Russia’s Sberbank Trials Crypto-Backed Loans
The news that Sberbank is piloting crypto-backed loans is a small headline with major implications: it means that the largest bank in Russia has begun to experiment with how cryptocurrency might be used not for payment, but rather for financial collateral within the traditional banking system under regulations that Russian regulators are drafting at the present time.
what happened, why it matters, how crypto-collateral lending is implemented, what kind of risks it poses, and what these may mean for Russia’s financial market and the crypto space in the year 2026 and into the future.
1) What happened exactly:
Late December 2025, Sberbank (frequently marked as “Sber”) announced that it successfully executed a pilot lending process with cryptocurrency as collateral, namely crypto mined by the borrower, which is a mining company.
The party involved in the reporting is the borrower, which is Intelion Data, or Intelion, classified as a large Russian mining company. Under the pilot structure, Intelion took a corporate loan and, instead of collateralizing conventional assets such as receivables, property, or equipment, or through the guarantee of a bank, collateralized self-mined cryptocurrency.
An important operational aspect of the transaction: Sberbank claimed to have employed their own custody/storage system, often referred to as “Rutoken,” to securely maintain the crypto collateral throughout the lending term.
Thus, the “trial” talk is more than just that. In fact, it represents a real-life test of mechanics: Does the regulated bank have the capability to custody a bitcoin, refine a security interest over it, control price risk, and develop effective internal controls—without violating the yet-to-be-defined local laws?
2) Why it matters: Russia is trending from ‘Grey Zone’ to ‘Regulated Rails’
In recent years, Russia has been ambivalent regarding crypto: it is wary of its potential usage in the country, but it is becoming more realistic about it as an asset class, particularly in regard to international payment systems that are affected by sanctions.
There are two recent trends that, in particular, render proceedings in Sberbank
The Bank of Russia issued new draft proposals on the regulation of cryptocurrencies on December 23, 2025, and outlined a framework under which it would be possible for qualified and non-qualified investors to invest in crypto-assets in a different manner.
Russia has also been exploring and discussing “digital finance infrastructure” in even broader forms. In another case, in early 2025, Reuters mentioned that Sberbank attempted to take a more significant part in terms of crypto custody—their goal is to act as some kind of credible local player who could secure cryptocurrencies with an ability to freeze assets in case of legal suspicions, in a way that banks do with funds.
Now, put all these together, and this is what you get in terms of the strategic vision: “custody + regulation + banking products.” Crytpo-loans would fit right in the middle.
3) What is actually a crypto-backed loan?
A crypto-backed loan, typically, is a loan where a certain cryptocurrency is pledged as collateral, and a loan, in this case, presumed to be rubles, is given to the borrower.
Rather than borrowing cash to sell cryptocurrency to raise funds to repay a loan, the borrower retains exposure to the potential value increase of the cryptocurrency while gaining access to liquidity.
A simple example
In order
The borrower deposits the cryptocurrencies with a total worth of ₽
Bank loans:₽50-70 million (depending on risk appetite)
If the price of crypto goes up, then the benefit goes to the borrower (though indirectly because the borrower still “owns” the
If crypto price goes too low, then either the borrower puts up more collateral or collateral is sold.
This is certainly not novel to the rest of the world—in many ways, a variant of this exists within the sector—it comes with a major state-owned bank piloting this within Russia’s emerging regulatory scope, which is novel.
4) What makes miners the “perfect first customer” for the given product
A mining company such as Intelion would be a sensible starting point.
The needs of miners are predictable.
Mining is a capital-intensive industry:
Data centers and Electricity
ASIC hardware and maintenance
ASIC technology enables
cooling, security, and hosting
“Working Capital to Survive” to cope with crypto price fluctuations
Miners may be holding the cryptocurrency (inventory) since, “production” is actually just coins.
Cryptographic collateral correlates with miner balance sheets
A miner collateralizing self-mined cryptocurences will be similar to a commodity manufacturer collateralizing inventory. If you are an oil manufacturer, you will borrow against oil inventory; if you are a metals manufacturer, you will borrow against metals inventory. In this case, a miner will borrow against “coin inventory.”
Compliance and Provenance: Explanation Made Easier
ector
One big problem in compliance for crypto is: Where did the money come from?
With mining:,
coins can be traced to the miner’s operations
then at least a more credible narrative of asset origin exists compared to coins that pass through a multitude of wallets and exchanges
That does not, of course, allay the anti-money laundering issues, although it may make the first pilot project easier.
5) How Sberbank probably organized the trial (mechanics that matter)
Sberbank hasn’t revealed all parameters (interest rate, term, LTV and margin thresholds) necessary for the operational parameters of an ordinary crypto-collateralized loan. However, a cryptocurrency-collateralized loan within a bank would normally require several ‘hard’ mechanisms in order to be secure
(A) Custody: who holds the keys?
