Sberbank Joins Russia's First Registered Crypto Custodians
Russia's Bank of Russia has published its first registers of authorised cryptocurrency exchange operators and digital asset custodians, marking the first concrete enforcement of a regulatory framework signed into law by President Putin in August 2026 and effective from 1 September. Sberbank, the country's largest financial institution, leads the custodian list and has announced a 1 December launch date for crypto products available to retail and business clients alike. For accounting firms, CFOs, and auditors with any Russian counterparty exposure, this is not an abstract policy development: it reframes what had been a largely unregulated domestic crypto market into a Bank of Russia-supervised one, with direct consequences for stablecoin accounting, AML screening, and financial statement disclosures.
What the Law Actually Created
The legislation, signed by President Putin in August 2026 and effective from 1 September 2026, established a formal licensing regime for four categories of participant: exchange operators, custodians, brokers, and investors. Oversight responsibility sits with the Bank of Russia, which now maintains two separate public registers, one for exchange operators and one for custodians, and can add or remove entities from each.
Key boundaries the law preserves
Two features of the framework are immediately relevant for compliance teams. First, the law explicitly maintains Russia's existing prohibition on using cryptocurrency to pay for goods and services within the country. That ban has not been lifted; it has simply been placed alongside a new licensing structure. Second, the Bank of Russia, not a separate securities or commodities regulator, holds supervisory authority over the entire ecosystem. That centralised structure differs meaningfully from multi-regulator approaches adopted in the EU under MiCA or in the US, and it shapes how foreign firms should think about counterparty risk.
Who Made the First Registers
The Bank of Russia published the inaugural registers on 7 October 2026. Four entities appear on the exchange operator list: T-Invest Lab, Zefir, Sistema-Crypto, and VTB Bank. Five entities appear on the custodian list: Sberbank, Atomyze, Voltari, Cloud Infrastructure, and VTB Bank, the only institution to appear on both lists.
Sberbank's announced product scope
Sberbank confirmed on 6 October that it had applied for and received digital custodian status. The bank stated it intends to support three assets at launch: Bitcoin (BTC), Ether (ETH), and Tether (USDT). Distribution will run through three existing Sberbank platforms: SberBank Online for retail customers, SberInvestments for brokerage clients, and SberBusiness for corporate accounts. The 1 December go-live date makes this a near-term operational reality, not a speculative roadmap item.
VTB Bank's dual registration
VTB Bank's presence on both lists is notable. A single institution holding both exchange operator and custodian status creates a vertically integrated crypto offering within one regulated entity. Accounting teams should flag this when assessing whether transactions flowing through VTB carry any additional concentration or conflict-of-interest considerations under their internal risk frameworks.
Stablecoin Accounting: The USDT Question
Sberbank's decision to lead with USDT, rather than a domestic stablecoin or the digital ruble, is one of the most consequential details in this announcement for accounting practitioners. USDT is a US dollar-pegged stablecoin issued by Tether, and its inclusion on a Bank of Russia-authorised custodian's product list creates a set of accounting and compliance questions that did not previously exist in a formal Russian regulatory context.
How to classify USDT held at a Russian custodian
Under IFRS 9, stablecoins are generally not cash or cash equivalents because their contractual terms do not typically give the holder a right to receive a fixed or determinable amount of cash from the issuer on demand in the same way a bank deposit does. USDT held at Sberbank would most likely be classified as a financial asset measured at fair value through profit or loss, absent specific contractual features that would support amortised cost treatment. Firms should review their accounting policy notes and ensure the classification reflects the actual contractual terms of USDT custody at Sberbank, not an assumption carried over from a different custodian or jurisdiction.
For groups reporting under US GAAP, the FASB's ASU 2023-08 framework, which requires fair value measurement for certain crypto assets with active markets, applies to USDT if it meets the in-scope criteria. The existence of a regulated Russian custodian does not change the asset's classification under US GAAP, but it may affect how management documents the control environment and custody assertion in financial statement footnotes.
Firms that use crypto compliance reporting workflows will need to update their asset registers to distinguish USDT held at a Bank of Russia-registered custodian from USDT held elsewhere, because the regulatory perimeter around the asset has now changed on the Russian side, even if the asset itself has not.
Stablecoin accounting policy disclosures
Auditors reviewing Russian entities or consolidated groups with Russian subsidiaries should expect to see, and request, updated accounting policy disclosures addressing: the classification basis for USDT and any other crypto assets held in custody; the custody provider's regulatory status; and management's assessment of any impairment indicators. The Bank of Russia's registration confers domestic legitimacy, but it does not substitute for a US or EU regulatory imprimatur, and that distinction matters for disclosures aimed at international investors.
AML and Sanctions Screening Implications
Russia remains subject to extensive Western sanctions regimes. The Bank of Russia's registration of domestic crypto custodians and exchanges does not alter those sanctions, and firms with EU, UK, or US nexus remain bound by OFAC, HM Treasury, and EU Council restrictions on dealing with designated Russian entities.
Counterparty screening for newly registered entities
VTB Bank, which appears on both registers, is itself the subject of Western sanctions designations. Its appearance on Russia's domestic crypto register creates an operational risk: if a counterparty or correspondent in a sanctioned jurisdiction routes crypto assets through VTB in its new capacity as a registered crypto custodian or exchange operator, that transaction flow could trigger screening obligations even if the underlying asset (say, USDT) appears routine. Firms should update their transaction monitoring rules to flag any on-chain or off-chain flows touching the custody or exchange addresses associated with VTB's newly registered entities.
