Key Highlights
- Anatoly Popov, Deputy Chair of Sberbank, confirmed the bank is testing DeFi products.
- Sberbank’s move toward public blockchains like Ethereum could provide a major gateway for mainstream crypto adoption in Russia.
- The Bank of Russia has signaled a softened stance, with plans to allow crypto derivative investments for funds by 2026.
Sberbank, Russia’s largest bank, is venturing into decentralized finance (DeFi) to meet the surging demand for cryptocurrencies among its 109 million retail clients. Valued at around $83 billion, the bank is exploiting the potential convergence of traditional banking and decentralized protocols.
Speaking to RBC on December 15, 2025, Anatoly Popov, Deputy Chair of Sberbank’s Management Board, said the bank will “develop digital asset offerings in collaboration with regulators.”
Besides, Popov emphasized the potential convergence of traditional banking and decentralized finance. He noted, “We are confident that traditional banking and DeFi will soon converge.”
While he did not name specific protocols, Popov confirmed the bank is exploring public blockchains for tokenized assets and broader DeFi integration. This move reflects rising interest in crypto among Russians and comes as the government plans to set clear crypto rules by 2026.
Rising crypto appetite among russians
Russian investors are showing unprecedented enthusiasm for cryptocurrencies. Popov highlighted, “The central bank estimates that by March 2025, the volume of cryptocurrency in Russian wallets will reach $10.5 billion.”
This surge is reflected across other major banks, including VTB, whose clients reportedly prefer purchasing “real” crypto instead of derivatives. Consequently, Russian firms have launched a range of crypto funds, bonds, and indices tracking Bitcoin, Ethereum, and US-based crypto ETFs.
However, banks remain constrained until regulators approve direct crypto trading on banking apps. Popov added, “Sberbank plans to actively engage in this market, but only after clear regulations are in place and it becomes economically feasible.”
Meanwhile, the central bank’s cautious approach continues to influence crypto adoption. Governor Elvira Nabiullina has historically opposed private cryptocurrencies like Bitcoin, promoting blockchain-based alternatives such as the digital ruble.
Sberbank’s DeFi initiatives
In addition, Sberbank is also exploring the possibility of developing projects on public blockchains, including Ethereum. Popov said, Sberbank offers “flexible integration options, ensure transparency, and facilitate access to international markets.” The bank is working on the tokenization of assets and linking up with the world of DeFi, since in the global context, tokenized assets are already being experimented with around the world.
The crypto industry has been working to bring DeFi into traditional finance. In 2025, Uniswap teamed up with MoonPay to let people buy cryptocurrencies with credit cards, debit cards, or bank transfers in over 160 countries.
Sberbank’s experiments with DeFi show that interest in crypto is growing in Russia, even with strict regulations in place. The bank’s work could make it easier for ordinary Russians to access cryptocurrencies through familiar banking channels. Popov said that many clients are eager to use crypto, suggesting adoption could rise once rules become clearer.
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