If the keys are in the possession of the borrower, then the collateral for the loan at the bank is insecure.
Hence, banks require:
borrower transfers cryptocurrency into a controlled custody environment
multi-signature or hardware-secured custody
Strict access controls and audit trails
The appearance in Sberbank’s presentation of its custody/storage solution (cited as Rutoken) is significant, as custody is the key to collateral enforceability. Alternatively, Sberbank
(B) Valuation: how do you price the collateral?
The following would usually be required
reference price source (exchange/index)
traditional haircuts
stress tests for gaps and weekend volatility
(C) Loan to Value (LTV)
Since the crypto is volatile, the bank will always ensure that the size of the loan is smaller than the size of the
Common patterns worldwide:
LTV of 30-60% for Major Liquid Coins
“lower LTV for less liquid tokens”
precautionary buffers against regulatory risks
(D) Margin Calls and Liquidation Provisions
A crypto-based loan must specify:
when the margin call is triggered
how quickly borrower must top up
what will happen if they don’t
how a liquidation occurs (OTC desks, Exchanges, Internal Market Making Partnerships
“This is where the realities of complexity set in: The liquidation process must be speedy enough to safeguard the bank itself but orderly enough not to have any market impacts,” writes Schoenberg and Dachipally.
(E) Legal enforceability: ‘perfection’ of
In traditional finance, collateral has to be perfected, which implies that the lender has a claim that the law will enforce. There are various theories that attempt
In digital assets, this largely depends on:
whether there is legal recognition of crypto as an asset class
how pledges are registered/recognized
court enforceability
bankruptcy treatment (does collateral remain outside of bankruptcy estate?)
The changes in the Russian framework are what Sberbank is actually aligning with.
6) Why now: the Bank of Russia’s December 2025 proposals change the runway
On December 23, 2025, the Bank of Russia issued a concept of regulating the cryptocurrency market, in which crypto commodities would be available to various categories of investors under different conditions.
Though details will differ and develop, the message is clear: crypto is being considered less as an object outside the law and more as a volatile financial asset that can use regulated routes.
Crypto-backed lending is in line with this direction because:
keeps crypto as collateral/investment asset, not as payment money
Enables banks to apply KYC/AML and risk measures
leaves the lending side of the process in rubles, thus preserving the authority of the rubles easy
In short, it’s a means to “tame” crypto into the current financial system while ensuring that it cannot replace the ruble.
7) The strategic angle: Sberbank positioning as the “gatekeeper” of regulated crypto finance
Sberbank is
When a major established bank tests a search product, it’s rarely a test of one loan product. It’s a test of a potential future position.
According to Reuters in mid-2025, Sberbank was planning to provide custody services for cryptocurrencies in Russia, with proposals for cryptocurrency to be regulated in the same way as assets in bank accounts, with Sberbank assuring the security of the cryptocurrency and also freezing assets in case of legal suspicions.
“Custody is not a side business in this case – it is the foundation layer for:”
crypto-collateral
Tokenized deposits / settlement instruments
organized access to organized markets
structured products related to digital assets
After that, once you custody the asset, you can build the credit products on top of it. “That’s the classic financial stack:”
Credit Card -> Base Payment Method -> Paymentcustody → collateral → credit → markets.
8) Benefits: Who benefits from the reality of crypto-backed loans in Russia?
(1) Miners and crypto-intensive firms
It will lessen the requirements to:
dumping inventory in the market at unfavorable prices
The Note of Familiarity
use offshore structures that introduce sanctions risk as well as counterparty risk
This may help to stabilize the investing cycle of the industrial mine industry.
For example, if
(2) Banks (including Sber
Banks gain:
“a new secured lending product that could offer quite appealing margins, due to the risk premium that volatile assets command”
enhanced customer ties with premium corporate clients
control points: custody, compliance, and reporting capabilities which smaller firms lack.
(3) Regulators (if designed well)
In a regulated crypto-collateral link, there
improve transparency
reduce uncontrolled retail speculation (as applicable)
anchor crypto activity within KYC/AML-compliant institutions
(4) The broad market
A lack of liquidity may be remedied without having to sell, and this helps to alleviate sell pressure in cryptocurrencies during bad times. However, this could also trigger crashes. (More on this later.)
9) The risks: what the high consequence means to regulators and banks
The history of crypto-backed lending is replete with spectacular blowups around the world, and these have usually resulted from leverage, custody, governance, and liquidity risks. Sberbank may be more cautious than some crypto ventures but not different from them, and the risks are much the same.
