Banks in Russia

Find and use Russian banks to meet a variety of needs

By Laurel Brown

When doing business in or with Russia, it is important to have a good knowledge about the system of banking in Russia. Post-Soviet Russia is home to hundreds of different banks -- commercial banks, international banks with Russian offices and credit unions, to name a few. These different banks cover a wide range of banking needs, but a detailed knowledge of banks in Russia is necessary to successfully take advantage of the system.

The Russian government keeps very close tabs on foreign investment and foreign banks in Russia. As a result, Russia has allowed only a few international banks to open. However, many Russian commercial banks are strong in international banking and are therefore safe for the investor. You need to research banks very carefully to be certain of their financial stability.

Keep the following in mind when looking for banks in Russia:

1. Focus on banks that will meet your specific needs.

2. Be especially sure you find a bank in Russia that is financially stable.

3. Comparing Russian banks will help you find the right bank out of the many available.

4. Check out the many websites devoted to online Russian banking.

Gather general information about banking in Russia

Information about the banking industry and the general financial state of Russia can be found from the Russian government and from private sources.
Try: The Central Bank of the Russian Federation offers information about banking, exchange rates, interest rates and banking information by region.

Get background information on banks in Russia before doing business or making investments

Get background information on banks in Russia before doing business or making investments
Try: IC Rating lists Russian banks by reliability, independently of the Central Bank’s system. Way to Russia and KPMG both provide articles specifically dealing with issues for foreigners working with Russian banking.

Research particular banks in order to know which banks will best suit your needs

With hundreds of banks of many different types, it is important to make a knowledgeable choice before banking in Russia.
Try: Qualisteam offers a comprehensive list of Russian banks with links to the individual sites. Global Finance has an article about the “best” (most stable) banks in Russia.

Find out about restrictions on banking and foreign banks in Russia

Russia has strict regulations about foreign investment, so it is important to know the rules before starting a business venture.
Try: Despite the government’s restrictions on them, there are several international banks in Russia, including Deutsche Bank and Citibank, the first US bank in Russia, having arrived in 1994.

Do your research. Banks in Russia can be complicated and are not always easy for the foreign investor to navigate.