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Shipping Logistics, International Logistics, International Freight Forwarders, Guangzhou Freight Forwarders, Panyu Freight Forwarders, Hongde International "Exports to Russia Must See! Which banks are at risk of receiving foreign exchange?"

Apr 13,2023

Up to now, a number of Russian and Belarusian banks and their subsidiaries have been excluded from the SWIFT system, and a number of Russian banks have also been included in the "Specially Designated Nationals List" (SDN List) and the EU Financial Sanctions Consolidated List and other blacklists.

Although we can currently use cross-border RMB to collect payments from Russian buyers, if the payment bank involves the sanctioned bank, there is a high probability that the payment will be returned. After all, China's banks do not want overseas branches to be affected, resulting in damage to their own interests.

The following is Hongde small editor according to the information compiled by the current list of Russian banks, it is recommended to carefully accept the payment of these banks to our banks, so as not to zui after the payment can not be accounted.

Russian banks excluded from SWIFT system

Federal Reserve Bank (S berbank), Russia's zui major bank;
VTB Bank, Russia's second largest bank;
Rossiya Bank of Russia;
State-owned Development Bank of Russia (VEB,Vnesheconombank);
Bank Otkritie;
Novikombank;
Promsvyazbank;
Sovcombank。

SDN List Query

U.S. OFAC Sanctions List Search Website:

https://sanctionssearch.ofac.treas.gov/

Query the name of the customer's bank. If the query result shows SDN or CAPTA, it is subject to sanctions.

The SDN list currently includes the names of more than 3500 banks, entities and ships that cannot do business with Americans or in U.S. dollars.

To explain, OFAC (Office of Foreign Assets Management of the U.S. Department of the Treasury) is a specialized agency responsible for the implementation and management of economic and trade sanctions, anti-money laundering, anti-terrorism monitoring and other matters in accordance with the U.S. diplomatic and national Anquan policies. According to OFAC, all U.S. registered banks and their overseas branches must verify the information of the applicant, beneficiary, shipping company, port of shipment, port of discharge, etc. in the business.

When handling business through Bank of America and its overseas branches, export enterprises should not only pay attention to whether the trading entities and participating banks meet the above verification requirements, but also pay attention to the logistics information related to trade, including the delivery route of documents, transportation company/ship, freight transportation, transportation route, port, transit place, etc., and inquire through OFAC's official website and compare SDN list.

If it is found that the relevant information relates to the concerns listed in the SDN list, the export enterprise should take timely measures, such as changing the shipping company or freight management, changing the bank, changing the payment method, changing the transportation route, etc., to avoid or control economic losses and potential political risks.

Therefore, Hongde Xiaobian suggested that when we take Russian orders, if we encounter Russian buyers shou operating RMB to pay for goods, we should pay attention:

① The exporter first asked the customer to contact his paying bank,Inquire whether it is on the sanctions list of Europe and the United States;

② Not on the sanctions list,Then ask whether the customer supports RMB payment;

③ On the other hand, please contact your bank,Confirm whether you can receive RMB payments from Russia (to which bank).

Source: Focus Horizon

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