Risk 1: Price volatililty and liquidation cascades
If crypto goes down drastically:
collateral value dwindles rapidly
margin calls trigger
Forced liquidations can help hasten this fall.
liquidity dries up when you want it most
Such risks in banks can be managed by
conservative LTVs
high-quality collateral only (prob. BTC/ETH & major coins)
intraday monitoring
diversified liquidation channels
Risk 2: Custody and cyber risk
“This means that to hold the cryptocurrency as collateral, the bank itself is going to be the first
hacking
insider key compromise
operational mistakes</s
This is the reason custody architecture (so-called “hardware,” multi-signature, and “separation of duties”) plays a crucial role. Sberbank’s emphasis on its custody solution suggests that the bank recognizes this represents the “make or break” aspect.
Risk 3: Legal/regulatory uncertainty
Despite Bank of Russia’s suggestions, laws and practices can still change.
Open questions usually involve the following key ones:
how courts consider a pledge of tokens
how bankruptcy administrators treat electronic collateral
“what reporting-tax rules apply”
whether particular types of coins are excluded
“The proposals put forward by the Bank of Russia demonstrate that they have direction, but the test is in the implementation of the law.”
Risk #4: Exposure in AML/CTF and
The borderless geography of Crypto poses challenges of compliance:
tracing coin histories
counterparty screening
assuring the collateral does not relate to any illegal activities
Hence, a miner “self-mined coin” pilot project is a sound starting point for the reason cited above.
Risk #5 – Reputation and consumer protection
If it is extended from corporate pilots to retail offerings, then it may turn out to be politically sensitive because:
retail borrowers may not fully understand the mechanics of liquidation
losses during volatility can lead to backlash
Mis-selling risk increases
This explains why crypto leveraged products are often regulated for retail consumers.
10) How this relates to Russia’s general ideas about Digital Finance and CBDCs
It’s helpful to distinguish between two things that tend to get conflated:
Crypto assets (such as Bitcoin) are privately issued and are very volatile
Digital ruble (CBDC). Central bank-issued electronic form of fiat money
Reuters announced that Sberbank CEO German Gref questioned the value of the digital ruble within Russia itself but found it to be of value in cross-border settlements, and the Bank of Russia extended the terms of compulsory rollout to September 1, 2026.
So, Russia can do all this at
examine digital ruble for settlement system design
Regulate cryptocurrency for investment/collateral purposes
“for the most part, it is not necessary to use
In this world, crypto-backed lending emerges as a ‘middle lane’ product, which recognizes crypto demand while channelling it into regulated fiat credit.
- What would a complete rollout entail? Probably next actions following a pilot
A pilot is a controlled proof. A scalable product requires an ecosystem.
Here’s what usually follows:
Step 1:
Define eligible collateral
Banks usually begin with:
Bitcoin, Ethereum
perhaps a shortlist of highly liquid assets
more restrictive regulations on anonymity coins (frequently exempted)
Step 2: Standardize Custody and Reporting
According
internal custody policies
third party audits
continuous monitoring and response to incidents
clear on liquidation rules disclosures to clients
Step 3: Create Liquidation Rails
In
partnerships with regulated exchanges/venues (where permissible)
OTC Desks
auctions or in-house disposal protocols
Takeaway Step 4: Expand customer set
from miners → crypto-rich corporations → high net worth → potentially retail (final, or latest)
Step 5: Integrating with regulated trading platforms
In this fifth
There are also reports that Russian exchanges are also ready to handle regulated trading of cryptocurrencies as soon as the law comes into action. This is expected to ensure liquidity in collateral management.
12) The larger implication: What this reveals concerning the “crypto posture” of Russia in 2025-2026
The trial of crypto-backed loans by Sberbank is more than just an innovation in the banking industry; it is indicative of state strategy.
It implies that Russia is moving towards:
accepting the cryptocurrency as an asset (investment/collateral)
the development of domestic custody and infrastructure
ruble remaining central in lending and payments
Etsy is hosted on hyperscal
through regulation to guide crypto transaction activity into traceable and controllable entities
“This is consistent with previous indications, such as the bank’s reported desire to enter the custody business, as Sber
It is in line with proposals in the December framework issued by the Bank of Russia: “measured expansion with differentiated approaches for qualified and non-qualified investors.”
13) Practical takeaway: What to watch next (The “tell me it’s real” checklist) If you want to know whether this will become a mainstream product or not, look for the following: Clarifications on regulation (particularly regarding pledges, custody status, and venues) Repeating transactions other than Intelion (Multiple Borrowers, Multiple Banks) Clearly outlined product parameters (list of eligible coins and margin rules) Integration of regulated trade infrastructure (more efficient liquidation channels) Disclosure of bank controls for and audit of custody If these come to fruition by 2026, you’re talking about a real new marketplace in Russia: regulated “crypto-collateral credit.”
