How Foreigners Can Open and Use a Russian Bank Account in 2026

Updated 18 August 2026

Foreigner individuals may legally open ruble and foreign-currency accounts with Russian banks.

WHO CAN OPEN AN ACCOUNT?

Russian citizenship is not required to open an ordinary personal bank account.

A bank must, however, identify the customer and obtain the information required under anti-money-laundering law. It may refuse to open an account if it cannot complete the required identification, obtain necessary information about the customer or the intended relationship, or lawfully provide the requested service because of regulatory restrictions.

Immigration Restrictions

Register of Controlled Persons

Since 5 February 2025, Russia has maintained a Register of Controlled Persons covering certain foreign citizens whose presence in Russia is considered unlawful.

A person included in the register is generally prohibited from opening a new bank account, and operations through existing accounts are restricted. Subject to the applicable statutory wording and any relevant exceptions, limited operations may still include:

• receiving incoming funds into the person’s account;
• making mandatory payments;
• withdrawing no more than 30,000 rubles in cash during a calendar month.

Applicants should check their status through the Russian Ministry of Internal Affairs or the relevant Gosuslugi service before contacting a bank.

Sanctions and Bank Selection

A transaction permitted under Russian law may still be rejected, delayed or blocked under EU, UK, US or other foreign sanctions. Foreign correspondent banks may refuse to process a payment even where neither the sender nor the recipient is prohibited from making it under Russian law.

Documents Usually Required

Requirements vary between banks and sometimes between individual branches, but a foreign applicant should normally prepare:

• a passport;
• a visa, where required;
• a migration card, where applicable;
• a residence permit, temporary residence permit or other evidence of lawful stay, where relevant;
• proof of address or migration registration;
• an INN Russian tax number, if assigned;
• a SNILS insurance number, if available or required for the relevant services;
• information about the applicant’s tax residence and foreign tax-identification numbers.

An INN is not necessarily a statutory condition, although banks frequently ask for it. A bank is also entitled to request SNILS information when identifying a foreign individual.

Documents written in a foreign language will normally need to be translated into Russian.

Can the Account Be Opened Remotely or from Abroad?

As a general rule, a Russian bank may not open an account without the personal presence of either the customer or the customer’s duly authorized representative, unless one of the statutory remote-identification exceptions applies.

A foreigner who is outside Russia may nevertheless have several possible routes.

Opening Through a Representative in Russia

The applicant may authorize another person in Russia to visit the bank and open the account on the applicant’s behalf — under a power of attorney.

Before issuing the power of attorney, the applicant should obtain the bank’s approved wording and confirm whether a foreign notarization, apostille or consular legalization, certified Russian translation and original paper document will be required. Card collection, PIN delivery, mobile-banking activation and access to authentication codes should also be agreed with the bank in advance.

Identification Through a Foreign Financial Institution

Russian law also allows a Russian bank, under a special agreement, to rely on identification performed by an overseas bank.

This route is available only where several legal conditions are met. In particular, the Russian institution must have the necessary agreement with the foreign institution; the foreign institution must be registered in a jurisdiction included in the relevant Russian government list; and the applicant must already be a customer of that foreign institution when the identification is performed.

A bank may also have remote options for a customer who has already been identified by that bank or through another legally permitted bank-group mechanism. Some banks advertise remote applications or card delivery for customers in selected countries.

Opening Procedure

Before visiting a branch or arranging an application from abroad, ask:

• whether the bank accepts customers of the applicant’s nationality and immigration status;
• whether the application must be made personally or may be made through a representative or approved foreign partner;
• which original documents are required;
• whether a certified or notarized translation is necessary;
• whether temporary migration registration is accepted;
• whether the mobile application works with the applicant’s telephone number and while the applicant is outside Russia;
• which foreign currencies and international transfer routes remain available.

During the onboarding process, the bank may ask about employment, income, expected account turnover, countries from which payments will be received, intended recipients, tax residence and the source of funds.

A personal current account should not be used as an informal commercial settlement account — for business activity, it is always recommended to create a separate account.

Cards, Mobile Banking and Domestic Payments

Russian banks commonly issue MIR debit cards. Depending on the bank and tariff, they can normally be used for:

• purchases in Russia;
• ATM withdrawals;
• utility and tax payments;
• domestic bank transfers;
• payments and transfers through the Faster Payments System, or SBP ("Система быстрых платежей", "СБП").

SBP operates around the clock and allows transfers using the recipient’s telephone number, as well as payments using QR codes and other supported methods.

