Russia's Sberbank doubles down on AI after drone attack on data centre

Résumé détaillé

By Elena Fabrichnaya and Gleb Bryanski MOSCOW, Nov 12 (Reuters) - Russia's largest bank Sberbank, which operates the country's flagship generative AI model GigaChat, unveiled a new three-year strategy on Thursday, positioning itself as a key driver of an AI-powered economy while warning of a deterioration in corporate loan quality.

MOSCOW, Nov 12 (Reuters) - Russia's largest bank Sberbank, which operates the country's flagship generative AI model GigaChat, unveiled a new three-year strategy on Thursday, positioning itself as a key driver of an AI-powered economy while warning of a deterioration in corporate loan quality.

The strategy comes after Ukrainian drones struck Sberbank's data centre, Russia's largest, on October 14 in what appeared to be part of a broader campaign targeting infrastructure linked to Moscow's AI ambitions. Sberbank said the attack caused no major disruptions.

In a speech to investors, Chief Executive German Gref said the bank had seen a sharp deterioration in corporate loan quality in the second half of 2026 and expected the trend to continue next year, blaming losses in some sectors on Ukrainian attacks.

Gref said AI-related revenue had reached 1.5 trillion roubles ($18 billion) over the past three years. Last year, he said Sberbank planned to invest 350 billion roubles in AI in 2026.

"The race for leadership in AI is a matter of national sovereignty and our survival," Gref said, adding that Russia needed high-quality AI models and resilient IT infrastructure.

He did not say how Sberbank would gain access to the latest microchips, a major challenge due to Western sanctions.

Russia sees AI as a potential driver of growth as it grapples with sanctions, war disruptions and high borrowing costs.

Sberbank, often viewed as a proxy for the wider economy, forecast Russian economic growth of 1.25% to 1.7% in 2027 after near-zero growth this year.

The banking sector has outperformed much of the economy during the slowdown, benefiting from high deposit rates, government bond sales and continued demand for corporate credit.

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