Russia's Sberbank plans crypto-backed loans to corporate clients

MOSCOW, Feb 5 (Reuters) - Russia's largest lender Sberbank SBER.MM is preparing to issue crypto‑backed loans, citing strong interest from corporate clients, and is ready to work with the central bank to develop regulation, the bank's spokesperson told Reuters on Thursday.

In late 2025, Sberbank issued a pilot crypto‑backed loan to a crypto-mining company called Intelion Data which provided collateral in the form of cryptocurrency it had mined. The bank did not disclose the size of the loan.

Sberbank's domestic rival Sovkombank was the first Russian lender to start issuing crypto-backed loans.

Cryptocurrencies are playing a growing role in Russia's economy and foreign trade as transactions in most global currencies are targeted by Western sanctions, imposed after Russia launched military action in Ukraine.

The Russian central bank defines cryptocurrencies as foreign exchange assets, permitting their purchase and sale but prohibiting domestic payments. The regulator plans to finalise a legislative framework for crypto assets by July 1, 2026.

Sberbank said it aims to serve not only miners but also companies holding crypto assets. The decision follows similar moves by global banks with JPMorgan exploring crypto-backed loans while Wells Fargo is already offering them.