Vietnamese banks have begun to intensify checks on payments from Russia to avoid circumventing sanctions

Vietnamese banks have introduced additional requirements for Russian companies when making payments. About writes The Moscow Times.

Currently, transfers through Vietnamese banks are only allowed in two cases: if the goods are actually delivered to Vietnam or if the founders of the counterparty company include a citizen of this country.

Thus, Vietnamese banks require a full package of documents: a contract, an invoice, transportation and customs papers confirming the transaction's connection with Vietnam.

If there are no plans to supply goods to the country, financial institutions look for a "tie-in" in the form of a local founder, office, or a long-term contract with a Vietnamese partner.

This allows banks to explain to the regulator that the transaction is related to the local economy and not aimed at circumventing sanctions.

The reason for the toughening of requirements for Russian companies was the fears of the country's banks about secondary sanctions imposed by the West for transactions with Russia.

The new rules will be in effect from mid-summer 2025. Lawyers note that there have already been cases where transfers have been delayed or blocked due to non-compliance with these conditions.

For Russian companies that supply or process goods directly in Vietnam, the conditions have hardly changed.

But for transit schemes, the restrictions have become so severe that businesses are forced to look for alternatives in other Asian jurisdictions.

• July 18, the European Union adopted the 18th package of sanctions against the Russian Federation, which reduced the ceiling price for Russian oil to $47.6 per barrel. august 12 Switzerland joined this package of sanctions EU.