Foreign-issued Visa and Mastercard cards generally do not work in Russia. By contrast, Visa and Mastercard cards issued by Russian banks were transferred to domestic processing and may continue to work inside Russia while they remain valid and are serviced by the issuing bank. They generally cannot be used abroad or in foreign online stores.

A Russian telephone number is not necessarily a condition for the legal existence of the bank account, but banks commonly require one for mobile-banking activation, one-time passwords, security notifications and SBP transfers.

Read more about how to buy a Russian SIM card.

Receiving Money from Abroad

The law does not establish a general prohibition on receiving payments from abroad into an account with a Russian bank. The main practical difficulty is finding a functioning payment route and a foreign correspondent bank willing to process the transfer.

Confirm with the Russian bank:

• the exact legal name of the beneficiary bank;
• the accepted currency;
• the current correspondent-bank details;
• the required purpose-of-payment wording;
• all applicable fees;
• whether the sender’s bank is able and willing to process the transfer.

Old SWIFT details or intermediary-bank instructions found online may no longer work. We recommend a test payment before transferring a large amount.

Under the temporary measures currently in force, money received from a bank outside Russia or through an electronic wallet is paid out in cash only in rubles. This does not necessarily mean that the account itself cannot be credited in foreign currency; it concerns the currency in which cash may be issued.

Sending Money Abroad

Under the rules in force through 7 December 2026 inclusive:

• Russian currency residents may transfer money abroad to their own or another person’s account without a Bank of Russia amount ceiling;
• non-residents from countries not designated by Russia as “unfriendly” may also transfer funds abroad without such a ceiling;
• non-residents from “unfriendly” countries who work in Russia under employment or "civil-law contracts" (i. e., independent contractor agreements with piece-rate compensation) may transfer salary or remuneration received for work or services;
• non-residents from “unfriendly” countries who do not work in Russia under employment or "civil-law contracts" remain prohibited from making such transfers.

The Russian list of “unfriendly” states includes, among others, the United States, EU member states, the United Kingdom, Canada, Australia, Japan, South Korea and Switzerland.

These rules do not guarantee that a transfer will be completed — a payment may still be rejected because of sanctions, the absence of a functioning correspondent bank, the policy of the receiving or intermediary bank, or insufficient evidence of the source and purpose of the funds.

Foreign-Currency Cash Withdrawals

Temporary restrictions on foreign-currency cash withdrawals are currently extended through 9 September 2026.

For an individual whose foreign-currency account or deposit was opened before 9 March 2022, the permitted foreign-currency withdrawal is limited to the account balance as at 00:00 Moscow time on 9 March 2022, subject to a maximum of USD 10,000 or the equivalent amount in euros and reduced by any amount already withdrawn under this concession.

Other amounts may be received in rubles. The applicable exchange-rate rule depends, among other things, on when the funds were placed in the account.

Anti-Money-Laundering Checks

Russian banks monitor account activity throughout the customer relationship.

Depending on the transactions, a bank may request:

• employment contracts and payslips;
• statements from other banks;
• sale, loan or gift agreements;
• inheritance documents;
• invoices;
• tax records;
• customs documents;
• explanations of the economic purpose of payments;
• information about senders, recipients and beneficial owners of funds.

If transactions do not correspond to the customer profile or raise statutory compliance concerns, the bank may refuse or delay an operation or restrict particular services.

Deposit Insurance

Foreigners are covered by Russia’s deposit-insurance system where the account or deposit falls within the statutory scheme.

The general compensation limit is 1.4 million rubles per depositor per bank, and rarely more. All insured accounts and deposits belonging to the same person at the same bank are combined when this limit is calculated. Compensation for foreign-currency accounts is paid in rubles.

Not every financial product is insured, for example, electronic money and certain specialized accounts (as of the date of this article).

Tax Consequences

Opening a Russian bank account does not by itself create Russian tax residence or a tax liability.

Tax obligations may nevertheless arise from income credited to or connected with the account, including:

• salary;
• taxable bank-deposit interest;
• rental income;
• business or investment income;
• proceeds from property sales;
• other taxable receipts.

The customer may also have tax or financial-account reporting obligations in their country of citizenship, domicile or tax residence.

This article provides general information and is not a substitute for legal advice.

Need legal help? Feel free to contact us:
Tel: +7 909 961-19-09
Email: legalsolutions@inbox.ru
Visit us: Moscow, Zubovskiy bulvar, building 4/1, office 308


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