Vietnamese Banks Tighten Requirements for Russian Companies

• Vietnamese banks are changing the rules for Russian companies.
• Payments are only allowed under the condition of delivery of goods or the presence of a local supplier.
• Requirements have been tightened for Russian companies in Vietnam.

This is reported by Ukrayinska Pravda, RBC Ukraine.

Vietnamese banks have begun to impose additional requirements on Russian companies during the processing of payments. From mid-2025, banks will allow transfers only in two cases: if the goods are actually delivered to Vietnam or if any citizen of the country is among the suppliers of the contracting company.

Banks are concerned about possible secondary sanctions from the West for operations with Russia. Currently, to carry out transactions, it is necessary to provide a complete package of documents: contract, invoice, transport and customs documents that confirm the link with Vietnam. If the goods are not planned for shipment, banks require the presence of a "anchor" in the form of a local supplier, office, or long-term contract with a Vietnamese partner.

These new requirements tighten processes, and Russian companies that buy or process goods in Vietnam are forced to seek alternatives in other Asian jurisdictions. The influence on the tightening of requirements may be the decree of the US President since December 22, 2023, on sanctions, as well as the clarifications of the Office of Foreign Assets Control regarding foreign assets since June 12, 2024.

It is worth noting that formal payments without a link to Vietnam are banned, however, banks have interpreted the US measures as a signal for tightening compliance.

Sanctions Against Russia

Recently, the EU adopted the 18th package of sanctions against Russia, which included 22 banks, 4 companies related to the Russian direct investment fund, and others.

The head of European diplomacy, Josep Borrell, called this package one of the most significant since the beginning of the full-scale invasion of Ukraine. Work is already underway on the next package of sanctions.

Earlier, US President Donald Trump announced plans to impose 100% secondary tariffs on countries that continue to trade with Russia.

Tags: Russia/Economy