Sberbank Launches International Crypto Settlements for Corporate Clients

Sberbank has launched international cryptocurrency settlements for corporate clients involved in foreign economic activity. According to Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank, this new tool will enable exporters and importers to make faster cross-border payments.

The average transaction fee is around 0.3%, with no minimum payment threshold. Transfers from one crypto wallet to another take just a few minutes, generating documents required by banks and for currency control procedures automatically during the transaction.

This service aims to provide Russian exporters and importers with faster payments, access to new markets, and the ability to work with partners who were previously inaccessible due to restrictions. The pilot project of the Bank of Russia in an experimental legal regime, which started in September 2024, confirmed the demand for such solutions.

The regulation change allows transactions between companies, including payments for supplies, services, and settlements through online services or payment gateways that support crypto payments. However, businesses should be aware of the risks associated with cryptocurrency, including exchange rate volatility, cyber threats, wallet security, legal restrictions in different countries, and the lack of familiar guarantees compared to bank payments.