Opening a bank account in Russia for a foreign-owned company: which banks work with foreign entities, documents and timeline.
Every Russian limited liability company needs a bank account to receive payments, pay suppliers, remit taxes and process payroll. For foreign-owned companies, the account-opening process has changed materially since 2022 — not all banks accept foreign-owned clients, compliance screening is intensive, and the choice of bank affects what payments the company can make and receive internationally. This guide covers the practical process for 2026.
Not all Russian banks will open accounts for companies with foreign participation, and those that do apply significantly different levels of due diligence depending on the ownership geography. The practical landscape in 2026:
Large state-linked banks (Сбербанк, ВТБ, Газпромбанк, Россельхозбанк): formally open to foreign-owned companies, but under Western sanctions — payments in USD/EUR are largely unavailable, and using these banks creates risks for foreign counterparties. For companies needing international USD/EUR settlements, these banks are generally not suitable as the primary account.
Mid-size Russian banks not under primary sanctions (Альфа-Банк, Т-Банк, МТС Банк, Совкомбанк, Банк «Открытие» and others): more practical for foreign-owned companies in 2026. These banks can still process payments in certain currencies and maintain correspondent relationships. The specific capabilities vary and change; verify current status directly.
Subsidiary banks of foreign banking groups (where still present): a small number of subsidiaries of non-Western banks remain operational in Russia and may be preferred by companies from those parent countries (e.g., subsidiaries of Chinese or UAE banks).
The bank your Russian company uses affects which currencies you can receive, whether international counterparties will pay you, and your ability to make outbound payments under currency control rules. Spend time on this decision — switching banks later is possible but time-consuming. Companies with international payment needs should confirm correspondent banking capabilities before opening.
All Russian banks require a core document set, with variations by institution and by the jurisdiction of the foreign founder:
Russian entity documents: certificate of state registration (ОГРН), certificate of tax registration (ИНН), extract from ЕГРЮЛ (dated within 30 days), charter (устав), resolution on appointment of the director;
Director's documents: passport with notarised Russian translation, specimen signature card (банковская карточка образцов подписей) — typically certified by the bank's officer or a notary;
Foreign founder documents: extract from the commercial register of the founder's country of incorporation (apostilled), charter of the foreign entity, documents confirming the authority of signatories for the founder — all with notarised Russian translation;
Beneficial ownership disclosure: banks are required under AML rules to identify the ultimate beneficial owner (UBO). Be prepared to provide identification documents for individuals who ultimately own or control more than 25% of the company;
Business description: most banks require a description of planned activities, expected monthly turnover, anticipated counterparties and the logic of why the Russian entity was established. This is part of the bank's KYC process and is taken seriously.
Document sets must generally be in Russian or accompanied by notarised translations. Foreign documents from most non-EAEU countries require apostille; EAEU country documents typically do not.
When a foreign-currency payment arrives at a Russian company from abroad, Russian law requires that it be credited first to a transit currency account (транзитный валютный счёт) — an internal technical account opened automatically by the bank alongside the main currency account. The company then has a defined period to either convert the foreign currency to rubles or document the transaction for currency control purposes and transfer funds to the main account. This is an important operational detail for companies expecting inbound foreign currency payments.
Founder from a "high-risk" jurisdiction in the bank's internal list — UAE, offshore centres, some European countries now require additional documentation. Research the bank's comfort with your jurisdiction before applying.
Incomplete or inconsistent documents — a mismatch between the director named in ЕГРЮЛ and the documents submitted, or a translated document that omits key details, causes automatic delays.
Vague business description — "trading activities" without specifying what goods, with which counterparties and at what volumes is a common reason for compliance rejection. Be specific.
Mass address on the company's registered address — see our guide to legal addresses. Banks check the FTS ЕГРЮЛ for address reliability before opening accounts.
New company with no trading history — some banks require at least 3–6 months of operation before opening. Plan account-opening as part of the incorporation timeline, not as an afterthought.
Decide on international payment currency needs first — this drives bank choice more than any other factor
Research the bank's current correspondent banking capabilities for your relevant currencies before submitting an application
Prepare the foreign founder's document set with apostille and notarised Russian translation well in advance — this is the most time-consuming part
Be prepared for UBO disclosure to the full ownership chain
Have a clear, specific business description ready — amounts, counterparty types, goods/services
Check the company's legal address against the FTS mass address register before application
Plan for KЭП (qualified electronic signature) acquisition in parallel — required for electronic tax filing and separate from the bank account
Practical support for international business in Russia.