25 Countries Named Where Foreigners Can Open Russian Accounts

Members of the Russian Cabinet of Ministers have approved a list of 25 countries whose banks will be able to remotely identify clients for opening cards and accounts in Russian banks, as confirmed by the corresponding government decree. RBC writes about this, referring to the document.

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

It is noted that in addition to opening accounts, banks in these countries will be able to identify individuals and legal entities for conducting operations in the Russian financial market.

In Russia, in June 2023, amendments were adopted to Federal Law No. 115-FZ "On Counteracting the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism", according to which Russian credit institutions are allowed to remotely open accounts for foreigners and foreign companies. To do this, a Russian bank enters into an agreement with a foreign bank to delegate to it the obligation to verify the client's identity.

Since March 2022, Visa and Mastercard payment system bank cards have not been working in Russia. Foreigners arriving in the Russian Federation use cash or transfer funds from foreign cards using alternative services.