Sber Bank Expands Crypto Services for Cross-Border Payments

Russia's largest bank Sber is expanding its services to support cross-border cryptocurrency payments for companies engaged in foreign economic activity. This move coincides with the implementation of Russia's digital currency law, which legalised crypto activities such as investment, exchange and trading, but continued to ban the use of cryptocurrency as a means of payment in Russia.

The bank will charge a 0.3 percent fee for these transactions, which can be completed within minutes compared to traditional wire transfers that take days. Alexander Vedyakhin, first deputy chairman of Sber's executive board, noted that international cryptocurrency payments mean faster settlement, new markets and partners that were difficult to reach under existing restrictions.

Sber has already built the necessary infrastructure and plans to integrate cross-border crypto payments as a payment option on its SberBusiness app by the end of 2026. The bank also plans to develop digital asset-backed loans that accept Bitcoin, Ethereum, and Tether's USDT as collateral, which were recently approved by Russia's monetary authorities as assets subject to regulated circulation.