Russiaâs 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 countryâs shifting digital asset space.
Sberbank Responds to Foreign Custody âRiskâ in Russia
According to a Reuters report, the announcement follows a more relaxed approach by Russiaâs central bank toward digital currencies. The institution supported a law passed last year that allows companies to use crypto for international transactionsâa strategy aimed at sidestepping Western sanctions tied to the Ukraine conflict.
Anatoly Pronin, who heads Sberbankâs 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.
Reutersâ 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 bankâs 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 Sberbankâs custody service, Gleb Zemskoy, director of blockchain and digital currency development at Insight Finance, highlighted the critical role custodians play. âThe custodian is the backbone of the worldâs economy in terms of cryptocurrencies,â Zemskoy said, also warning that the countryâs dependence on overseas private firms presents âa huge riskâ 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.