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 been added to blacklists including the Specially Designated Nationals List (SDN List) and the EU Financial Sanctions Consolidated List. Although we can use cross-border RMB to receive payments from Russian buyers, if the paying bank involves sanctioned banks, the payment will likely be returned. After all, Chinese banks also want to avoid their overseas branches being affected and suffering losses. Therefore, when accepting Russian orders, if Russian buyers use RMB for payment for the first time, we recommend exporters follow these steps:

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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