International payments

We execute cross-border payments in Russian roubles and other currencies through the SWIFT system in accordance with international terms and standards subject to the local currency control and anti-money laundering regulations.

The payment orders can be presented either in electronic form using the Bank’s electronic banking system or in paper form at the premises of the Bank.

Outgoing cross-border payments will be processed within the guidelines of the defined cut-off times for various currencies and payment types.

Type of payment Cut-off times	Cut-off times
Standard payment	Daily 16:00 - for payments in EUR and USD with value date "next banking day".
Standard payment	Daily 17:00 - for payments in other foreign currencies with value date "spot day".
Urgent payment	Daily 14:00 - for payments in EUR and USD with value date "today".
Urgent payment	Daily 14:00 - for payments in other currencies with value date "next banking day.

Incoming cross-border payments are credited to client accounts on the same banking day provided that they come through the SWIFT system during the working hours of the Bank.

For more information, please contact our Corporate Banking department.

Currency control
In executing cross-border payments the Bank performs the functions of a currency control agent as imposed by the current legislation of the Russian Federation and the instructions of the Central Bank of Russia.

Cross-border payments related to export / import or financing transactions between non-resident and resident legal entities go through specific currency control procedures and require, from resident clients, additional documentation of the original transaction. We provide a full service on currency control issues and help our clients to complete the necessary documentation related to export / import and financing transactions. And as a fully licensed bank we provide the issuance of transaction passports prior to execution of outgoing, or release of incoming, cross-border payments.

For more information, please contact our Corporate Banking department  or our Operations and Payments department.

VO Codes in cross-border rouble payments
VO Codes are statistical codes defined by the Central Bank of Russia. They are used to describe the subjects of payments, and are required in cross-border payment instructions with payments denominated in Russian roubles (RUB), both in incoming and outgoing payments. Cross-border payments in other currencies do not require VO Code in the payment instructions.

The current list of VO Codes, effective from August 8, 2006, in both Russian and English, is available to our clients. Please contact our Operations and Payments department  for current VO Codes as well as for other detailed instructions related to cross-border payments to and from Russia.