Sberbank Eyes Crypto Custody Role as Russia Warms to Digital Assets

Sberbank Makes Its Crypto Custody Ambitions Clear

Sberbank, Russia’s largest bank, is stepping up its digital asset game. Anatoly Pronin, Executive Director of the bank’s Alternative Payment Solutions Department, confirmed that the bank has submitted a formal proposal to Russia’s central bank to begin offering crypto custody services. This would allow Sberbank to safeguard crypto assets for Russian clients, similar to how it manages fiat funds.

At a recent crypto regulation forum, Pronin stressed that crypto assets should be treated like bank deposits. The bank wants the authority to freeze assets if illegal activity is suspected, and to create secure, streamlined user experiences for crypto transactions. This move would mark a major turning point for Russian crypto regulation—especially at a time when the nation is looking for ways to circumvent Western sanctions.

A Central Bank Slowly Opening the Crypto Door

While traditionally conservative, Russia’s central bank (CBR) has gradually become more receptive to crypto—especially under the weight of sanctions tied to the Ukraine conflict. Last year, companies were granted permission to use crypto for cross-border payments. In May, the CBR signaled it would permit financial institutions to offer investment products tied to crypto, including derivatives and tokenized contracts.

However, a key restriction remains: investors cannot take direct custody of digital assets. Instead, they can only engage in non-deliverable contracts, meaning they can speculate on price without holding the underlying asset. Sberbank’s new push seeks to change that, asking for a clearer green light to actually hold and store crypto on behalf of clients.

So far, the CBR has not clarified whether crypto custody will be permitted, but Pronin’s comments indicate growing pressure from inside Russia’s financial sector to fill that regulatory gap.

Sanctions Workaround Raises Eyebrows

Even as Sberbank pushes for crypto expansion, it continues to engineer workarounds to Western financial restrictions. In June, it launched a controversial wire transfer system, allowing ruble transfers to European accounts like Revolut and N26 through intermediaries that mask Sberbank’s identity.

These transfers don’t show Sberbank’s name to recipients; instead, they list individuals, smaller cities, or third-party processors. While up to 500,000 rubles (~$6,400) per transaction can be moved this way, Revolut and N26 both deny involvement and warn users that such activity could violate sanctions and result in account freezes.

Crypto Access Expands for Russia’s Financial Elite

Sberbank also has plans to become a market maker, providing liquidity for upcoming regulated crypto trading platforms designed for Russia’s most qualified investors. Alexander Zozulya, Head of Sberbank’s Global Markets Department, confirmed that the bank will support platforms created under the new Experimental Legal Regime (ELR) launched by the CBR.

The ELR, introduced in March, lets selected companies use crypto in international trade, offering a sanctioned way to navigate geopolitical restrictions.

CBR Governor Elvira Nabiullina recently acknowledged that new infrastructure and laws will be necessary to enable direct crypto investments. At a financial summit in May, she emphasized that such investments should be limited to “highly qualified” investors within the ELR framework.

A Shifting Landscape Amid Global Isolation

As Russia adjusts its economic strategies under the weight of international sanctions, crypto has become a strategic tool for both the private sector and state-controlled institutions like Sberbank. With regulators signaling cautious approval and the banking sector pressing for faster reforms, digital assets could soon become a key pillar in Russia’s evolving financial playbook.

But while Sberbank pushes for custody rights and elite crypto access, the question of retail involvement, transparency, and regulatory integrity remains unresolved.