This intersects directly with earlier developments in the region. Japan's sanctions on Garantex, the Russia-linked exchange, illustrate how Western regulators treat Russian crypto infrastructure regardless of its domestic registration status. Read our earlier analysis of Japan's sanctions on Garantex and what firms need to know for context on how that enforcement action was structured and what it signals about multilateral coordination.
USDT flows and the broader sanctions picture
USDT's presence on Sberbank's launch product list is unlikely to be incidental. Dollar-pegged stablecoins have been used extensively in Russia to access dollar-denominated liquidity outside the traditional banking system. The formalisation of USDT custody at Sberbank could increase the volume and traceability of USDT flows within Russia's regulated perimeter, which may assist Bank of Russia monitoring but does not reduce Western firms' own screening obligations. If anything, the regulated wrapper may increase the apparent legitimacy of flows that still require careful scrutiny under international sanctions law.
Practical Steps for Accounting Firms and CFOs
The Bank of Russia's publication of its first crypto registers is an effective date event, not a consultation. The framework is live. Firms that have been waiting for regulatory clarity before updating their Russia-related crypto procedures now have a defined legal structure to work from.
Immediate actions to consider
First, update counterparty due diligence questionnaires to ask specifically whether a Russian counterparty holds a Bank of Russia crypto exchange operator or custodian registration, and which register they appear on. The answer affects both the risk classification of the relationship and the applicable screening requirements.
Second, review any existing or prospective custody arrangements that involve USDT held at a Russian institution. Update accounting policy documentation to reflect the specific custodian's regulatory status and the applicable classification framework under IFRS 9 or US GAAP ASU 2023-08.
Third, brief audit committees or boards on the dual-list status of VTB Bank. A board that has approved a policy of "no dealings with sanctioned entities" needs to understand that VTB's registration as both a crypto exchange operator and custodian within Russia's new framework does not change its Western sanctions designation.
Fourth, check whether your digital asset accounting software or crypto bookkeeping software can tag assets by custodian jurisdiction and regulatory status. Russia's new register creates a new category of custodian, one that is domestically regulated but internationally restricted, that your ledger system should be able to distinguish from a MiCA-compliant or SEC-regulated custodian.
The broader context of Russia's CBDC programme is also relevant here. We covered the country's first digital ruble wage payments earlier this year, and the registered crypto framework sits alongside, rather than replacing, that CBDC initiative. See our earlier piece on Russia's digital ruble wage payments and CBDC accounting implications for how these two tracks interact.
What Comes Next
Sberbank's 1 December product launch is the next concrete milestone. By that date, the bank intends to make BTC, ETH, and USDT available across its retail, investment, and business platforms. How the Bank of Russia handles subsequent registrations, whether the list expands quickly or remains tightly controlled, will signal how open or selective the framework is in practice.
For international accounting and compliance teams, the key watch point is whether Tether itself, as the issuer of USDT, takes any formal position on its stablecoin being distributed through a Bank of Russia-registered custodian. Any guidance from Tether on acceptable custodian jurisdictions, or any action by Western regulators in response to the Russian framework, would require a further policy review. For now, the framework is live, the first registers are published, and the stablecoin accounting and sanctions questions it raises are immediate, not hypothetical.
Frequently Asked Questions
Does Sberbank's Bank of Russia registration affect Western sanctions obligations?
No. Domestic registration as a crypto custodian in Russia does not alter Sberbank's status under Western sanctions regimes. Firms with EU, UK, or US nexus must continue to apply OFAC, HM Treasury, and EU Council restrictions regardless of any Bank of Russia authorisation. The two legal frameworks operate independently.
How should USDT held at a Russian custodian be classified under IFRS?
Under IFRS 9, USDT would most likely be classified as a financial asset measured at fair value through profit or loss, as it does not meet the contractual cash flow characteristics test required for amortised cost classification. The custodian's domestic regulatory status does not change this classification; the analysis turns on the asset's contractual terms, not where it is held.
What does VTB Bank's dual registration mean for counterparty risk assessments?
VTB appears on both the exchange operator and custodian registers, meaning it can act as both a trading venue and a custody provider in Russia's new crypto framework. Because VTB is also subject to Western sanctions designations, any transaction flow touching VTB's crypto infrastructure should be treated as a high-risk item requiring enhanced due diligence and sanctions screening, regardless of the transaction's apparent simplicity.
Does Russia's payment ban on crypto affect how registered custodians operate?
Yes. The new law explicitly preserves the existing prohibition on using crypto assets to pay for goods and services within Russia. Registered custodians and exchanges can hold and trade crypto, but those assets cannot be used as a payment medium domestically. This limits the practical utility of registered crypto for everyday transactions while still permitting investment and custody activity.
Should audit teams request updated disclosures from Russian entities holding crypto?
Yes. Auditors reviewing Russian entities or consolidated groups with Russian subsidiaries should request updated accounting policy disclosures covering the classification basis for any crypto assets held, the custodian's regulatory status under the new Bank of Russia framework, and management's assessment of impairment indicators. The existence of a domestic registration regime makes these disclosures more, not less, important for international financial statement users.
Source: Cointelegraph