Despite Sanctions, Russians Can Still Open Accounts in Foreign Banks

Opening an Account in Azerbaijan

Although this is not so easy, in this video we will talk about opening an account in Azerbaijan. Why this is a good option for individuals, what difficulties there are for business, and which banks to choose in this country.

Watch this video until the end to get all the necessary information. The specialists of West Union Group have collected this information for you.

Why Azerbaijan

Here, everything regarding the choice of country is very simple.

Europe complies with sanctions very strictly and often behaves even excessively harshly, closing Russians' accounts left and right without explaining any reason.

At the beginning of 2026, some banks in Turkey began closing the accounts of Russian companies and tightened the requirements for individuals from Russia who wanted to obtain a bank card. China's state-owned banks began imposing restrictions on providing financing to Russian clients.

The requirements became stricter after the decree of US President Joe Biden dated December 22, 2026. This decree allows the US Treasury Department to take measures against foreign banks that help sanctioned persons from Russia conduct transactions or assist in the supply of certain materials and equipment to the Russian military-industrial complex.

Azerbaijan as an Option for Opening a Foreign Account

Overall, the post-Soviet space and Azerbaijan, which at first glance may seem rather unexpected, are an excellent solution for opening an account abroad, making payments abroad, doing business with other countries, or simply having a backup option for your money.

It is not necessary to travel to the country to open an account in Azerbaijan.

There are several banks operating in the Republic that are familiar to us, branches and partners of Russian banks. Therefore, while in Russia, you can obtain an Azerbaijani card online and contact the offices of our banks.

What Russian Credit Institutions Offer

Let's look at what various Russian credit institutions offer for opening an account in Azerbaijan.

VTB recently conducted a major advertising campaign regarding opening an account in Azerbaijan online. They state that they will take all the difficulties upon themselves, become your agent for export-import operations, and help you make transfers in local currency as well as other currencies and convert all of this at a good exchange rate.

Overall, there are many promises, just open an account.

T-Bank, formerly Tinkoff, also promises opening and servicing an account in Azerbaijani manats, purchasing currency at the exchange rate, 24-hour chat support, currency control in just 20 minutes, full support for all foreign economic activity, and so on.

Russian Banks Under Sanctions

Of course, there is also a spoonful of tar in this barrel of honey.

Both VTB and T-Bank are under sanctions. Therefore, opening an account in Azerbaijan with these banks will only be relevant for you if you plan to operate only in the Russia-Azerbaijan direction and do not need payments and purchases in other countries of the world.

If you need a bank account that allows you to freely make payments, earn money, and use it comfortably anywhere in the world, it is better to consider other options.

For example, some Russian banks that are not under sanctions. Currently, such a bank is Modulbank, but it is unknown how much longer the bank will operate without sanctions.

Here, conditions such as convenient and free currency control are promised. However, to work with the bank, you first need to open an account in Russian rubles. After that, it will be possible to open an account in Azerbaijani manats.

Opening an Account in an Azerbaijani Bank

The option is not bad, it still works for now, but nevertheless, it is best to open an account in an Azerbaijani bank in Azerbaijan and avoid incomplete solutions.

And here the main question arises: is it possible to obtain a card in Azerbaijan as a tourist?

If there is a residence permit, of course, the process is easier.

But, for example, is it possible to simply apply somewhere during a vacation and open an account in Azerbaijan?

This is possible in several banks.

You can open an account at Rabita Bank within 2–3 days, but for this you need to apply to the branch in person.

There are also numerous successful cases of opening an account at Kapital Bank in Azerbaijan.

Here, in order to obtain a card, yes, not only according to the general rule, but in addition to a foreign passport, a TIN is also required, that is, our Russian tax number.

Information about income in Russia, temporary registration in Baku, and a local phone number are also usually required.

Fee for Issuing a Card

The issuance of a card in local currency in various banks ranges from 50 to 100 manats.

It is also possible to open a second dollar account. It costs approximately the same amount.

A dollar account can, for example, be opened at Bank Respublika.

Under this scheme, you can comfortably make settlements in US dollars.

