With the full-scale Ukraine invasion marking its fourth year, Kremlin’s officials seem to have given up on the idea of lifting the Western-incentivized bans & sanctions on Russia’s banks. VTB, the second largest banking institution in the Russian Federation, just announced a pivot to crypto starting at the very beginning of 2026.
VTB Offers a Bloody Good Millionaire Deal
Notably, this includes Spot market trading in-app with major-cap assets including the likes of Bitcoin (BTC), Ether (ETH), local media reports. However, the new crypto brokerage venture is not for the peasants – but strictly for millionaires. VTB’s bill on the matter takes a slow-but-steady route, focused on a gradual launch for high-value clients that likely have many of their assets frozen.
To qualify for VTB’s Bitcoin, Ethereum & other Spot crypto trading services, the traditional bank’s clients must hold a whopping $1.3 million in their balances. The bank’s official statement also hinted at millionaires being the target audience with a broader public roll-out very unlikely, as Russia’s laws are not too lenient on casual crypto payments.
Both Sides Of The Front Embrace Cryptos
While not opening their BTC & ETH crypto trading offers to retail like the popular neobank Revolut, VTB’s main focus remains on Western sanction evasion. Since declaring war on Ukraine back in February 2022, the European Union (EU) has slapped President Vladimir Putin’s crew with 19 sanction packages, wiping out Russia from the global market.
Indeed, crypto currencies have played a key part in the Russo-Ukrainian war, often offering the Ukrainian Defense Army a quicker hand than regular bank donations. With the full-scale war in Ukraine still ongoing, both sides of the front are turning to blockchain tech, but for completely different reasons, despite both Kyiv & Moscow having strong crypto hub ambitions.
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VTB Bank, Russia’s second largest, plans to pilot spot crypto trading for Bitcoin and Ethereum in 2026. It targets qualified high-net-worth investors with portfolios over $1.3M or annual incomes above $650K.
The rollout aligns with Russia’s easing of crypto restrictions as a strategic response to Western sanctions. It enables institutional access for international trade, particularly in oil and gas exports to China and India.
Russia increasingly uses crypto for cross-border payments to bypass SWIFT and fiat restrictions, with VTB’s platform supporting tokenized assets and settlements. This follows laws allowing crypto in international deals since mid-2025.
Only creme-de-la-creme “super-qualified” wealthy investors meeting strict financial thresholds; broader public access is unlikely. Testing is underway with select high-net-worth clients before full 2026 roll-out.
Central Bank is considering easing bans on direct crypto ownership, shifting from derivatives-only to spot trading for licensed brokers. About 20 million Russians use crypto, prompting formalization and taxation.
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