[DigitalToday reporter Yoonseo Lee] Russia's largest bank Sber has begun processing cryptocurrency payments for companies engaged in overseas trade.

Foreign media including blockchain outlet Cryptopolitan and RBC reported on Sept. 1 that the move coincides with the implementation of Russia's digital currency law.

Sber said at the Eastern Economic Forum in Vladivostok in Russia's Far East that it will support cross-border cryptocurrency payments for companies engaged in foreign economic activity. It said that unlike traditional wire transfers, transfers between crypto wallets take minutes rather than days, and the average transaction cost is about 0.3 percent. Documents required for banking operations and foreign-exchange control are also generated automatically during the transaction process.

Alexander Vedyakhin (알렉산드르 베댜힌), first deputy chairman of Sber's executive board, said international cryptocurrency payments for Russian import and export companies mean faster settlement, new markets and partners that were difficult to reach under existing restrictions. He said such transactions were first tested under an experimental legal regime introduced by the Central Bank of Russia in September 2024, and that pilot operations lasting nearly 2 years showed the need for such a solution.

The key to the policy change is that it sets the permitted scope by separating domestic payments from overseas payments. A digital currency law that took full effect this month legalised crypto activities such as investment, exchange and trading, but continued to ban the use of cryptocurrency as a means of payment in Russia. It instead allowed Russian companies to use cryptocurrency to settle cross-border transactions. The policy is to pursue domestic digital currency payments with the digital rouble, which began general use on the same day.

From a market perspective, Sber's signal that it will expand crypto financial services also stands out. TASS reported that Anatoly Popov (아나톨리 포포프), deputy chairman of Sber's executive board, has said the feature will be offered on the SberBusiness app by the end of 2026. Sber has already built the necessary infrastructure and plans to integrate it as a payment option existing customers can choose.

Sber also plans to develop digital asset-backed loans that accept Bitcoin, Ethereum and Tether's USDT as collateral. The three cryptocurrencies were recently approved by Russia's monetary authorities as assets subject to regulated circulation. Sber first disclosed in December last year that it was reviewing the introduction of crypto-backed loans, then immediately executed its first such loan and later announced plans to expand.

Sber has also already said it plans to launch a regulated cryptocurrency trading platform and a crypto wallet by the last month of 2026. Under the new law, traditional financial institutions such as Sber will be able to conduct crypto business through dedicated divisions under their existing licences.

This means Sber's payment service is increasingly likely to go beyond supporting overseas settlement and become the first step toward Russian banks formally incorporating crypto business within the legal system. The next point to watch is whether the integration with a corporate app, the expansion of collateralised loans, and the launch of a trading platform and wallet proceed on schedule by year-end.