Sberbank is exploring ruble-denominated loans secured by cryptocurrencies, positioning the product as a liquidity tool for corporate and retail clients who want access to cash without selling their holdings. The initiative is being developed alongside pilot token issuance and custody plans, with a regulatory roadmap targeting full implementation by July 1, 2026, and it is unfolding under the constraints of international sanctions.
The bank is not starting from zero in tokenization. Sberbank has issued more than 160 tokenized financial instruments in 2025 on its proprietary blockchain, and it uses its Rutoken solution for custody and security. These Digital Financial Assets (DFAs) are described as tokenized representations of traditional instruments, with reported value of about $1.5 billion backed by real estate, oil, and other commodities.
Collateral scope and the regulatory runway
Planned collateral classes for the proposed lending model include Bitcoin (BTC), Ethereum (ETH), stablecoins, and tokenized precious metals. Separately, Sberbank has organized 1.5 billion rubles in structured bonds and DFAs tied to crypto portfolios as part of a broader digital-asset offering. The combined roadmap signals an intent to package crypto exposure into bank-structured products while expanding collateral utility.
The rollout is being aligned with a national framework intended to reach full effect on July 1, 2026. Under the proposed rules, cryptocurrencies and stablecoins would be classified as “currency assets,” purchase caps for non-qualified investors would be set at up to 300,000 rubles annually subject to mandatory knowledge tests, and anonymous tokens would be banned. This framework establishes a clearer compliance perimeter for product design, distribution controls, and investor segmentation.
Risk controls and operating constraints under sanctions
The timeline also intersects with broader policy milestones. The digital ruble is scheduled for government use beginning January 2026, criminal liability for non-compliant brokers is slated to take effect by 2027, and Sberbank has emphasized active collaboration with regulators as highlighted by Deputy Chairman Anatoly Popov. The direction of travel is a more prescriptive regime that pairs product expansion with tighter enforcement.
From a risk-management standpoint, Sberbank is signaling a controls-first posture tailored to crypto volatility. The bank plans automated margin controls, overcollateralization, and frequent margin checks, while acknowledging that severe downturns can trigger rapid liquidations and asset-quality stress. This makes collateral governance and liquidation mechanics central to both credit policy and client experience.
Cybersecurity is positioned as a core pillar of the buildout. Rutoken is highlighted as a priority for custody and security, but operational and counterparty risks are elevated in a sanctioned environment where trusted international partners are limited. That constraint can influence vendor selection, settlement pathways, and the scalability of custody and reporting functions.
The market sizing argument is also explicit. Russia’s domestic crypto market activity is cited at $376.3 billion in transactions between July 2024 and June 2025, framing a substantial addressable base for regulated lending against crypto collateral. In contrast, global institutions are described as running broader cross-border programs, including an example of a large U.S. bank accepting BTC and ETH as collateral and seeding a tokenized money-market fund with $100 million and a $1 million minimum, underscoring different constraints and scales.
Sberbank’s strategy is to fold crypto collateral into a regulated, domestically focused lending stack while managing volatility, cyber, and compliance risk. The pilots and custody proposals aim to expand liquidity channels without forcing disposals, but operational limitations and geopolitical realities are likely to shape adoption and product reach.
