Cryptocurrencies are still not legal in Russia for now, but that isn’t stopping businesses from preparing to take hold of the future.

The state has done a lot of damage.

Soviet military bunkers in Kazakhstan and portable houses in Siberia linked up to the plumbing: Bitcoin mining is moving in some interesting directions that will become even more diverse as China cracks down on its domestic industry.

New technology and a handful of savvy operators have transformed banking for SMEs in Russia since the start of the decade. Now some of the sector’s biggest names are squaring up for the next challenge: affordable and accessible credit.

Three years ago, Raiffeisen Bank International was on the casualty list – today it is again one of the best-performing banks in Europe. New chief executive Johann Strobl discusses restructuring, regulation and getting back to ‘real banking’.

On a recent visit to the Russian central bank on a wintry day, Euromoney’s eye was caught by a chap holding a large and surprisingly professionally produced billboard.

A cost-cutting drive and a dearth of deal making at home have made for a turbulent few years at RenCap. But now the Russian economy is recovering, the investment bank is rediscovering its appetite for expansion – at home and abroad.

Concerns over rising protectionism reducing the trade in goods might be offset by the growing trend for trade in services.

Tinkoff Mobile targets middle class with premium service; Sberbank offers free package to cut telecoms bill.

For the banking industry, 2017 was a time of trying finally to resolve issues of the past and avoid new mistakes, yet dig beneath the surface and it was also 12 months of intrigue and, sometimes, farce. Here are Euromoney’s alternative awards for 2017.

Primary issuance back to 2013 levels; private-sector names prove popular with investors

A pair of multibillion-dollar bank bailouts in under a month has roiled Russia’s banking sector and raised questions about the regulator’s competence – Dmitry Tulin, the central bank’s new head of banking supervision, insists such criticism is misguided.

Anyone trying to keep track of attitudes to cryptocurrencies among Russian policymakers could be forgiven for feeling a trifle dizzy going into December.

Sanctions and regulatory scrutiny stymie sales; western subsidiaries surge back to profit.

One large bank bailout may be seen as a misfortune; two certainly raise some questions.

Deposit run sparks Russia’s largest-ever bank rescue; central bank criticized for allowing debt-fuelled expansion spree.

Roman Lokhov has transformed BCS from a Russian retail broker to a full-service investment bank through a combination of technology, transparency and opportunism. Now he is looking to bring a new generation of Russian companies to the global markets.

Spreads at multi-year lows as demand remains buoyant; Investors reverse underweight positions.

Euromoney’s latest Country Risk Survey shows a gradual rebalancing of risk scores this year, as the aftershocks of the global banking and sovereign debt crises wear off, political risks tied to the European electoral cycle fade, and capital access improves for EMs.

Leading Russian investment bank adds Israel to coverage list; India next target after Essar sell-side mandate wins admirers.

International investors regain appetite for Russian stocks; Sovcomflot privatization on the table again.

International banks recently put up an unsecured loan for a Russian borrower with a parent on the US sanctions list. Has the loan market for unsanctioned investment-grade Russian borrowers just got broader, deeper and potentially cheaper?

Russia’s leading investment bank has seen its fortunes fluctuate over the past two years. Alexei Yakovitsky, VTB Capital’s chief executive, talks to Euromoney about Brexit, Africa and state ownership and explains why sanctions have proved more of a blessing than a curse.

Matrix Capital to offer fund management, advisory; ‘perfect fit’ for global banks in era of Russia pullback.

US investors shun Russian privatization; global banks not required, say locals.

The rouble has enjoyed a strong start to the year, shrugging off underlying weakness in the Russian economy, leading the CBR to hike rates by 50 basis points on Friday.

Timing is right for Post Bank launch, says chairman. Branch network will be bigger than Sberbank’s.

Investment-banking volumes in emerging Europe have fallen to their lowest levels for more than a decade. Some international banks are withdrawing capacity, while there is little sign of a pick up in the capital markets. So why are some of the universal banks still making positive noises?

VTB Capital cemented its position as Moscow’s leading investment bank last year. With cross-border deals for Chinese and Indian clients it is becoming more than just the adviser of choice for Russian corporates. But will the firm’s ambitions get the better of it?

While irked by western dominance of Swift and determined to assert its monetary independence, the prospect of Russia going it alone on payments and messaging remains remote.