It covers payment methods and information on, banking systems, foreign exchange controls, and U.S. and correspondent banking.
Banking System: After Russia’s February 2022 invasion of Ukraine, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed expansive economic measures that targeted the core infrastructure of the Russian financial system — including all of Russia’s largest financial institutions and the ability of state-owned and private entities to raise capital — and further bars Russia from the global financial system. These actions affected nearly 80 percent of all banking assets in Russia and will have a deep and long-lasting effect on the Russian economy and financial system.
Foreign Exchange Controls: The Russian government imposed a number of foreign exchange controls after its invasion of Ukraine in February 2022, some of which have been modified. Please contact the Office of Russia, Ukraine, and Eurasia (ORUE) at Commerce HQ for further information.
U.S. Banks and Local Correspondent Banks: Citi is the last U.S. commercial bank remaining in the Russian market; however, as of spring 2022, Citi announced they would stop soliciting any new business or clients as they assessed their operations in Russia.