Two of Russia’s largest lenders, Sberbank and Sovcombank, are preparing to expand crypto-backed lending as Bitcoin moves from a sanctions-era workaround to mainstream collateral within the country’s financial system.
Russia’s Top Banks Move to Offer Bitcoin-Backed Loans
6 February 2026 - 09:21 CET
By Sandmark staff
Sovcombank said in an announcement on 5 Feb that it plans to offer corporate clients loans secured by Bitcoin and issue incentives for miners and hosting operators. Sberbank has also signalled plans to issue crypto-backed loans after running a pilot deal with a mining company in late 2025, a spokesperson told Reuters.
The moves come as Western sanctions continue to restrict Russia’s access to global payment rails, pushing companies, consumers and the state to take crypto more seriously as an asset class and as a tool for cross-border settlement.
Banks turn Bitcoin into collateral
Sovcombank’s initiative is aimed at the mining sector that's expanded under sanctions pressure. The bank said participation is open to new corporate clients registered in the official registry of miners and mining infrastructure operators, with incentives including free account servicing and preferential currency-control terms.
Sovcombank said it is the first Russian bank to offer corporate lending secured by Bitcoin, allowing legal entities and individual entrepreneurs who legally own digital assets to raise financing without selling them.
Marina Burdonova, the bank’s compliance director, said mining had evolved into an investment class with predictable returns and manageable risks. She added that the lender sees potential partnerships across the crypto ecosystem, including miners and data centre operators, as well as exchanges and OTC desks.
Sberbank is moving in the same direction. Russia’s largest lender said it is preparing crypto-backed loans for corporate clients and is ready to work with the central bank to develop regulatory frameworks. In late 2025, Sberbank issued a pilot crypto-backed loan to a mining company, Intelion Data, though it did not disclose the size of the facility.
Crypto normalization with sharp edges
The banking push fits into a broader shift in Russian policy toward embedding crypto into the financial system.
The central bank currently treats cryptocurrencies as foreign exchange assets, permitting their purchase and sale while banning their use for domestic payments. It said a comprehensive legislative framework for crypto assets is due by 1 Jul 2026.
Lawmakers have increasingly framed digital assets as a practical tool for international settlements at a time when many Russian banks remain cut off from global payment networks. Crypto deposits and usage have grown sharply since sanctions were imposed, with stablecoins and Bitcoin widely used to move value across borders and reduce reliance on traditional correspondent banking.
At the same time, the risks for operators remain acute. Recent enforcement actions, including the arrest this week of the founder of major mining group BitRiver amid tax and bankruptcy disputes, highlight the uneven terrain.
While the state is moving to normalize crypto ownership and lending, companies operating at scale remain exposed to regulatory and political pressure even as digital assets become more deeply woven into Russia’s financial architecture.
