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Sberbank CEO Questions Benefits of Russia’s Digital Rouble Initiative

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German Gref, CEO of Russia’s largest lender Sberbank, expressed skepticism on Wednesday about the potential advantages of Russia’s digital rouble project, aside from possible benefits in cross-border settlements. Speaking at a financial forum in St Petersburg, Gref said he did not personally see the need for digital roubles and was uncertain how they would significantly improve Russia’s financial system.

The Bank of Russia recently announced that from September 1, 2026, Russian banks will be required to enable customers to make payments using digital roubles, with the project’s launch delayed by more than a year. The initiative is part of a global trend, with over 130 countries exploring digital currencies as they adapt to declining cash usage and challenges posed by cryptocurrencies like Bitcoin.

Moscow hopes the digital rouble will ease foreign trade payments complicated by Western sanctions linked to the Ukraine conflict. However, Gref highlighted that Russian banks already have advanced digital payment capabilities and reiterated his view that the digital rouble is unlikely to transform the domestic economy. While he acknowledged a potential role for the digital currency in international transactions, he sees no clear domestic advantage at present.

Jeff Bezos Leads $72M Investment in AI Data Firm Toloka to Fuel U.S. Expansion

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Jeff Bezos, through his personal firm Bezos Expeditions, is leading a $72 million funding round in Toloka, an AI data solutions company aiming to scale its global presence, particularly in the United States, Toloka told Reuters on Wednesday.

Toloka specializes in training and evaluating AI models using a global network of human experts and testers, providing high-quality data labeling and validation. The company is part of Nebius Group (NBIS.O), an AI infrastructure firm listed on Nasdaq and formerly affiliated with Russian tech giant Yandex.

The investment marks a significant milestone for CEO and founder Olga Megorskaya, who said the funding would accelerate product development by fostering collaboration between AI agents and human experts.

“There will always be the need for control, verification, and help from human experts to ensure that the result is actually of high quality,” she said.

Strategic Backing and Global Shift

The deal comes after Nebius successfully split from Yandex in a $5.4 billion exit from Russia, the largest corporate withdrawal since the 2022 Ukraine invasion. The restructuring allowed Nebius and Toloka to pursue Western capital without violating sanctions.

Other notable participants in the round include Mikhail Parakhin, CTO of Shopify, who will also serve as Toloka’s executive chairman. Parakhin emphasized the urgent global demand for trusted AI data solutions.

In late 2023, Nvidia invested in a $700 million private placement in Nebius, highlighting growing institutional interest in AI infrastructure and tools.

With this latest funding round:

  • Bezos Expeditions and other new investors gain equity

  • Nebius retains a majority economic stake, but gives up majority voting control, enabling Toloka to operate independently

  • A future funding round is anticipated, Megorskaya said

The investment underscores a broader trend of scaling AI companies focused on high-quality data pipelines, as tech giants like Amazon, Microsoft, and Anthropic increasingly rely on curated training datasets for safe and effective AI model development.

U.S. Lifts Sanctions on Tornado Cash Amid Legal Challenges

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The U.S. Treasury Department announced on Friday that it has lifted sanctions on Tornado Cash, a cryptocurrency “mixer” accused of facilitating the laundering of more than $7 billion, including funds stolen by North Korean hackers. The decision follows legal challenges from six Tornado Cash users, who filed a lawsuit against the sanctions, supported by cryptocurrency exchange Coinbase.

In 2022, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) blacklisted Tornado Cash, claiming the firm had been involved in laundering cybercrime proceeds, including $455 million stolen by the Lazarus Group, a North Korean-backed hacking organization. Tornado Cash is designed to obfuscate the origins and recipients of cryptocurrency transactions, making it a popular tool for illicit activities.

Despite the sanctions being lifted, the Treasury reaffirmed its concerns over North Korea’s state-sponsored cyber activities, particularly its use of stolen digital assets to fund government operations. Treasury Secretary Scott Bessent emphasized the importance of protecting the digital asset industry from misuse by North Korea and other malicious actors.

The decision to lift the sanctions comes after a U.S. appeals court ruled in November that OFAC had overreached in its application of the sanctions. The Treasury indicated that the repeal followed a review of legal and policy issues, particularly in light of evolving technology and legal environments.

In 2023, two co-founders of Tornado Cash were charged with facilitating over $1 billion in money laundering, including laundering for the Lazarus Group. One of the co-founders, Roman Storm, is awaiting trial and has denied any wrongdoing. Additionally, Tornado Cash developer Alexey Pertsev was sentenced to five years and four months in prison in the Netherlands for his involvement in money laundering activities.