Russia – Banking

What are the main banks in Russia?

Russia’s banking sector is highly concentrated, with a small group of dominant institutions controlling the overwhelming share of total assets. The five biggest banks — Sberbank, VTB, Gazprombank, Alfa-Bank, and the Russian Agricultural Bank — together account for more than 60% of all sector assets. As of late 2025, the country has 306 licensed banks in operation, of which 212 hold universal licences and 94 operate under basic licences.

Tracing its origins to 1841, Sberbank stands as Russia’s largest bank and among its most historically rooted financial institutions. It provides an extensive suite of services spanning personal and corporate banking, investment products, and insurance. Its official website is sberbank.com. Sberbank maintains a nationwide branch network alongside a widely adopted mobile banking platform.

VTB Bank was founded in 1990 and is headquartered in Moscow. As a state-owned institution, it provides personal and corporate banking, investment banking, and asset management services. VTB’s official website is vtb.ru.

Also established in 1990 and based in Moscow, Gazprombank ranks among Russia’s largest banks. Originally created to serve the gas industry, it has since broadened its scope to encompass personal and corporate banking, asset management, and investment services, and retains strong connections to the energy sector. Website: gazprombank.ru.

Founded in 1990 and headquartered in Moscow, Alfa-Bank is one of Russia’s leading private-sector banks. It is known for its forward-thinking approach to banking, offering personal and corporate products, investment services, and a strong digital banking offer. Website: alfabank.ru.

Rosselkhozbank, known in English as the Russian Agricultural Bank, is a state-owned institution based in Moscow that concentrates on serving the needs of the farming sector, rural communities, and agribusinesses. Its services include loans, insurance products, and investment solutions tailored to agricultural clients. Website: rshb.ru.

Other noteworthy banks include T-Bank (formerly Tinkoff Bank), a fully digital institution widely favoured by expats for its streamlined app-based account opening; Sovcombank; Post Bank; MTS Bank; and Raiffeisenbank Russia. The Bank of Russia designates the following as systemically important: UniCredit Bank, Gazprombank, Sovcombank, VTB, Alfa-Bank, Sberbank, Credit Bank of Moscow (MKB), TBank, and others. Always verify current branch locations, telephone numbers, and service availability directly with individual banks or through the Bank of Russia’s official register.

Do any major international banks operate in Russia?

The presence of international banks in Russia has shifted dramatically since 2022. Many Western institutions have scaled back or fully wound down their Russian activities in response to international sanctions, while banks based in Asia have moved to fill some of the gap.

Two major European banks — Raiffeisen Bank International (RBI) and UniCredit — still have meaningful Russian subsidiaries, ranking 12th and 20th respectively by total assets. Both have been actively cutting their exposure, however. UniCredit has been pushing ahead with its Russian exit strategy, reducing its exposure by 68% over two years, with Russian loans representing under 1% of total customer lending as of end-June 2024.

Citigroup wound down its corporate and retail banking operations in Russia, yet remained financially active, earning $149 million and remitting $53 million in taxes during 2023. Retail customers in Russia can no longer access Citibank services. Neither HSBC nor Barclays maintains any retail banking presence in the country.

As Western banks have retreated, Chinese, Indian, and South Korean institutions have grown their footprint. The Russian subsidiaries of Bank of China and ICBC both entered the top 30 banks by assets by the close of 2024. Bank of China (Russia) focuses on financing trade and investment flows between China and Russia, providing financial services to companies engaged in Sino-Russian economic activity.

From 1 September 2024, legislation signed by President Putin permits foreign banks to establish branches in Russia, with the stated aim of fostering international settlements and drawing in foreign investment. These branches will nonetheless operate under specific constraints: they are not authorised to accept deposits from individuals, engage in trust management, or conduct banking transactions with individuals, including sole traders. In effect, the new framework serves corporate clients rather than individual expats.

Given the pace at which the situation continues to evolve, always confirm the current operational status of any international bank in Russia directly with the institution itself or through the Bank of Russia.

Do banks in Russia offer accounts or services specifically for expats?

Russia does not have a mature market for purpose-built expat banking products of the kind found in some offshore financial centres. Nevertheless, major Russian banks do provide non-resident accounts to foreign nationals, and certain institutions have taken steps to simplify the process for overseas clients in recent years.

