Amid the evolving global economic landscape, banks in Russia and Belarus face SWIFT bans, presenting new challenges for international trade. This article provides a structured approach to help you safely and efficiently receive payments from Russian buyers.

Currently, multiple banks and their subsidiaries in Russia and Belarus have been excluded from the SWIFT system, and several Russian banks have also been added to blacklists such as the "Specially Designated Nationals List" (SDN List) and the EU Consolidated Financial Sanctions List. Although we can use cross-border RMB to collect payments from Russian buyers, if the paying bank is involved in sanctioned institutions, the payment is highly likely to be rejected. After all, banks in our country do not want their overseas branches to be affected, leading to potential losses. Therefore, when accepting orders from Russia, if a Russian buyer is using RMB for payment for the first time, it is recommended that exporters follow the steps below:

1. Ask the customer to contact their paying bank to confirm whether the bank is on the EU or US sanctions list.
2. If the bank is not on the sanctions list, then inquire whether the customer supports RMB payments.
3. On the other hand, contact domesticA complete export agency agreement should be attached with:banks to confirm whether they can accept RMB payments from Russia.
4. Assist the bank in preparing other required explanations and documents.

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