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Sanctions prohibit sending of funds and outgoing payments in any currency to countries that have announced sanctions against Russia. On the Russian side, counter-sanctions were imposed.Money flows from Russia to other countries: There is a way to transfer money from abroad to Russia. This could be a solution to keep paying salaries to Russian employees, settling with Russian vendors, customers and providers. As an alternative to them, foreign companies can open a corporate account in a Russian bank. Panicking, foreign banks refuse to transfer funds from their clients to Russia, regardless of the sanctions applied. Meaning non-sanctioned banks and their clients, Russian and foreign companies, can still accept currency from abroad as a part of their service to Russian and foreign clients. Other Russian banks, including Sberbank, Alfa-Bank, Tinkoff, were not subject to the blocking of accounts abroad. Apple Pay is not available for the listed banks both domestically, and abroad.Visa and MasterCard are not available, but only abroad.The European Union has banned SWIFT for banks from the US list.On the UK side, the accounts of banks from the list of the USA and several others are blocked.On the European Union side, correspondent relations and accounts were also blocked for some banks from the US list.But in any case, this means that transfers to Russia through these banks have effectively stopped. The degree of compliance and extreme compliance is decided by each bank personally: from compliance «by letter» to refusal to interact «in spirit» of the law. The vast majority of the world's banks are required to comply with the restrictions imposed by the United States as part of the AML/CFT procedures.7 largest banks that provided settlements for foreign companies in Russia and Russian companies abroad: The United States has blocked (search by Russia, bank, SDN List) correspondent accounts of 117 Russian banks, including their subsidiaries.Also the SWIFT ban was not for all the banks. However, if there are no settlements at all, then SWIFT cut for banks with frozen accounts is not a crucial concern. SWIFT ban is indeed a slowdown for settlements speed. Cutting the way to settle is the worst-case scenario. The clients of Russian banks are any businesses such as banks, payment providers, and Russian and foreign companies. If foreign banks have cut the accounts of a Russian bank, their clients’ international settlements stop. Russian banks hold accounts in foreign countries and vice versa.
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Payments for goods or services, as well as money transfers between Russia and foreign countries, works as a chain of correspondent banking relations. Bank correspondent accounts: why blocking them is worse than SWIFT cut
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Buy USD, EUR and other foreign currency in the Russian bank if the company is from the so called «unfriendly countries».
![list of countries currently under us sanctions list of countries currently under us sanctions](https://image.slideserve.com/1010273/ofac-sanctions-l.jpg)
Pay Russian employees, vendors, providers and customers.
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Transfer money in any currency within Russia.The payment activities of companies, their ability to receive and send money in Russia or abroad are affected by sanctions from the United States, the European Union, Great Britain and also Russian counter-sanctions.įoreign companies of all countries are allowed to: Bank 131 explains scenarios available for Russian banks and their foreign customers.
![List of countries currently under us sanctions](https://kumkoniak.com/95.jpg)