Foreign nationals are legally entitled to open a Russian bank account in any currency, provided the bank in question holds the relevant licence. In practice, most banks primarily handle foreign-currency transactions in US dollars, euros, and increasingly Chinese yuan. Depending on a bank’s licensing, accounts can generally be opened in both Russian rubles and foreign currencies.

Following the sanctions that rendered Mastercard and Visa inoperable in Russia, the government introduced the Mir electronic payment card for foreign nationals as part of broader efforts to encourage their participation in the Russian banking system. Non-resident accounts typically come with a Mir debit card as a standard feature.

T-Bank (formerly Tinkoff Bank) is frequently recommended as the most accessible option for foreigners, as it offers an entirely digital application that can be completed online within minutes, with the card subsequently delivered to the applicant’s address in Russia. Sberbank and Alfa-Bank also welcome foreign nationals, though these banks typically require an in-branch visit and document verification. As of 2025, fees and account terms vary between banks and can differ based on the applicant’s country of nationality — always check current conditions directly with your chosen institution.

Since July 2023, nationals of CIS countries, the UAE, Turkey, China, India, Indonesia, Qatar, Thailand, Oman, Pakistan, Malaysia, Saudi Arabia, and a number of additional countries may submit documentation remotely through an intermediary bank in their country of residence, which verifies and forwards the materials to the Russian bank. Citizens of countries that have imposed sanctions on Russia may face heightened scrutiny or outright refusal. Check the guidance of your intended bank and the Bank of Russia for the most current eligibility information.

What are typical bank opening hours in Russia?

Branch hours at Russian banks follow a pattern broadly comparable to those in much of Europe, though they differ by institution and location. In urban areas, most commercial bank branches are open Monday to Friday, generally from 09:00 to 18:00 or 20:00. Some branches located in shopping centres or busy urban districts also open on Saturdays, usually between 10:00 and 16:00 or 17:00. Sunday openings are rare for standard branches, though certain outlets in large retail complexes or airports may observe reduced Sunday hours.

Banks remain closed on Russian public holidays, of which there are many — including the New Year and Orthodox Christmas period (1–8 January), Defender of the Fatherland Day (23 February), International Women’s Day (8 March), Labour Day (1 May), Victory Day (9 May), Russia Day (12 June), and National Unity Day (4 November). When a public holiday coincides with a weekend, the next working day is usually observed in its place. It is advisable to check the specific bank’s website or telephone ahead before visiting around any holiday period.

Hours vary considerably across Russia’s eleven time zones. Branches in smaller towns or rural areas often keep shorter hours, and access to branch banking can be limited in some remote regions. In recent years, Russia’s financial sector has made notable progress in expanding digital services; cash usage has declined sharply even in areas that previously had low levels of banking access.

Online and mobile banking is broadly available and highly capable at major banks, and telephone banking is also offered. For everyday tasks — checking balances, making transfers, paying bills — the apps provided by the leading banks function around the clock and are well regarded for their usability.

What do expats need to know about the banking system in Russia?

Russia’s banking system has a number of distinctive characteristics and present-day realities that set it apart from the financial environments most expats will be accustomed to. A clear grasp of these is essential before relocating.

Sanctions and payment card restrictions: Since March 2022, Visa, Mastercard, JCB, and American Express have all ceased to function in Russia as a result of international sanctions. Cards issued by banks outside Russia will generally not work at Russian ATMs or payment terminals. The withdrawal of Visa and Mastercard prompted a sharp rise in the use of Russia’s domestic Mir payment system, both domestically and in certain international markets. Expats residing in Russia will need to rely on Mir cards and, to a growing extent, UnionPay cards for daily transactions.

SWIFT disconnection: Sanctions targeting much of the Russian financial sector, including exclusion from the SWIFT international payments network, have severely curtailed cross-border transactions. Anyone planning to send funds to a Russian account via SWIFT from abroad should first establish which Russian banks retain SWIFT connectivity, and clarify the applicable commission — typically 1–5% — alongside minimum transfer amounts, accepted currencies, and expected processing times of up to seven working days.

