Russia’s largest lender, Sberbank, is launching cryptocurrency payments as a service for corporate clients that trade internationally.

The move comes as the law on “digital currency” takes effect, setting out rules for coin transactions in the Russian Federation and giving banks a clearer legal basis to offer crypto-related services to business customers.

Sberbank begins processing cross-border cryptocurrency payments

Sber, the biggest Russian bank by assets, has started processing cryptocurrency payments for companies involved in foreign economic activity.

The financial services group announced the service at the Eastern Economic Forum (EEF), held September 1–4 in Vladivostok in Russia’s far east.

According to a statement from the bank’s press service, as quoted by RBC, transfers between crypto wallets take only a few minutes rather than days, unlike traditional wire payments.

The bank also said the average transaction cost is 0.3%, which it described as lower than the cost of conventional transfers, according to Vedomosti.

In addition, all documents required for the bank and foreign exchange control are generated automatically during the transaction, which Sberbank said is another advantage for clients working with foreign partners.

Alexander Vedyakhin, first deputy chairman of Sberbank’s Executive Board, said:

“For Russian exporters and importers, international settlements in cryptocurrency mean faster payments, new markets, and partners previously inaccessible due to restrictions.”

The reference was to Western sanctions imposed over Moscow’s war in Ukraine, which have sharply limited access to existing fiat payment channels for Russian companies engaged in foreign trade.

Russian public and private actors have widely been believed to use digital assets to bypass such restrictions. Sberbank itself is also under sanctions.

Vedyakhin said these operations were first tested under an “experimental legal regime” (ELR) established by the Central Bank of Russia (CBR) in September 2024.

He said the pilot program, which has been running for almost two years, showed the need for such tools.

“Now that the law regulating cryptocurrencies has entered into force, we expect strong demand for this new instrument,” Vedyakhin added.

The legislation he referred to came into full effect on September 1 and legalized crypto transactions including investment, exchange, and trading, as reported by Cryptopolitan.

The bill on “Digital Currency and Digital Rights” was adopted by the Russian parliament in July and signed into law by President Vladimir Putin in early August.

Although the framework permanently bans the use of cryptocurrency as a means of payment inside Russia, it allows Russian businesses to use it to settle cross-border deals.

For domestic digital payments, Moscow wants transactions to be carried out with the digital ruble, which was also launched for public use on Tuesday.

Sberbank plans crypto-backed lending

The plan to introduce cryptocurrency payments for international settlements was also discussed days earlier by Anatoly Popov, another deputy chairman of Sberbank’s board.

Speaking to TASS before the economic conference in Vladivostok, he said the feature would be available to users of the SberBusiness app by the end of 2026.

Popov said the necessary infrastructure had already been built and that the payment option would be integrated for Sber customers.

He also said Sberbank intends to develop lending secured by digital assets, with Bitcoin (BTC), Ethereum (ETH), and Tether’s stablecoin USDT accepted as collateral.

The three cryptocurrencies, which are among the largest by market capitalization and liquidity, were recently approved for regulated circulation in Russia by the monetary authority.

Sberbank first said it was considering crypto-backed lending in December last year, then issued the country’s first such loan shortly afterward, before outlining plans to expand the business.

This past summer, the bank also said it plans to launch a regulated coin trading platform and a cryptocurrency wallet by the end of 2026.

Under the new law, established players in Russia’s traditional financial sector, including Sberbank, will be able to work with crypto through dedicated divisions operating under their existing licenses.