Another major Russian financial institution, Sovcombank, has announced a program to offer corporate loans secured by Bitcoin (BTC) as collateral. The bank, which is on Russia's list of systemically important financial institutions, revealed the initiative to the Russian press, targeting legal entities and individual entrepreneurs.
The loans are available to any Russian legal entity that meets specific criteria, including being registered and operating in the country for at least a year, possessing the digital currency used as collateral, and having up-to-date financial statements with the Federal Tax Service (FNS). Interest rates will be calculated by taking the Central Bank of Russia's key rate and adding seven percentage points, amounting to approximately 23% at present. The bank is offering a 50% collateral discount (Loan-to-Value ratio) and repayment terms of up to two years.
Marina Burdonova, Sovcombank's Director of Compliance, explained the product's appeal, stating, "Many Bitcoin holders prefer to wait for a more favorable period to sell. And Bitcoin collateral allows them to raise funds for business development without being forced to sell the asset." This move follows a similar initiative by Russia's largest bank, the state-owned Sberbank, which issued its first crypto-backed loan to mining company Intelion Data JSC in late December 2025.
The banking pivot is partly driven by growing demand from the crypto mining sector. Ivan Melikhov of Russia's Industrial Mining Association noted miners' high interest in such loans to acquire operating funds without liquidating their digital assets. Sovcombank's new campaign also includes banking perks for registered mining companies, such as free account servicing and flexible foreign exchange oversight.
This development occurs against a backdrop of evolving Russian cryptocurrency regulation. Currently, crypto is classified as "other property," allowing its use as collateral. Authorities are preparing to recognize cryptocurrencies and stablecoins as "monetary assets" by July 1, 2026, under a new comprehensive legal framework based on a concept published by the Bank of Russia. Industry experts, however, caution about risks due to Bitcoin's volatility and the potential for margin calls if collateral value falls below the loan amount.
