Sberbank, Russia’s largest bank, is preparing to offer cryptocurrency-backed loans to businesses, starting with Bitcoin and later adding Ether and USDT once authorized by the Bank of Russia. The bank already granted its first crypto-collateralized loan to AO Intelion Data, one of the country’s largest Bitcoin miners, in late December 2024, and now plans to roll out this product more broadly once the new Russian crypto law is fully operational. This initiative comes as Russian finance seeks liquidity channels, traditional avenues having been restricted by Western sanctions since 2022. The law regulating cryptocurrency circulation, signed by Vladimir Putin in early August, takes effect on September 1. The Bank of Russia has also set a cap of 300,000 rubles per year per intermediary for non-qualified retail investors on regulated platforms.
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