Deposit protection: The Deposit Insurance Agency (DIA) is a Russian state corporation established in January 2004 to administer the deposit insurance scheme and compensate depositors when banks fail. As of 2024, the protection ceiling is 1.4 million rubles per depositor per bank. The structure is broadly analogous to the FSCS in the UK (which covers up to £85,000) or the FDIC in the US (which protects up to $250,000), but because the limit is denominated in rubles, its equivalent value in foreign currencies fluctuates with the exchange rate. Always confirm the current limit with the DIA’s official website or the Bank of Russia.

Currency controls: Since 2022, Russia has maintained far-reaching capital and currency controls. There are restrictions on moving large sums of foreign currency out of the country, and the regulatory framework in this area has shifted repeatedly. You are permitted to bring foreign currencies such as dollars, pounds, and euros into Russia, but any amount exceeding the equivalent of $10,000 at the Central Bank’s exchange rate on the day of border crossing must be declared in full — not merely the portion above the threshold.

Language: Outside the major cities and tourist centres, the majority of bank staff work exclusively in Russian. The apps and websites of the largest institutions — Sberbank, VTB, Alfa-Bank, and T-Bank — offer some degree of English-language support, but in-branch services and formal documents are issued predominantly in Russian. For anything beyond routine transactions, it is wise to have a translator or interpreter on hand.

Sector consolidation: The total number of credit institutions operating in Russia has been falling steadily, dropping from 956 in January 2013 to 361 in January 2023. This continuing consolidation means smaller regional banks are at risk of disappearing or being absorbed, making it prudent for expats to choose a large, systemically important institution. For authoritative and up-to-date information, consult the Central Bank of the Russian Federation.

How Do I Open a Bank Account in Russia as an Expat?

Opening a bank account in Russia is no longer a quick or simple undertaking. Since 2025, the process depends on a fully established digital identity, encompassing a SNILS (a personal Russian identifier similar to a social security number) and a verified Gosuslugi profile (Russia’s government services portal). For most expats, this means that opening a bank account is the final stage of a broader registration process rather than an early step. The procedure outlined below reflects conditions as of 2025 — always verify current requirements with your chosen bank and the Bank of Russia before proceeding.

1. Obtain your legal right to reside in Russia. Secure your visa or residence permit. Most banks require at least a valid visa to open a non-resident account, while some will only proceed for holders of a temporary or permanent residence permit. Confirm your intended bank’s residency requirements before beginning the process.
2. Register at your address. On arrival, register your place of residence with the local migration authority (GUVM MВД). Banks commonly request this registration document as proof of address, in a similar way to utility bills or lease agreements in other countries.
3. Obtain your INN (Individual Taxpayer Number). The INN is needed for tax compliance and is ordinarily required when opening a bank account. Applications are handled by the Federal Tax Service (FNS).
4. Obtain your SNILS (social insurance number). As of 2025, a SNILS is a prerequisite within Russia’s digital identity framework. It is issued by the Social Fund of Russia (SFR) and is connected to your Gosuslugi profile.
5. Create and verify a Gosuslugi account. Gosuslugi (gosuslugi.ru) is Russia’s centralised government services portal. A verified account on this platform is increasingly required to open a bank account — whether digitally or in branch — and it consolidates your SNILS, passport details, and other official records in one place.
6. Obtain a Russian SIM card. A local phone number is needed to register for mobile banking and receive SMS authentication codes. If you held a SIM card prior to 2025, it was subject to biometric revalidation before 1 July 2025; if this was not completed, it is likely now blocked. Buy a new SIM from a provider such as MTS, Beeline, or Megafon, presenting your passport when doing so.
7. Choose your bank and assemble your documents. Gather the documents typically required: a valid foreign passport; your migration card or residence permit; your INN; your SNILS; your address registration certificate; and evidence of employment or income where the bank requests it. Some banks may ask for additional documentation, such as a residence permit for foreign nationals.
8. Visit a branch or apply online. T-Bank (formerly Tinkoff Bank) supports a fully digital application for foreigners, with the card sent directly to their address in Russia. For Sberbank, VTB, or Alfa-Bank, an in-person branch visit is generally required. T-Bank in particular can often help applicants complete several registration steps within a single process.
9. Activate your account and Mir card. Once your application is approved, you will be issued a Mir debit card. Activate it through the bank’s app or at an ATM, configure your online banking profile, and connect your Gosuslugi account and phone number for identity verification purposes.

