How to Open a Bank Account in Russia: Documents and Banks

Who is opening the account, and why it changes everything

Russian banks classify every client before they look at the paperwork. The three questions that decide the process are: are you an individual or a legal entity, are you a tax resident of Russia or a non-resident, and is your country of citizenship or incorporation on the list of states designated as unfriendly. The last point is not about refusal - it changes the account architecture, the approvals required and the speed of every transfer.

For individuals, most banks require in-person identification at least once. A growing number of banks offer remote onboarding through state biometric infrastructure, but availability differs by bank and by citizenship, so it must be confirmed directly with the bank rather than assumed. For legal entities, a Russian-registered company (a subsidiary or an LLC) is treated as a resident and opens accounts on standard terms; a foreign legal entity without Russian registration is treated as a non-resident and faces a heavier file.

• Individual, tax resident of Russia: standard retail process, fastest route
• Individual, non-resident: passport plus migration documents, enhanced checks
• Russian legal entity: standard corporate onboarding, resident rules apply
• Foreign legal entity without Russian registration: non-resident file, tax registration and enhanced compliance review required
• Citizens of countries designated as unfriendly: special account regimes may apply to certain transactions

The document set banks actually ask for

Expect the bank to ask for more than a passport. Anti-money-laundering rules give compliance officers wide discretion, and the file is usually built around proving who you are, why you are in Russia and where the money comes from. Missing one element usually stops the process rather than slowing it down.

For legal entities, the file is roughly three times larger and includes corporate chain documents, confirmation of beneficial owners and a decision from the company's governing body authorising the account.

• Passport with a notarised Russian translation
• Visa or entry document, migration card and migration registration confirming lawful presence
• Tax identification number (INN) issued by the Russian tax authority
• For legal entities: charter, registration extract from the home register, powers of attorney, passport data of directors and beneficial owners
• Evidence of the source of funds, contracts, or a tax residency certificate in some cases
• Where documents are issued abroad, an apostille and notarised translation are typically required

The order of steps

The sequence matters, because banks will not start the file until the tax registration is in place. Doing the steps out of order is the most common reason applicants lose two to three weeks.

Timelines are not standardised. A Russian individual with a complete file can be onboarded quickly, sometimes in a single visit. A non-resident legal entity should plan for weeks rather than days, and the compliance review can be extended without explanation.

• 1. Confirm your status: individual or entity, resident or non-resident, which citizenship or jurisdiction
• 2. Obtain an INN from the tax authority if you do not have one
• 3. Choose the bank category that fits your purpose (state-owned universal, private, digital, or one with experience in your home jurisdiction)
• 4. Prepare and notarise documents, including translations
• 5. Submit the application and attend the identification interview
• 6. Pass compliance review, including source-of-funds questions
• 7. Sign the account agreement and receive the account details
• 8. Activate remote banking and a payment card, and set access rights
• 9. Set up ongoing reporting: currency control filings, notifications, and renewal of documents before expiry

Which account type you actually need

Not every purpose needs the same product, and opening the wrong one adds cost and paperwork later. For portfolio investors, the relevant route is usually a brokerage account with a licensed broker rather than a bank current account, since securities sit with the broker and the cash leg clears through the bank. Regulated investment platforms are a licensed channel in their own right - the Bank of Russia counted 106 licensed investment platforms as of May 2026.

For investors from countries designated as unfriendly, certain payments, dividends and securities transactions may have to be routed through special account regimes, with approval procedures attached. Bank staff will not design this for you, and it is the point at which independent compliance advice is genuinely necessary rather than optional.

• Ruble current account: day-to-day operations, salaries, local payments
• Foreign currency account: available, but the range of currencies and conversion terms vary by bank
• Deposit: rates track the Bank of Russia key rate, which stood at 14% in September 2026
• Brokerage account: for securities, opened with a licensed broker, not the bank itself
• Escrow account: standard for real estate transactions and often required by the seller
• Special account regimes: may apply to investors from countries designated as unfriendly, subject to approvals

Where applications break down

The most frequent failure mode is documentation, not policy. A passport translation without an apostille, a migration registration that has lapsed, or a beneficial owner whose ownership chain cannot be documented will stop the file. Banks are not obliged to explain a refusal, and they rarely do.

The second failure mode is the payment leg. A Russian account does not by itself solve cross-border settlement. Banks themselves operate under restrictions, transfers in certain currencies to and from certain jurisdictions can be delayed, held or returned, and correspondent routes change without notice. The structural shift is visible in official data: 86% of Russian exports were settled in rubles and friendly-country currencies in 2025.

• Refusal without stated reason is permitted under AML rules
• Sanctions exposure is assessed on the bank, the counterparty and the currency route, not only on you
• Correspondent banking routes change frequently; confirm current routes before committing to a transaction
• Currency control reporting obligations apply to Russian legal entities and to residents with foreign accounts
• If the account is used to acquire equity in a company in a strategic sector, separate approval under Law 57-FZ may be required

Practical realities: cards, cash and costs

Cards issued abroad do not work in Russia, and cards issued in Russia have limited acceptance abroad. Plan for this before you arrive rather than after. Domestic payments, by contrast, are almost entirely digital: the Bank of Russia reported that 88% of retail payments were cashless in 2025.

Fees are set by each bank individually, and there is no standard tariff. Maintenance fees, transfer commissions and currency conversion spreads vary enough that the choice of bank is a cost decision, not just a convenience one. There is no universal minimum deposit, so treat any quoted minimum as bank-specific and current at the time of application.

• Foreign-issued cards: not usable in Russia
• Russian-issued cards: limited acceptance abroad
• Cashless payments dominate domestically (88% of retail payments, Bank of Russia, 2025)
• Tariffs, minimum balances and commissions are set bank by bank and change
• Interest on deposits may be taxable for tax residents; confirm treatment with a tax adviser
• If your company operates locally, corporate tax rates matter to the wider plan: 25% profit tax, with 0-5% available in special regimes (Federal Tax Service, 2025)
• This is general information, not investment or legal advice.

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