Making payments to Russia, also in Euros (EUR), is becoming increasingly difficult. This is because the EU has imposed sanctions on SWIFT, as a result of which 7 Russian banks will soon no longer be accessible for payments and other financial services (FX, Trade Finance). Payments in Russian Rubles (RUB) may be delayed or possibly not executed at all. Payments with Belarus are still possible.
Furthermore, there are sanction restrictions for US Dollars (USD) and British Pounds (GBP). Two major Russian banks, Sberbank and VTB Bank, have been placed on the sanctions list by the US authorities. Payments in USD with VTB Bank or with clients of VTB Bank are no longer possible. For Sberbank, the USD restrictions will take effect on 26 March. The UK authorities have done the same for VTB Bank, so GBP transactions with this bank are no longer possible. In the European Union, Sberbank and VTB Bank are on the sanctions list, but only in connection with restrictions on access to capital markets. Ordinary euro payments with these banks or with their customers are still possible.