As of 2025, most major Russian banks do not impose a standard minimum deposit to open a basic current account, though certain account types or premium tiers may carry such requirements. Always consult current fee schedules with your chosen bank. Remote account opening before arriving in Russia is possible for nationals of certain countries under the intermediary bank scheme launched in July 2023, though this option is not universally available — check directly with your preferred institution.

What banking and payment apps are widely used in Russia?

Russia has cultivated a sophisticated digital banking environment, and mobile payments have become deeply woven into the fabric of everyday life. By 2023, cash accounted for just 31% of transactions — a steep decline from 76% in 2012 — with 68% of all cashless payments made by card in the first half of that year.

The mobile apps of the major banks dominate the landscape. Sberbank’s SberBank Online app is among the most downloaded in the country, enabling payments, transfers, utility bill settlement, and a broad range of lifestyle services. T-Bank (formerly Tinkoff) is a branchless digital bank whose award-winning app enjoys particular popularity among younger users and expats, thanks to its intuitive design and English-language support. Alfa-Bank’s Alfa Mobile and VTB Online are also widely used across the country.

Mir Pay is Russia’s domestic contactless payment wallet, developed by the National Payment Card System (NSPK) to fill the void left after Apple Pay and Google Pay withdrew support for Mir cards following the 2022 sanctions. Mir subsequently launched its own Mir Pay wallet for contactless transactions. SberPay (Sberbank’s proprietary payment app) and T-Pay (T-Bank’s equivalent) perform comparable functions within their respective ecosystems.

YuMoney (previously Yandex.Money) is a popular e-wallet used for online shopping and small domestic transfers. YuMoney also issues free instant Mir debit cards to foreign visitors directly at Moscow’s Sheremetyevo airport and through offices in Moscow, St. Petersburg, and Nizhny Novgorod.

International apps and services: PayPal suspended operations in Russia in 2022 and is no longer accessible within the country. Wise (formerly TransferWise) and Revolut are largely unable to facilitate transfers to or from Russian bank accounts due to sanctions. UnionPay, the Chinese payments network, has become an increasingly significant alternative, with Russian banks now issuing UnionPay cards that are accepted across much of Asia, Europe, and parts of the US. Expats who need to preserve financial ties with their home country should consider keeping an active bank account in another jurisdiction alongside any Russian account.

How can expats manage money between Russia and their home country?

Cross-border money management is one of the most demanding aspects of living in Russia as an expat, and the challenges have multiplied considerably since 2022. There is no single, reliable solution, and the rules governing what is possible can change at very short notice.

International wire transfers (SWIFT): Anyone planning to send funds to a Russian account from overseas via SWIFT should first identify which Russian banks retain SWIFT access, verify that their foreign bank is willing to process transfers to Russia, and establish the applicable commission — typically 1–5% — as well as the processing time, which can be up to seven working days. A number of Russian banks that are not under direct sanctions — including Raiffeisenbank Russia, Gazprombank for certain transactions, and some smaller regional institutions — still maintain limited SWIFT connectivity for specific currency corridors. Always confirm the position before initiating a transfer.

Alternative transfer systems: In response to SWIFT restrictions, Russia has developed its own cross-border payment infrastructure, including SPFS (Russia’s domestic financial messaging system), and has significantly expanded the use of Chinese UnionPay channels. For those with links to Asia, transfers in Chinese yuan through Bank of China (Russia) or other Chinese-affiliated banks are increasingly practical. Some individuals use cryptocurrency for international transfers, though Russia’s regulatory stance on digital assets continues to evolve — consult current guidance from the Bank of Russia before proceeding.

Currency controls and reporting requirements: Russia has applied strict currency control regulations since 2022. Residents face constraints on purchasing foreign currency and sending funds abroad. Cash amounts exceeding the equivalent of $10,000 at the Central Bank’s rate must be declared at the border in full; sums above the equivalent of $100,000 require the importer to explain the origin of the funds. Expats who qualify as Russian tax residents are generally obliged to report foreign bank accounts to the Federal Tax Service (FNS). Non-compliance with currency laws can attract substantial penalties — consult the Federal Tax Service and the Bank of Russia for current rules.

