Russia Simplifies Norms For Indian Nationals Seeking To Open Bank Accounts — Details Here

The development comes days after Russian PM Mikhail Mishustin said his government would introduce a simplified procedure for the citizens and companies of "friendly" nations to invest in Russia.

The Indian nationals can now open accounts in Russian financial institutions remotely.

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New Delhi: The Russian government introduced simplified norms for Indian nationals seeking to open bank accounts with the country’s financial institutions, the Russian Embassy in India said on Wednesday. The Indian nationals can now open accounts in Russian financial institutions remotely.

Taking to X, the Russian Embassy in India posted, “We’re excited to announce the decision of the Russian government to introduce simplified norms for #India’n nationals seeking to open bank accounts with #Russia’n financial institutions. It is now possible to open bank accounts or deposit funds in Russian banks remotely.”

Upon arrival in #Russia, it will be possible to quickly obtain a bank card in a partner Russian bank and initiate financial transactions. This feature is especially convenient for #India’n tourists and students. https://t.co/TdlZFwHWV9

— Russia in India 🇷🇺 (@RusEmbIndia) November 1, 2023

“Upon arrival in Russia, it will be possible to quickly obtain a bank card in a partner Russian bank and initiate financial transactions. This feature is especially convenient for Indian tourists and students,” it added.

The development comes days after Russian Prime Minister Mikhail Mishustin said his government would introduce a simplified procedure for the citizens and companies of "friendly" nations to invest in Russia, news agency Reuters reported.

“Creating more convenient conditions for foreign enterprises and entrepreneurs is an important part of the government’s systemic efforts to achieve financial sovereignty as part of the implementation of the national goals set by our president,” PM Mishustin said in a statement, as reported by the news agency.

The Russian Prime Minister said citizens and companies from 25 “friendly” countries would be allowed to open bank accounts in different financial institutions in Russia and make deposits through a simplified procedure.

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The list of 25 “friendly countries include China, India, Brazil, Saudi Arabia, Turkey, Kazakhstan and Belarus.

It is to be noted that Russia defines "unfriendly" countries as those that have joined the Western-led economic sanctions in response to Moscow’s war in Ukraine.