Russia's largest bank is taking a landmark step in legalizing digital assets for the corporate sector. Clients of Sber engaged in foreign economic activity now have access to international payments in cryptocurrency. This is not just a pilot project, but a full-fledged service already operating in industrial mode.
The key advantage of the new tool is speed and savings. A transfer from one crypto wallet to another takes minutes, while traditional bank transactions can stretch over days. The average cost of a transaction is just 0.3%—significantly lower than fees for classic international transfers. There is no minimum payment threshold, and all documentation for banking and currency control is generated automatically right during the transaction.
Legal framework and mechanism of operation
The launch became possible thanks to systemic changes in legislation. The President of Russia signed a law regulating the circulation of digital currencies, with the bulk of its provisions taking effect on September 1. A key point was the exclusion from the ban on paying for goods with cryptocurrency for settlements under foreign trade contracts between residents and non-residents. It is this provision that opened the door for Sber to cross-border payments without the risk of violating the law.
The pilot project, which the Central Bank conducted from September 2024 under an experimental legal regime, confirmed high demand for such solutions. According to Alexander Vedyakhin, First Deputy Chairman of the bank's executive board, for Russian exporters and importers, crypto settlements mean faster payments and access to new markets and partners previously unavailable due to restrictions.
Strategic development vector
Cross-border payments are only part of Sber's large-scale crypto strategy. Earlier, the bank already revealed plans to launch cryptocurrency trading and a digital depository by December 1. This will create a full cycle: from trading and storing assets to using them in real transactions with foreign counterparties. Client investments in instruments tied to cryptocurrencies have already exceeded 2 billion rubles, and the bank intends to expand its lineup of structured bonds and digital financial assets linked to BTC and ETH.
It is telling that Sber is also betting on technology beyond the crypto market—recently, an autonomous AI agent called "GigaAgent" was unveiled. This confirms that crypto settlements are part of a broader strategy to digitalize financial services for corporate clients.
My comment: This step is a crucial signal for the entire market. Sber is not just testing the technology but building infrastructure that could become a bridge between traditional finance and the crypto economy in Russia. Given the bank's scale and client base, the mass adoption of crypto settlements in foreign economic activity could radically change the landscape of international payments for Russian businesses, especially under sanctions pressure.