FAQs about the Situation in Ukraine and Payments

Get answers to the most frequently asked questions about money transfers and international payments to/from Russia, Ukraine and Belarus.

Transactions with Russia, Ukraine and Belarus

Regarding international payments, which of Russia’s banking institutions have been banned from the SWIFT system? Does the ban extend to the banking institutions of countries other than Russia?

Based on the announcements made on 03/03/2022, the SWIFT ban applies to 7 Russian banks: Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank, Vnesheconombank (VEB) and VTB Bank, as well as their Russian-based subsidiaries.

In addition, based on the announcements made on 09/03/2022, the SWIFT ban also applies to: Belagroprombank, Bank Dabrabyt and Development Bank of the Republic of Belarus, as well as their subsidiaries.

More information and latest news:

Press Release, 02/03/2022 of the European Council.
Press Release, 09/03/2022 of the European Council.
EU sanctions against Russia following the invasion of Ukraine, official website of the EU.

Have the trade sanctions against Russia become stricter compared to the ones already in force since 2014?

The EU is united in its solidarity towards Ukraine and, along with its international partners (USA and UK), it has been offering additional political, financial and humanitarian aid to the country and its citizens.

The EU reacted swiftly and decisively against Russian’s aggression, adopting further restrictive measures as a response. On 15/03/2022, through Council Regulation (EU) 2022/428, the EU announced a set of export restrictions for specific products exported to Russia.

Further information and latest news:

EU solidarity with Ukraine, official website of the EU.
Press Release, 15/03/2022, official website of the EU.

Are money transfers (incoming and outgoing international payments) permitted to/from the countries on which sanctions have been imposed?

Transactions to/from Russia, Ukraine (especially the war-stricken areas of Donbas and Luhansk) and Belarus must be avoided.

If an international payment must be sent/received to/from these countries, this is possible. However, Eurobank will carry out checks in line with the sanctions in force. For these payments, the full address (e.g. city, postal code) of the recipient and any supporting documents (e.g. invoice) are necessary.

In addition, apart from the EU and US imposed sanctions, the Eurobank correspondents have made their policies stricter.

What compliance checks are carried out by Eurobank and the correspondent bank when a payment is made?

International money transfers are a highly regulated activity and each financial institution involved is obliged to perform checks in accordance with the legal and regulatory framework and the internal polices of each institution.

These checks are related to areas such as: safety and security of funds, know your customer (KYC), anti-money laundering (AML), counter terrorism financing (CFT) and sanctions.

The extent of the checks depends on the type of the transaction and nature of the relationship with the customer.

What applies as to payments for imports from Russia, Ukraine and Belarus? Can goods originating from one of these countries be imported?

After the recent developments, additional economic sanctions have been imposed by the EU on transactions carried out with Russia, as well as new sanctions for transactions with Ukraine (areas of Donbas and Luhansk) and Belarus.

These sanctions concern banking institutions, business entities, natural persons and specific goods, as well as goods originating from the countries listed above.

Imports from these countries have not been fully banned, but each transaction requires increased due diligence measures and is reviewed on a case per case basis, so that it does not fall within the restrictions.

For further information about your transactions, you may contact your Eurobank relationship manager.

Further information and latest news:

EU restrictive measures in response to the crisis in Ukraine, official website of the European Council.
Council Regulation (EU) 2022/328 of 25 February 2022.

Have there been changes to the way import payments within the EEA are entered and carried out through e-Banking?

If the country of origin of the products is Russia, Ukraine or Belarus, the Eurobank e-Banking will prompt you to enter your payment through the e-Payments app or through the Unit that serves you.

In addition, all supporting documents, such as invoices or anything else requested by the auditing or regulatory authorities, will be required to be attached.

Are bulk import payments to Russia, Ukraine and Belarus using files forwarded to Eurobank permitted?

No, these payments will be rejected. However, you have the option of entering them individually through the e-Payments app or through the Unit that serves you.

In addition, all supporting documents, such as invoices or anything else requested by the auditing or regulatory authorities, will be required to be attached.

What applies as to payments for import of goods from Russia, Ukraine and Belarus?

Supporting documents, such as the invoice, are required for import payments to be concluded in these countries.

In addition, additional details may be requested from intermediary (correspondent) banks, so the payment may be settled in line with the regulatory requirements in force. It is customary to request additional information about the beneficiary of the payment and the type of goods.

Can payments be made to European companies that operate a branch in Russia and the credit account is held in a European bank? The payment concerns the purchase of raw materials from Russia.

Yes, provided the regulatory requirements and restrictions in force are met.

What applies as to exports to Russia, Ukraine and Belarus? What applies as to the payment of invoices for exports to Russia, Ukraine and Belarus?

After the recent developments additional economic sanctions have been imposed by the EU on transactions carried out with Russia, as well as new sanctions for transactions with Ukraine and Belarus.

These sanctions concern banking institutions, business entities, natural persons and specific goods, including dual-use goods.

Exports to these countries have not been fully banned. However, each transaction requires increased due diligence measures and is reviewed on a case per case basis, so that it does not fall within the restrictions.