How to open an account in a Russian bank without visiting Russia?

IIn March 2022, the international payment systems Visa and Mastercard completely stopped working in Russia. As a result, foreign nationals were cut off from the Russian banking infrastructure and could not convert their blocked securities of Russian companies without opening an account in Russia. Since that time, in order for a foreigner to open a Russian account, it was necessary to come to Russia or issue an apostilled power of attorney to a representative in Russia to open an account.

However, in July 2023, amendments were adopted, and now Russian banks can delegate the identification of a client who is a foreign national or company to a foreign financial organization on a contractual basis.

In October 2023, the Government approved a list of 25 countries whose banks can identify their citizens and companies to carry out financial transactions in Russia and open accounts in Russian banks. The corresponding order was signed by Prime Minister Mikhail Mishustin.

The list includes:
• Algeria,
• Armenia,
• Azerbaijan,
• Bahrain,
• Belarus,
• Brazil,
• China,
• Egypt,
• India,
• Indonesia,
• Kazakhstan,
• Kuwait,
• Kyrgyzstan,
• Malaysia,
• Mongolia,
• Oman,
• Pakistan,
• Qatar,
• Saudi Arabia,
• Tajikistan,
• Thailand,
• Turkey,
• Turkmenistan,
• United Arab Emirates,
• Uzbekistan.

After passing the identification procedure in their country, the tourist will be able to remotely open an account in a Russian bank, and, in Russia, receive a foreign tourist card. The law also defines enhanced control when the payment limit is exceeded for foreign clients: for individuals - from 50,000 rubles, for legal entities - from 500,000 rubles.



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