Sber has started conducting international cryptocurrency settlements for corporate clients engaged in foreign economic activity. The launch of the new tool for exporters and importers was announced by Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank.
How Payments Will Work
The service is designed for companies that need fast cross-border transfers. There is no minimum payment threshold, and the average transaction fee, according to the bank, is about 0.3%.
Transferring from one crypto wallet to another takes just a few minutes. The documents required by banks and for currency control procedures are generated automatically during the transaction.
For Russian exporters and importers, international cryptocurrency settlements offer 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. Now, cryptocurrency regulation has come into force, and we expect high interest in the new tool, said Alexander Vedyakhin.
What Has Changed in Regulation
Since September 1, the law on digital currencies and digital rights has come into force in Russia. It establishes more comprehensive rules for the market: from buying cryptocurrencies through licensed intermediaries to exchange trading, clearing, and the operation of digital depositories.
The Bank of Russia previously noted that exporters and importers will be able to use cryptocurrency for cross-border settlements without additional restrictions. Transactions are allowed both through intermediaries and directly, involving different types of wallets and digital currencies.
For businesses, this is especially important against the backdrop of external restrictions, including sanctions related to Russia’s invasion of Ukraine. Currency for international payments has become one of the sensitive issues, and cryptocurrency and digital financial assets are seen as tools that can expand the range of available settlement channels.
Where and How Businesses Can Work With Crypto Payments
Cryptocurrency can be used for payments where local regulations allow it and where the recipient is ready to accept the digital asset. For Russian foreign trade participants, the main scenario now is cross-border settlements with foreign partners; directions in Asia, including China, are especially important, but conditions depend on the rules of each specific country.
This format is most often suitable not for regular cash registers, but for transactions between companies: payments for supplies, services, work with exporters and importers, as well as settlements through online services or payment gateways if they support crypto payments.
If a company wants to accept payment in cryptocurrency, the basic procedure is as follows:
- Check whether the selected jurisdiction allows such settlements and what requirements apply to the specific transaction.
- Determine the scheme: through an intermediary or directly from wallet to wallet.
- Prepare a crypto wallet and agree with the counterparty on the type of digital currency.
- Set up documentation for the bank, currency control, and tax accounting.
- Check the counterparty’s readiness to accept digital assets in settlements.
The advantages of crypto payments are speed, access to new markets, and working with partners under restrictions. But before launching, it is important to assess the risks: exchange rate volatility, cyber threats, wallet security, legal restrictions in different countries, and the lack of familiar guarantees compared to bank payments.
Why This Matters for Companies
The new procedure affects not only banks and foreign trade participants. A broader regulatory environment is forming around digital settlements, involving the Central Bank, the State Duma, the Ministry of Finance of the Russian Federation, the Federal Tax Service of Russia, and the Ministry of Digital Development, Communications, and Mass Media of the Russian Federation.
Key issues remain on the agenda:
- Transparency of operations
- Anti-money laundering
- Tax accounting
- Risks of market participants’ insolvency
When discussing financial regulation, the positions of key government figures, including Vladimir Vladimirovich Putin and Anton Germanovich Siluanov, are often voiced.
Working with partners in Asia, including China, is of particular importance for Russian companies. At the same time, the payment infrastructure is not related to technical concepts from other fields, such as effective scattering area: here, the key factors remain transfer speed, legal regime, currency control, and the readiness of counterparties to accept digital assets in settlements.
