#Sanctions against Russia due to war in Ukraine

The EU and US has just announced new sanctions against Russia which are expected to be far more severe and depend on how the situation with Ukraine goes after 24 February 2022. It is clear that these measures would negatively impact on the companies in Russia, Belarus and other Baltic countries that partner with Russia.

As of this day, there are a few Russian bank that can no longer accept/transfer payments from/to EU, US and many other countries. The sanctioned list includes Russian VEB, Promsvyazbank, Otkrytie, VTB, Alfa Bank.

Other banks can process payments from/to Russia, but EU, US and other banks may request additional information to determine whether the end recipients of funds are not linked to sanctioned companies or individuals.

Your bank may contact you for additional information on the transaction. We recommend our customers to prepare in advance all information on your business partners in Russia up to beneficial owners. Further, we recommend to prepare documentation on the nature of each business relationship and each transaction. The parties need to enter into contract, prepare an invoice with the detailed information on the specific products and services. Another requirement is to indicate a payee’s full address.

Further, transactions are now processed longer than before. So, the parties will need to take this into account.

We will monitor new information relating to banking and sectoral sanctions against Russia. In the coming weeks we will share detailed information and our comments so that our customers can be informed on the matter.

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