Russia’s Sberbank plans crypto depository by Dec. 1 as EU targets HTX

Sberbank’s infrastructure push comes as the European Union tightens sanctions on crypto services that support Moscow. Last week, the European Council added cryptocurrency exchange HTX, formerly Huobi Global, to its sanctions list. The council acted “in view of Russia’s actions destabilizing the situation in Ukraine,” citing entities that “provide crypto-assets services or payment services established outside of the Union that are significantly frustrating the purpose of the prohibitions” against Russia. The UK imposed similar sanctions on HTX in May, finding “reasonable grounds to suspect” the exchange supported Russia’s government by using financial services and funds facilitated by sanctioned entities.

EU officials also announced they would prohibit Belarusian nationals and residents from owning, controlling or managing crypto exchanges and digital asset service providers under the Markets in Crypto Assets framework.

The Dec. 1 deadline means Russia will have a working crypto custody and trading system before the regulatory framework takes effect. That gives the Bank of Russia time to test the system ahead of the Sept. 1, 2026 compliance date. The digital depository is designed to keep most transactions off the main blockchain, which could make them harder to track. The central bank’s liquidity thresholds are set high enough that only a handful of assets – likely Bitcoin and Ethereum – would qualify for regulated trading.

Sanctions on HTX show that the EU and UK are willing to target crypto exchanges that facilitate Russian trade. Sberbank’s platform, run by a state-owned bank, is built for domestic use. Any cross-border activity could trigger additional sanctions.