Russia's Largest Bank Launches Bitcoin-Backed Loans

Russia's biggest bank just started lending money against Bitcoin. Is this the future of finance, or just a clever workaround for international sanctions?

Sberbank's Bold Financial Experiment

Sberbank made headlines in January by issuing Russia's first bitcoin-backed loan to major mining firm IntelionData. The transaction was labeled a "pilot," signaling the bank's intention to expand this model significantly.

The lender isn't starting from scratch. It already offers clients structured bonds and digital financial assets tied to bitcoin and ether. Deputy Chairman Anatoly Popov revealed that the bank is "currently testing decentralized finance (DeFi) instruments and supports the gradual legalization of cryptocurrencies within the Russian legal framework."

Competition is heating up quickly. Sovcombank became the first Russian bank to officially roll out bitcoin-backed lending to individuals and businesses on February 5th, just one day before Sberbank's announcement.

The Numbers Tell a Remarkable Story

Sberbank's digital financial asset (DFA) business exploded in 2025. Total issuance reached RUB 408 billion ($4.9 billion), representing a 5.6-fold increase from 2024's RUB 73 billion. Compared to 2023's modest RUB 2 billion, that's a staggering 204-fold growth.

The bank's own DFA holdings grew even more dramatically, increasing sevenfold in just six months to RUB 185 billion ($2.2 billion).

Yet these figures remain relatively small against Sberbank's massive traditional operations. As of December, corporate loans stood at RUB 30.4 trillion ($365 billion), retail loans at RUB 18.8 trillion ($226 billion), and client deposits at RUB 33.1 trillion ($398 billion). The crypto business, while growing rapidly, represents just a fraction of the bank's total footprint.

Beyond Mining: A Broader Financial Strategy

Sberbank's planned lending program won't target only mining companies. The bank explicitly stated it will extend crypto-backed lending to "businesses that hold cryptocurrency on their balance sheets." This suggests a much broader integration of digital assets into Russia's corporate finance landscape.

The timing aligns with Russia's regulatory reopening. In December 2025, the central bank reopened the cryptocurrency market to the public with new rules. Comprehensive legislation governing crypto assets is expected by July 1, 2026.

This regulatory framework represents more than just policy adjustment—it's a fundamental shift in how Russia approaches digital finance amid ongoing international sanctions.

The Sanctions Context

Russia's embrace of crypto-backed lending can't be separated from its exclusion from traditional global financial systems. While officials frame this as innovation, critics see it as sanctions circumvention. The reality likely encompasses both perspectives.

For Russian businesses cut off from Western banking, crypto-backed loans offer a new source of liquidity. For the Russian state, promoting digital asset adoption reduces dependence on dollar-dominated financial infrastructure.