It has been claimed that Sberbank, Russia’s largest state-owned bank, is holding talks to acquire a significant stake in Ozon, one of the country’s leading e-commerce platforms. The claim has taken the integration between Russia’s e-commerce and finance sectors to a new level. According to market sources, the potential deal size could exceed $4 billion.

Recently, the interest of state-backed financial institutions in e-commerce companies has been drawing attention in Russia. Following the recently announced cooperation between VTB and Wildberries, it is now suggested that Sberbank is holding talks to acquire a stake in Ozon.

The move in question is seen not only as an investment, but also as a reshaping of the competition between the banking sector and the rapidly growing fintech activities of e-commerce platforms. In recent years, Ozon and Wildberries had approached the traditional areas of activity of banks by making significant investments in payment systems, digital wallets, and consumer finance.

Ozon’s Gross Merchandise Value Rose to 1.14 Trillion Rubles

Ozon continues to grow in Russia, Türkiye, Kazakhstan, Azerbaijan, Georgia, and other regional markets where it operates. In the first quarter of 2026, the company increased its gross merchandise value by 36 percent year-on-year to 1.14 trillion rubles. In the same period, the number of orders rose by 83 percent to 807.7 million, while the number of active customers reached 67.3 million. The company also reached an important milestone in profitability by generating a net profit of 4.5 billion rubles in the first quarter.

Debt Pressure Could Accelerate the Sale

Markets believe that AFK Sistema’s possible sale of its stake in Ozon may be driven by the holding company’s financial obligations. The company’s latest financial statements had drawn attention with its high debt level and significant net loss. According to experts, the sale of Ozon shares could help the holding company strengthen its financial structure and reduce its debt burden.

A New Era in Russia’s Internet Economy

Analysts note that state-linked investors and financial institutions are becoming increasingly influential in Russia’s digital economy companies. Ownership changes in strategic digital platforms such as VK, Yandex, and Ozon in recent years indicate that the internet economy is moving toward a more centralized structure. If the potential Sberbank-Ozon deal takes place, e-commerce, fintech, and banking in Russia are expected to become more integrated, and the boundaries between sectors are expected to become even more blurred.