At present, several Russian and Belarusian banks and their subsidiaries have been excluded from the SWIFT system, and several Russian banks have been included in blacklists such as the special designated national list (SDN List) and the EUs comprehensive list of financial sanctions.

While domestically it is possible to collect Russian buyers money in cross-border yuan, if the payment bank is involved in the sanctioned bank, the money will probably be returned.

The Russian banks currently on the list are listed below, and it is recommended to take care of receiving the money paid to our banks so that the final amount cannot be paid.

Russian banks excluded from SWIFT

The largest bank in Russia is the Federal Reserve Bank (Sberbank).

The second largest bank in Russia is VTB Bank.

Bank of Russia (Rossiya Bank)

Russian State Development Bank (VEB, Vnesheconombank);

The Bank Otkritie

by Novikombank;

by Promsvyazbank;

The Sovcombank.

U.S. OFAC Sanctions List SDN List:

https://sanctionssearch.ofac.treas.gov/

Questioning the clients bank name, if the query results show the word SDN or CAPTA, is subject to sanctions.

There are more than 3,500 names of banks, entities and ships on the SDN list that are not allowed to do business with Americans or in US dollars.

If relevant information is found to involve concerns listed in the SDN list, exporting enterprises should take timely measures, such as replacing shipping companies or freight agents, changing banks, changing payment methods, changing transport routes, etc., to avoid or control economic losses and potential political risks as much as possible.

So, when receiving Russian orders, if you encounter a Russian buyer for the first time operating the Yuan payment, it is recommended:

(1) The exporter first asks the customer to contact his payment bank to find out whether it is on the EU-US sanctions list;

(2) Not on the sanctions list, then ask the customer if they support the payment of RMB;

(3) On the other hand, please contact your domestic exchange bank to confirm whether you can receive payments in Russian currency.