EU corporate bank account for funds from Russian subsidiary?

[Aybi125]

Hello,

We're EU company with a Russian subsidiary. We used to receive funds through Revolut,‌ but now unfortunately Revolut doesn't accept ANY transfers from Russia. The payments are for customs‍ cleared physical goods.

Any ideas or introducers, you could recommend?

 

[Jerry1911]

Perhaps hire some staff in Serbia and open an account there.

 

[Aybi125]

Not a bad idea. But I was trying to avoid an "extra" office in Serbia/Turkey/Armenia/WhateverStan.‌ The problem is that we sell physical goods not "ones and zeros" which means you‍ would have to route the cargo through any of the above countries with killing your⁠ margin as a result. Thought about doing CNY like everyone else, but it's almost as⁤ volatile as BTC

 

[Forester]

Understandable. But see below.
Why? If you are⁤ able to send the goods from EU to Russia directly (well, it might not last⁣ long, I am afraid, but it's OT), go on. It is perfectly legal to send⁢ goods via one route and obtain a payment via another route. The only thing you︀ need is to open a bank account (better for the parent company) in some country︁ that maintains cross-border payments with Russia; then you can obtain payments from your subsidiary to︂ this account – and done. Yes, it is possible that for opening an account in︃ Serbia/Turkey/Georgia/Armenia/Kazakhstan etc. you will need to open an office there – but just an office;︄ and maybe even not (I do not know).
Or have I overlooked something?
Last but not least, you can manage payments with your subsidiary via crypto.︆ If you are afraid of volatility, use stablecoins.

 

[Aybi125]

No, you haven't overlooked anything. That pretty much sums it up. Unfortunately it︃ seems next to impossible to find a bank and/or a facilitator to open said account.︄

 

[Forester]

Unfortunately, I am not an expert re: Serbia/Turkey/Georgia/Armenia/Kazakhstan etc.‍ banking; but try to ask for help in Mentor Group, this is a little bit⁠ sensitive problem, nevertheless I think solvable (you are obviously neither the first nor the last⁤ person in this situation).

Just to add, I consider UAE to be also an option⁣ for an intermediary; but AFAIK, in such a case you would have to set-up a⁢ company there and all the process will not be quite cheap. But generally it is︀ doable, definitely.

 

[Aybi125]

Thank you. I will ask Mentor Group.

 

[alphasimplex]

Hello Aybi125, did you find any solution yet?

 

[Aybi125]

Working on‌ it.....

 

[tolstoy]

I would suggest you take payments from‌ russia via crypto or via a third party.

 

[bamboozlethemall]

Via Dubai/Georgia route can be utilized by‌ you as well as crypto to cash and vice versa.DM me.