Sberbank, Russia’s largest lender, announced plans to accept Bitcoin, Ether, and Tether as collateral for loans, according to comments from deputy chairman Anatoly Popov made on Friday. The bank intends to use these cryptocurrencies as security rather than as payment methods, a distinction that becomes relevant as Russia’s new digital currency regulations take effect on September 1.
The regulatory framework governing cryptocurrency activity in Russia underwent significant development earlier in the month when President Vladimir Putin signed legislation on August 4. The Bank of Russia subsequently published an approved list of cryptocurrencies that met specific criteria: substantial market size, high daily trading volume, and a minimum of 5 years of price history on foreign exchanges. Bitcoin, Ether, and Tether were the only three assets to satisfy these requirements.
Under the new rules, cryptocurrency cannot be used for payments within Russia, except in limited circumstances involving cross-border trade by exporters and importers. Sberbank’s proposed acceptance of digital assets as collateral comes as Russian borrowing costs remain elevated, with the key rate at 14% as of August 28. This economic environment creates incentives for entities such as cryptocurrency miners to pledge their holdings rather than sell them and forfeit potential appreciation.
Popov indicated that the expansion remains contingent on additional authorization from the central bank that has not yet materialized. The bank previously operated a pilot program for crypto-backed lending that concluded in December 2025 and aims to establish a digital depository by December 1. Popov provided no specifications regarding loan-to-value ratios, interest rates, or a definitive launch timeline for the expanded program.
Non-qualified retail investors in Russia face annual cryptocurrency spending limits of 300,000 rubles, roughly $3,632, per intermediary under the new regulations. Corporate borrowers operate without such restrictions. A practical consideration for Sberbank’s model involves the liquidity challenge of liquidating pledged assets in a market where their use for transactions remains prohibited.
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