Amid the evolving global economic landscape, banks in Russia and Belarus face SWIFT bans, presenting new challenges for international trade. This article provides a structured approach to help you safely and efficiently receive payments from Russian buyers.

Currently, multiple banks and their subsidiaries in Russia and Belarus have been excluded from the SWIFT system, and several Russian banks have been added to blacklists such as the Specially Designated Nationals List (SDN List) and the EU Consolidated Financial Sanctions List. While cross-border RMB can be used to receive payments from Russian buyers, if the paying bank is on the sanctions list, the payment will likely be rejected. After all, Chinese banks want to avoid their overseas branches being affected, which could harm their interests. Therefore, when accepting orders from Russia, if a Russian buyer is using RMB for the first time, exporters are advised to follow these steps:

1. Ask the customer to contact their paying bank to confirm whether the bank is on the EU or US sanctions list.
2. If the bank is not on the sanctions list, then inquire whether the customer supports RMB payments.
3. On the other hand, contact domesticA complete export agency agreement should be attached with:banks to confirm whether they can accept RMB payments from Russia.
4. Assist the bank in preparing other required explanations and documents.

Now,ZhongShen International TradeThe VTB account has been activated. Let our professional guidance help you avoid risks and ensure every transaction proceeds smoothly. Take action now, inquiries are welcome.