EMI for Russian-involved Business

[inector]

A friend of mine is opening a bank / EMI for his offshore company, like BVI

But...his business is involved in trading with Russia

He doesn't send / receive money there, just trades

He has a good citizenship, not Russia

Which EMI would be okay with this? (Bankera, 3SMoney, Bilderlings...)

Should he tell the emi in advance about Russia trade?

 

[Martin Everson]

Yes if he wants to be rejected.

BVI and Russia is kiss of death in‍ the west.

 

[inector]

If they‌ later find out, how to choose an EMI so they don't freeze the funds, but‍ give them back?

I have a feeling that EU ones will freeze funds (even high-risk⁠ Lithuanian ones?)

But for example 3SMoney has a license in Dubai, would that save us⁤ from frozen funds?

 

[Martin Everson]

There is no future guarantee what⁠ an EMI would do when they hear the word "Russia" at some point. They would⁤ likely block funds and file a suspicious activity report and wait for feedback from authorities⁣ over what to do with blocked funds. End of day they want to protect their⁢ license and their necks.

Frozen funds are likely to︁ happen anywhere where trade activity breaks any sanctions or restrictions that country may have in︂ place. I have no idea what business your doing with Russia and from where goods/services︃ are coming and going from to get an idea of the problems you will face.︄ However it is important to stay complaint with laws.