The Kremlin put cryptocurrency in a banking cage; Sberbank is the only legal way

According to ICT News; On October 12, 2026 (October 20, 1405), the Central Bank of Russia banned the transfer of cryptocurrency from authorized platforms to personal wallets. According to the new directive, buyers are required to keep their assets only in the official ecosystem and it is not possible to transfer them to non-trusted wallets. […] The Kremlin threw cryptocurrency into a bank cage; Sberbank is the only legal way first appeared in ICT News marj

According to ICT News; On October 12, 2026 (October 20, 1405), the Central Bank of Russia banned the transfer of cryptocurrency from authorized platforms to personal wallets. According to the new directive, buyers are required to keep their assets only in the official ecosystem and it is not possible to transfer them to non-trusted wallets. At the same time, Sberbank received a license to provide cryptocurrency exchange services and entered the formal structure as the first major player.

Prohibition of transfers to personal wallets

The Central Bank of Russia has clearly stated that according to Section 9 of Article 31 of Federal Law No. 282-FZ, the transfer of cryptocurrency from a supervised digital account to a non-trust wallet by individuals is not allowed. It is also prohibited to transfer cryptocurrency between individuals through addresses managed by a digital depository, even if it is to settle a transaction between them.

According to Section 1 of Article 30 of this law, direct cryptocurrency transactions between individuals are allowed only until July 1, 2027 (10 July 1406). After this date, individuals must conduct their transactions through or with the participation of authorized brokers and exchanges registered in the Central Bank registry.

Law 282-FZ; The new cryptocurrency framework in Russia

This law was signed by Vladimir Putin on August 4, 2026 (August 13, 1405) and came into effect on September 1, 2026 (September 10, 1405). The law recognizes cryptocurrency as property and prohibits its use as a means of payment for goods and services within Russia.

On October 12, 2026, the Central Bank of Russia added Sberbank to the registry of cryptocurrency exchanges. Sberbank was registered in the registry of digital depositories six days before. This bank plans to launch its cryptocurrency products through SberBank Online, SberInvestments and SberBusiness from December 1, 2026 (10 Dec 1405), and will initially offer Bitcoin, Ethereum and USDT. However, this date depends on the decision of the central bank and the readiness of secondary regulations.

Investment limit for normal users

Non-professional investors must pass a knowledge test and can purchase cryptocurrencies up to 300,000 rubles (about $3,800) per year through any intermediary. Professional investors do not have an annual limit.

Number of registered companies and VTB program

The registry of Russian cryptocurrency exchanges now has 10 companies and the registry of digital depositories has 6 companies. VTB expects to launch micro-currency trading through the VTB My Investments app in November 2026 and its exchange in December 2026.

Tax compliance and reporting deadline

Companies registered in the registries have until September 1, 2027 to fully comply with the new law. Also, from May 2, 2027 (May 12, 1406), people living in Russia are required to report their cryptocurrency operations in foreign systems to the tax organization.

Russia's new policy towards cryptocurrencies can be described as a double and calculated strategy. On the one hand, Moscow is curbing control over the flow of digital assets by banning cryptocurrency transfers to personal wallets and restricting P2P transactions. On the other hand, by issuing licenses to Sberbank and VTB, it is institutionalizing the cryptocurrency market within the formal banking framework.

The noteworthy point is the geopolitical motives of this decision. Faced with extensive Western sanctions, Russia is using cryptocurrency as a tool to circumvent sanctions in foreign trade. This is confirmed by the comments of Kaplan Panesh, deputy chairman of the Duma budget committee, who described the exception as "a way to circumvent sanctions."

From a structural point of view, this Russian model is similar to the Chinese model: using blockchain technology and cryptocurrency, but under strict state control and without allowing assets to exit the regulated ecosystem. If this model succeeds, it can be a model for other embargoed countries. But if users turn to informal methods outside the government's control, this policy can fail.