Maintaining a foreign account: Many expats in Russia find it prudent to keep an active bank account in another country, particularly for receiving international salary payments, holding savings in a freely convertible currency, or ensuring financial flexibility should circumstances in Russia change. Bear in mind that Russian tax residents are required to notify the FNS of foreign accounts and to report transactions above certain thresholds — consult a qualified tax adviser for current obligations, as these rules have been revised frequently since 2022.

Exchange rates: Currency exchange is available at banks and licensed exchange kiosks in major cities. Only use authorised bank exchange points — street-based exchangers operate illegally and carry a significant risk of fraud. The ruble’s exchange rate can be highly volatile, and rates may differ substantially between providers. Always check the current official rate with the Bank of Russia before converting large sums.

Frequently Asked Questions

Can a foreigner open a bank account in Russia without a residence permit?

This depends on the bank. Some institutions will open a basic account for a foreign national holding a valid visa and passport, but a growing number now require at minimum a temporary residence permit, a registered address, SNILS, and a verified Gosuslugi profile. T-Bank and Sberbank have historically been among the more accessible options for non-residents, but requirements are subject to change — contact your preferred bank directly to confirm current eligibility criteria.

Are deposits in Russian banks protected?

The Deposit Insurance Agency (DIA) is a Russian state corporation established in January 2004 to administer the deposit insurance system and pay compensation to depositors when banks fail. As of 2024, the standard protection ceiling is 1.4 million rubles per depositor per bank. This applies to both Russian citizens and foreign nationals holding accounts at licensed Russian banks. For current figures and eligibility details, visit the DIA website.

Can I use my foreign bank card in Russia?

Since March 2022, Visa, Mastercard, JCB, and American Express cards have ceased to function in Russia owing to international sanctions. Foreign-issued cards on these networks will not operate at Russian ATMs or retail payment terminals. UnionPay cards may be accepted at certain ATMs and merchants. The practical remedy for daily life is to open a Russian bank account and obtain a Mir card, which is accepted throughout Russia and in a limited number of other countries.

What is the Mir card, and where does it work?

The Mir card is accepted universally within Russia — in shops, on the metro, across public transport, and on Russian websites including Rzd, Ozon, Yandex Travel, Aeroflot, and S7 Airlines. It is also accepted in a number of former Soviet republics such as Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan, as well as in countries that have broadened their acceptance owing to increased Russian tourism, including Turkey, Egypt, Cuba, and Venezuela. Its international reach is nevertheless limited, and acceptance has been contracting in some regions due to sanctions; always verify the current situation in your destination country before travelling.

Can I use Wise, Revolut, or PayPal in Russia?

No. PayPal suspended its Russian operations in 2022. Wise and Revolut are similarly unable to process transfers to or from Russian bank accounts in most circumstances due to international sanctions. Expats should put in place alternative arrangements for managing money internationally, such as holding an account at a bank in another country and using SWIFT or other available transfer channels where possible.

What language are Russian banking services provided in?

Banking services in Russia are conducted primarily in Russian. The leading banks — Sberbank, T-Bank, VTB, and Alfa-Bank — provide at least partial English-language functionality in their mobile apps and on their websites. However, branch staff outside Moscow and St. Petersburg may have limited English, and formal documents such as contracts and account statements are issued in Russian. If you are not proficient in Russian, consider selecting a bank with a track record of multilingual service, or bring a Russian-speaking companion to any branch appointments.

Are international banks like HSBC or Barclays available in Russia?

No. Neither HSBC nor Barclays offers retail banking services in Russia. UniCredit is in the process of withdrawing from the Russian market, and Citibank has already shut down its Russian retail banking business. The Western and US banks that still have some Russian presence are operating there principally in a corporate capacity or winding down activity, and are not providing services to individual retail customers. Institutions with an active retail presence for private individuals include Raiffeisenbank Russia and certain Chinese banks such as Bank of China (Russia) — verify current service availability directly with each institution.

What should I know about currency controls as an expat in Russia?

Russia operates an extensive currency control regime, tightened considerably since 2022. Restrictions cover the purchase of foreign currency, outward fund transfers, and the holding of overseas accounts. Expats who are tax residents of Russia are required to notify the Federal Tax Service of any foreign bank accounts and to report transactions above certain thresholds (as of 2024). These rules have been revised on multiple occasions and vary depending on your nationality and residency status. Always seek guidance from the Bank of Russia, the Federal Tax Service, and a qualified legal or financial adviser before undertaking significant international transfers.