Open a Bank Account in Russia

Opening a bank account in Russia is essential for business purposes and personal use. Discover below what the procedure entails and how our local lawyers can help you.

Who can open a bank account in Russia?

You can open a bank account as a Russian or foreign national.

NOTE: We recommend checking the applicable conditions with our Russian lawyers if you are a foreign national.

Is it possible to open a bank account remotely in Russia?

Yes, some banks offer such a service. Our lawyers can represent you during the procedure based on a power of attorney.

NOTE: An in-person visit may be required in some cases. So, if you are a foreign national, you must consider the visa requirements.

What types of bank accounts are available for opening in Russia?

The most common are:

• current or daily accounts, which are used by natural persons (they can also be used to receive salaries);
• savings accounts, which can be established for saving money on which you can also get interest;
• corporate accounts for Russian and foreign companies doing business here.

What are the steps to open a bank account in Russia?

The following:

• research the banks and the services they offer;
• prepare the necessary documents based on the type of account you want to open;
• submit the documents or have one of our Russian lawyers file them.

What documents are required to open a personal bank account in Russia?

Foreign citizens can open a bank account in Russia based on the following documents:

• an application form issued by the bank;
• a valid passport;
• a valid residence permit;
• proof of residential address.

For those working within a Russian company, a confirmation letter from the company may be required.

NOTE: The passport must be translated into Russian. You also need the registration document that certifies your domicile in Russia.

How do I open a corporate bank account in Russia?

The following documents are necessary when setting up a corporate bank account in Russia in 2026:

• a prescribed application form;
• the applicant’s passport;
• a residence permit, if applicable;
• a statement issued by the Russian tax authorities for carrying out business activities in Russia;
• a statement from the company’s owner confirming the opening of the account.

Foreign entrepreneurs can also appoint Russian lawyers or representatives who will open the account on their behalf based on a power of attorney. However, the director of the company must be present at the bank in Russia to manage a couple of formalities.

Do Russian banks require a minimum deposit?

Some banks do, while others do not.

Can I open a Russian bank account even if I am a non-resident?

Yes, you can. This is possible with large Russian or international banks with headquarters in Russia, usually.

How long does it take to open a bank account in Russia in 2026?

Personal bank accounts can be set up in about 2 or 3 working days.

Corporate bank accounts can take up to one month to open in the case of foreign companies.

Can I also open a bank account with a foreign bank in Russia?

Yes, foreign banks operate mainly through Russian subsidiary banks licensed by the Bank of Russia; branches of foreign banks have been allowed only since 1 September 2024 and are subject to strict limits.

Can I open a bank account in Russia in a currency other than the Ruble?

Yes, foreign-currency accounts can be opened, but since 2022 operations in USD, EUR and GBP are heavily restricted by sanctions and currency-control rules; Chinese yuan accounts are the most common alternative.

For assistance in opening any type of bank account in Russia in 2026, do not hesitate to contact our Russian law firm.