Financial Statecraft: Sberbank’s Crypto-Backed Corporate Loans

In this paper, we discuss:

• Sberbank’s plan to launch crypto-backed corporate loans as part of Russia’s financial adaptation to Western sanctions;
• The integration of digital assets into state-aligned credit provision through Russia’s digital financial infrastructure;
• Whether the move represents sanctions evasion or financial innovation;
• The financial stability risks from volatile crypto collateral;
• The potential shift toward alternative financial channels outside Western systems.

Download PDF: Sberbank – March2026