Moscow, Jan 23, 2026, 18:17 (MSK)
- Sberbank acquired a 41.9% stake in microelectronics manufacturer Element, paying 27 billion roubles ($355.7 million)
- This move could trigger a control battle with state-owned defence giant Rostec, which currently owns 41.6%
- The deal arrives while Russia advances “tech sovereignty” in semiconductors amid Western sanctions linked to the Ukraine conflict
Sberbank snapped up a 41.9% stake in Russia’s microelectronics firm Element for 27 billion roubles ($355.7 million), the bank announced late Thursday. This move marks a significant step as Sberbank shifts focus from traditional lending toward technology. Yahoo
This buy comes as Russia pushes to ramp up its own semiconductor production — those tiny chips powering everything from smartphones to missile guidance — following Western limits that tightened access to key tech amid the Ukraine conflict.
Moscow has intensified its long-range attacks on Ukraine using drones and missiles, ramping up the strain on supply chains for high-tech parts.
Sber said it bought the stake from private equity fund Sistema and other minority shareholders. It also plans to make a buyout offer for the remaining minority shares as part of its effort to increase its ownership.
Western sanctions have been imposed on all three companies due to the conflict.
Interfax said the package contains Sistema’s 37.6% stake in Element Group. Interfax
Element produces integrated circuits, semiconductor devices, and microchips—the tiny electronic “brains” that drive modern equipment—and represents roughly half of Russia’s microelectronics output.
The stake purchase sparks a showdown with Rostec, the state-owned defence and technology giant that owns 41.6% of Element. Russian media quoted Rostec as firm on not selling its shares.
Rostec, led by Sergei Chemezov, a close Putin associate, played a key role in forming Element by merging its electronics manufacturing units with Sistema’s. According to Russian paper Kommersant, citing insiders, Element’s manufacturing assets are set to be folded into Sberbank’s technology division.
Sberbank CEO German Gref showed up at a Kremlin meeting on microelectronics led by Putin, right after the bank’s stake announcement. Putin emphasized that major powers are tightening their grip on critical parts of the electronics supply chain. He insisted Russia must build a domestic base, not just for defense but also for AI and quantum computing. Reuters
Putin stated at the meeting, “It is obvious that the Russian army should be equipped with smart technology based on our own solutions.” Notably, Rostec’s leadership was absent.
Ukraine has issued a warning that Russia is ramping up efforts to swap out smuggled Western parts with domestically made technology. At the World Economic Forum in Davos on Thursday, President Volodymyr Zelenskiy urged stricter oversight of Russia’s tech imports, stressing that Moscow still depends on “critical components sourced from China, Europe, the United States, and Taiwan” to build missiles.
Sberbank’s path to control is anything but simple. Rostec won’t budge on selling, and sanctions are blocking access to crucial parts and equipment. That means the buyout offer might fall short of securing a majority stake, leaving Element caught between two influential shareholders who have clashing priorities.
