Russia’s Sberbank Receives License To Issue Digital Assets

The lender said it had been approved for a license that would allow companies to begin issuing digital assets via its DLT platform

article-image

The Russian Sberbank bank in Brno, Czech Republic. Credit: Shutterstock

share

key takeaways

  • Russia’s central bank has granted the country’s biggest lender a license to begin issuing digital assets
  • Sberbank is under duress by US sanctions over the ongoing Ukraine-Russia conflict

Russia’s top lender has been granted a license by the country’s central bank to begin issuing digital assets following US economic sanctions that witnessed a seismic drop in the institution’s value earlier in the month.

Sberbank has been included in the list of information system operators, or approved companies, issuing digital financial assets, the lender said in a statement on Thursday.

The decree comes amid US sanctions against Russian financial institutions, businesses and individuals over the country’s invasion of Ukraine, which first commenced Feb. 24. Sberbank, which is state owned, is currently sanctioned by the US and European Union.

Those assets issued on the bank’s digital platform will be recorded and circulated via a distributed ledger technology system ensuring “data security” and data immutability, it said.

Companies will be able to issue their own digital assets, providing they prove they have the cash requirements. Companies will also be allowed to use digital assets issued through the bank’s information system, which will position them to invest their currently idle funds to generate income, Sberbank said.

“Companies will be able to make their first transaction on our blockchain platform one month from now,” Sergey Popov, director of the Transaction Business Division, said in the statement.

We are just starting our work with digital assets, realizing that further development requires adaptation of the current regulatory framework. To do that, we are ready to work closely with the regulator and executive bodies.

Sberbank lost 95% of its value on the London stock exchange at the beginning of the month. Other London-listed stocks, including Lukoil, Novatek and Rosneft, also suffered significant hits due to sanctions.

The lender has the largest market share of savings deposits in Russia and is the country’s primary creditor issuer. It has operations in several European nations, marking it as the largest bank across the continent’s eastern borders.

The question whether, or to what extent, Russian government-affiliated entities could use crypto to circumvent Western sanctions is a hot topic in Washington, with the Senate holding a hearing on the matter on Thursday. During that hearing, a bipartisan group of senators introduced new legislation aimed at ensuring Russia remains largely cut off from global financial infrastructure.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

The DeFi Education Fund has ideas on how the crypto-friendly SEC can bring Commissioner Peirce’s vision to life

article-image

“Be prepared to do more with less,” Framework Ventures’ Michael Anderson said

article-image

Q1 may have been “frustrating,” but things are looking brighter for Q2

article-image

Tokens worth 20% of the current supply of the TRUMP memecoin launched by the president are set to be unlocked tomorrow

article-image

A crypto-industry lawsuit is “moot” now that Joint Resolution 25 has been signed into law

article-image

Fed Chair Powell assured markets that the labor market is in “good place,” dependent on price stability