The Bank of Russia has added Sberbank, the country's largest bank, to its register of cryptocurrency exchange providers. Sberbank had already joined the digital depository register, so it can offer both trading and custody-related services. The step follows a law that took effect on 1 September and creates a regulated market involving banks, brokers and exchanges. Domestic crypto payments remain banned, and from July 2027 transactions will have to go through registered intermediaries.
What it means: Russia is pursuing a controlled opening: it allows investment in crypto through large state-linked institutions but bans its use as a means of payment at home. The aim is to bring an informal market into the open and under central bank supervision. For Europe, the development matters mainly for compliance. EU sanctions against Russian banks remain in force, and any transaction that ends up on infrastructure linked to a sanctioned entity is a serious risk. For Greek crypto-asset service providers and banks, blockchain analytics and counterparty checks need to flag flows to or from Russian regulated players. Greek businesses, especially in shipping and trade, that receive offers to settle in stablecoins from counterparties with Russian links should be particularly careful. A market becoming legal in Russia does not make it acceptable under the European framework. The right response is a clear payment acceptance policy and documented checks on every new partner.
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