients. At the same time, regulators may prefer to channel crypto activity into established, supervised entities rather than unregulated lenders.
If structured properly, crypto-collateralized loans could also help banks develop expertise in tokenized finance, smart contracts, and digital custody — capabilities that may be important as more assets, from securities to commodities, move onto blockchain-based infrastructure.
Corporate Clients: Who Stands to Benefit First
The first beneficiaries are likely to be crypto-native businesses: miners, infrastructure providers, digital asset service companies, and firms with significant crypto treasuries. These players already understand the volatility and operational aspects of holding digital assets, making them better suited to manage the obligations that come with using crypto as collateral.
Next in line could be export-oriented companies or technology firms experimenting with accepting crypto payments or holding them as part of their treasury strategy. For such organizations, crypto-backed loans can act as a bridge between digital balance sheet assets and fiat-denominated liabilities.
However, not all corporates will qualify immediately. Banks are expected to impose strict due diligence requirements, including transparent ownership structures, audited financials, clear proof of legal asset origin, and robust internal controls to mitigate compliance risks.
How Regulation Will Shape Product Design
The exact contours of Sberbank’s and Sovcombank’s products will be heavily influenced by the final regulatory framework. Issues likely to be clarified include:
– Legal status of cryptocurrencies as collateral and how they are recognized on balance sheets.
– Rules for collateral storage, including the use of licensed custodians and security standards.
– Tax treatment of collateral liquidation and loan interest.
– Requirements for investor protection and disclosure.
– Restrictions, if any, on which types of digital assets can be used as collateral (for example, only the most liquid and transparent coins or tokens).
The Central Bank’s initial proposals for investor protection — such as knowledge tests and annual limits for non-qualified investors — suggest that authorities are trying to open the market gradually while retaining control over systemic risks.
Russia in the Global Context
By moving toward regulated crypto-backed lending and a structured digital asset regime, Russia is positioning itself within a broader international trend where traditional finance and blockchain-based assets converge. While geopolitical constraints shape the country’s external financial relations, the domestic market for digital assets is being formalized and integrated with the banking system.
In this environment, Sberbank’s strategy serves multiple purposes: providing new services to clients, strengthening its position as an innovation-driven institution, and aligning with state policy that seeks to regulate — rather than prohibit — digital assets. For corporate clients, the emergence of crypto-backed loans may become one of the most tangible, practical outcomes of Russia’s shift toward a comprehensive digital asset framework.