Due to sanctions imposed by the United States and the European Union on Russia, domestic banks and financial institutions in Russia have been affected. Many banks have announced the suspension of their receipt services for transactions involving Russia, including some state-owned banks, joint-stock banks, and third-party cross-border payment platforms. Consequently, for foreign traders, finding payment methods that do not rely on SWIFT settlement has become particularly important.

       Since the outbreak of the Russo-Ukrainian War, many Russian banks, including the Russian Agricultural Development Bank (RADB), the Russian Development Bank (RVED), the Russian National Development Bank (RSDB), the Russian Investment Bank (RINB), the Russian Commercial Bank (RZB), the Russian Federation Financial Bank (RFFB), and the People's Bank of Russia (PO-ROS), have been sanctioned by the European Union and the United States and removed from the SWIFT system.

       Recently, concerning the receipt of funds from Russia, many foreign trade partners have been left in a state of confusion. Now, I have compiled the current status of some banks for your reference:

       VTB only serves state-owned and large enterprises, and generally does not cater to private businesses. The waiting time can be as long as 3-4 months. They use a Russian self-settlement system and may be the most stable channel for receiving funds from Russia in the future.

From Construction Bank, Bank of China, Industrial and Commercial Bank to China Merchants Bank, Shanghai Bank, Ningbo Bank, Tailong Bank, China CITIC Bank, Bank of Communications, Guangfa Bank, Ping An Bank, and Pudong Development Bank, some accounts are opened on the same day, but the next day you may receive notifications that payments cannot be received.

It is understood that there is a restricted list within the banks. Generally, as long as the products involved are not on this list and there have been previous transaction records, they can still normally receive remittances from Russian counterparts.

Some feedback indicates that the corporate RMB accounts of ICBC, CCB, ABC, and BOC were previously able to receive payments normally. However, some Russian buyers' payments failed due to their own involvement in sanctions. This is a common issue at present.

Bank of China : Bank of China was the earliest to propose compliance requirements, requiring that the products are not subject to sanctions.

Kunlun Bank :  It is said to be able to open virtual accounts, but also needs to be within the unrestricted range.

Construction Bank :  Payment can only be received with customs clearance documents; prepayments cannot be received.

Chouzhou Bank :  Suspended Russian business in February.