Sberbank Launches Crypto Cross-Border Payments for Corporate Clients

Sberbank has begun processing cross-border payments with cryptocurrencies for corporate clients involved in international trade. This move follows the implementation of Russia's digital currency legislation and was announced during the Eastern Economic Forum in Vladivostok.

The bank claims that these transactions can be processed in just a few minutes, significantly faster than traditional remittances which take days to complete. Additionally, Sberbank states that the average cost of these transactions is 0.3%.

According to Alexander Vedyakhin, first deputy chairman of the executive board of Sberbank, international settlements in cryptocurrencies will provide Russian exporters and importers with faster payments and access to new markets and partners.

The operations began as a test under an experimental legal regime established by the Central Bank of Russia in September 2024. With the new law in effect, crypto transactions for investment, exchange, and trading are now regulated in the country.