Russia’s largest lender, the state-run Sberbank, revealed Thursday that it plans to launch custody services for Russian crypto holdings, according to Reuters. With this step, Sberbank aims to claim a pivotal position in the country’s shifting digital asset space.
Sberbank Responds to Foreign Custody ‘Risk’ in Russia
According to a Reuters report, the announcement follows a more relaxed approach by Russia’s central bank toward digital currencies. The institution supported a law passed last year that allows companies to use crypto for international transactions—a strategy aimed at sidestepping Western sanctions tied to the Ukraine conflict.
Anatoly Pronin, who heads Sberbank’s alternative payment solutions division, said the bank had submitted regulatory suggestions to the central bank. Reuters says that, speaking during a crypto panel, Pronin pointed to the rising number of foreign banks offering custody services as a major influence.
Reuters’ report noted that Pronin explained how Sberbank intends to treat crypto assets like traditional deposits, with token protection guaranteed by the bank. Sberbank has already been participating in the central bank’s digital ruble trials, which began last year. On June 25, Tass reported that the Bank of Russia shared a rollout plan with the State Duma, mandating banks and retailers to adhere to digital ruble rules starting Sept. 1, 2026.
On the topic of Sberbank’s custody service, Gleb Zemskoy, director of blockchain and digital currency development at Insight Finance, highlighted the critical role custodians play. “The custodian is the backbone of the world’s economy in terms of cryptocurrencies,” Zemskoy said, also warning that the country’s dependence on overseas private firms presents “a huge risk” for Russia.
The proposals come as Russia continues crafting its digital asset rules. Though the bank itself is involved in various digital currency initiatives, Sberbank CEO German Gref has voiced doubts about the benefits of these developments.
