Sberbank, Russia’s largest state-owned lender, confirmed Friday it is preparing to roll out crypto-collateralized loans for corporate clients. The move follows a pilot transaction executed in late 2025 with mining firm Intelion Data, signaling a decisive shift in how Russian financial heavyweights are navigating Western sanctions.
The Pilot & The Product
While the bank did not disclose the specific loan size, the mechanism is distinct: Intelion Data used self-mined cryptocurrency as collateral, secured via Sberbank’s proprietary custody infrastructure and Rutoken hardware. According to Deputy Chairman Anatoly Popov, this structure allows the bank to mitigate volatility risk while offering liquidity to miners who prefer not to liquidate assets at current market prices.
The pilot transaction allowed us to test mechanisms behind digital collateral, which could lay the foundation for future regulation. We believe that this kind of product will be relevant not only for cryptocurrency miners, but for companies that own cryptoassets, too.
Demand is surging. Russian exporters and miners, cut off from dollar-denominated credit lines, are increasingly viewing digital assets as working capital rather than speculative inventory.
The Regulatory Clock
Sberbank’s rollout is contingent on the Central Bank of Russia (CBR), which historically maintained a hardline stance against domestic crypto payments. However, the regulator has softened its approach regarding external settlements and collateralization. A comprehensive legislative framework for digital assets is now expected to be finalized by July 1, 2026. Until then, these loans operate in a regulatory gray zone, classified under “experimental legal regimes” (EPRs) authorized by recent State Duma amendments.
Market Context
Sberbank is late to the party. Sovcombank, Russia’s ninth-largest lender, launched a similar product for both individuals and businesses earlier this week, claiming the title of the first Russian bank to issue Bitcoin-backed loans publicly.
The race to capture the crypto-collateral market comes as Bitcoin struggles to reclaim high-timeframe support, trading near $73,900 (-4.1%) during Friday’s European session. For Russian corporates, however, the dollar-value of the collateral is secondary to the accessibility of credit itself.
