Another major Russian banking institution is also joining financial giant Sberbank in offering crypto-backed loans.
Sovcombank has announced a program to offer Bitcoin-backed loans ahead of regulation amid growing demand from industry companies.
Russian private banks enter promising market for crypto-backed credit
A privately owned universal bank on a list of about a dozen “systemically important Russian banks” controlled by state-controlled institutions is entering the cryptocurrency space.
Sovcombank, which is located in the middle of the group, announced to the Russian press that it would start offering corporate loans using Bitcoin as collateral ($BTC), the largest virtual currency by market capitalization.
The bank told economic newspaper Kommersant that the loan is available to any legal entity that meets the criteria. For example, an organization must have been registered and operating in Russia for at least one year before applying.
Second, you must own the digital currency used as collateral, be in arrears with taxes, duties, and other financial obligations, and have submitted financial statements for the past year to the Federal Tax Service (FNS).
The interest rate on these loans is calculated by adding 7 percentage points to the Central Bank of Russia’s main interest rate, which currently stands at 23%. The bank is offering a 50% collateral discount and repayment terms of up to two years.
Against the backdrop of falling prices, $BTCsuch products can be very attractive, Marina Brudonova, director of compliance at Sovcombank, told the newspaper, elaborating:
“Many Bitcoin holders prefer to wait for a more favorable time to sell, and Bitcoin collateral allows them to raise funds for business development without being forced to sell their assets.”
Since the most recent all-time high of over $125,000 in October 2025, exchange rates for major cryptocurrencies have nearly halved by February 2026, the magazine noted in an article on Thursday. At the time of this writing, Bitcoin is trading at around $71,000 per coin.
Russian banks report growing demand for crypto-backed loans
Sovcombank is not the first Russian financial institution ready to lend fiat currency against digital currencies. In late December, a majority state-owned bank, Russia’s largest bank by assets, entered this niche market, Cryptopolitan reported.
The country’s first such loan was issued to Intelion Data JSC, a leader in Russia’s cryptocurrency mining sector, with coins minted by the company as collateral.
At the time, Russia’s leading bank explained that the experiment was aimed at testing and developing the necessary infrastructure before expanding its product line.
It also highlighted that an in-house storage solution called Rutoken was used to ensure that the cryptocurrencies were safely stored during the loan period.
Sberbank believes that crypto-backed lending “could become widespread once regulations are in place and the necessary tools are put in place,” Kommersant recalled.
Under current Russian law, cryptocurrencies are classified as “other property” and are allowed to be used as legitimate collateral to cover contractual obligations.
The current situation is about to change, as Russian authorities are currently preparing to recognize virtual currencies and stablecoins as “monetary assets” by July 1st.
This comprehensive legal framework will introduce rules for various crypto-related transactions and activities, including investments and trading, and will be based on a new regulatory concept published by the Bank of Russia late last year.
Lack of proper rules makes Russian financial institutions wary of crypto lending
The newspaper pointed out that the lack of clear regulations at the moment is making banks cautious about lending to cryptocurrencies.
The remaining top Russian banks have not yet announced such products and are likely to do so eventually, especially to meet demand from mining companies.
Ivan Melikhov, director of the Russian Industrial Mining Association, commented that miners are highly interested in crypto-backed loans because they can obtain working capital without losing their digital coins.
However, as Dmitry Zuev, founder and CEO of Russian mining infrastructure operator NGE FARM, points out, there are hidden pitfalls due to the extreme volatility of the underlying asset.
Ignat Rykunov, founder and director of the Cartesius law firm, which specializes in legal advice in the field of cryptocurrencies, explained:
“If the value of the collateral falls below the loan amount as a result of a price crash, banks will be forced to require additional collateral from their customers.”
The discount rate when calculating digital collateral will vary between 40% and 60%, predicts Mikhail Smirnov, communications director at EXMO.me, a leading crypto exchange in the Russian-speaking segment of the market.
