Sberbank, Russia’s largest bank and lender, says it plans to offer crypto custody services, according to a Thursday announcement. Like the US, Russia’s central bank has begun to soften its stance on the crypto industry, and has begun using crypto products to circumvent sanctions against it for invading Ukraine. In evading these sanctions, crypto has become more popular in the region, and the country’s largest bank looks to capitalize on the attention surrounding cryptocurrency by offering custodial services.
Anatoly Pronin is the executive director of Sberbank’s alternative payment solutions division. Pronin said on Thursday that Sberbank had sent proposals to the central bank regarding the regulation and custody of crypto assets in the country, following the increasing number of banks elsewhere that are starting to provide custody services. Speaking at a discussion on cryptocurrency regulation, Pronin said Sberbank’s proposals would see cryptocurrency assets regulated in a similar way to assets in bank accounts. He further reassured that the bank would guarantee tokens’ safety.
Meanwhile, Gleb Zemskoy, director of the development of blockchain technology and digital currencies at Insight Finance, said no fund or crypto user could do without custody services. “The custodian is the backbone of the world’s economy in terms of cryptocurrencies,” Zemskoy said. “And at the moment, it is in the hands of private foreign companies, which indicates a huge risk.”
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The Russian Agricultural Bank announced on June 2, 2025, its collaboration with the Bank of Russia to evaluate digital assets for grain settlements. Russia’s crypto payments initiative represents a significant expansion into agricultural commodities following successful oil transaction precedents. Cryptocurrencies may be seen as a convenient alternative instrument for cross-border transactions, especially considering restrictions on Russia’s access to traditional financial systems.
Furthermore, back in April, Russia’s Finance Ministry called for it to create its very own crypto stablecoin. “The recent blockchains make us think that we need to consider creating internal tools similar to USDT, possibly pegged to other currencies,” the ministry’s deputy head, Osman Kabaloev, said. Moreover, in early March, Tether had reportedly blocked Moscow-based digital wallets from holding over $30 million.