Commissions of Azerbaijani Banks

It is important to take into account that various commissions may be charged by Azerbaijani banks. These include monthly fees for account servicing, commissions for currency transactions, and transaction fees.

In some cases, banks may also charge a fee for closing an account, especially if the account was opened recently.

Other Banks of Azerbaijan

You can also try to open an account at Ganja Bank, Turan Bank, ABB, and some other banks in Azerbaijan.

However, the most reliable way is not simply to read the conditions for opening an account for a non-resident in Azerbaijan on the website, but to personally visit a specific branch and find out all the conditions.

Leo Bank

For example, there is a very modern and high-tech Leo Bank in this country that attracts Russian clients who are accustomed to banking services.

However, firstly, although it is stated that the account can be opened online without coming to the office, the account is not always opened.

Secondly, this bank blocks all suspicious transactions quite strictly, including transactions related to cryptocurrency, which is currently very popular in financial settlements with foreign counterparties.

By the way, PayPal does not work as a means of payment in the country. Therefore, be careful when choosing various modern financial services and applications.

Therefore, I repeat, if the result is important to you, it is better to check and clarify everything once again.

Obtaining an Azerbaijani Bank Card

If you want to obtain an Azerbaijani Bank card without additional bureaucracy and wasting time, contact West Union Group.

We will provide you with detailed consultation and carry out all procedures from A to Z.

Notification to the FNS

It is important to remember that, according to the law, Russian citizens must notify the FNS within 30 days after opening or closing an account in a foreign bank.

This can be done personally, by mail, or online through the FNS personal account.

Opening an Account for Business in Azerbaijan

Now let's talk about opening an account for business in Azerbaijan.

To be honest, since the beginning of 2022, this country has not been among the top countries considered by Russians for relocation and business development.

However, in 2026, interest in studying new jurisdictions is increasing as rules are tightened at every stage in one or another country of the former socialist bloc.

The advantage of this country for relocation and business is not only its favorable geographical location, developing economy, and great development potential, but also the widespread use of the Russian language.

This language is still used for teaching in many educational institutions, from schools to universities.

Organizational and Legal Forms of Business

The most common organizational and legal forms of business registration in any country are, in most cases, an individual entrepreneur or a limited liability company.

Here, it is possible to open an individual entrepreneur only by having a residence permit on some other basis.

Therefore, let's consider opening an account for a legal entity, that is, an LLC, in Azerbaijan.

After registration, it is possible to open an account at one of the banks in Azerbaijan.

For this, the LLC registration certificate, founding documents, and information about the head of the company are required.

Opening an Account for a Company

We have not encountered problems with opening accounts for a company at any bank, regardless of the color of the owner's passport.

The mechanism for opening an account for a company has been developed and is understandable.

However, the downside here is taxes.

In short, they are quite high for companies.

VAT is 18%, as well as personal income tax of 20%, tax on dividends of 10%, corporate income tax of 20%.

In addition, there are social payments and so on.

Of course, compared with Russia, this no longer seems high, but although there are special tax regimes, various benefits, or ways of conducting offshore business here, they are not very developed.

Therefore, operating a company in Azerbaijan will cost more, for example, than in neighboring Armenia or Georgia.

Why Conditions May Change

In conclusion, I want to say that it should be taken into account: if a bank opens an account for Russians today, this does not mean that it will open an account tomorrow as well.

Conditions are changing very quickly.

Therefore, if you need to open an account in Azerbaijan, contact our specialists for a free consultation and we will explain to you which methods work today.

FAQ

1. Can Russian citizens open a bank account in Azerbaijan in 2026?

Yes, Russian citizens can open a bank account in Azerbaijan. However, the requirements and approval process may vary from bank to bank. In some cases, a foreign passport, Russian tax number, income information, temporary registration in Baku, and a local phone number may be required.

2. Can a Russian citizen open a bank account in Azerbaijan as a tourist?

Yes, it may be possible to open an account as a tourist at some Azerbaijani banks. Some banks may require you to apply to the branch in person. Requirements may vary depending on the bank and the applicant's circumstances.

3. Can Russian citizens open a business account in Azerbaijan?

Yes. After a company is registered in Azerbaijan, it is possible to open a corporate bank account. Usually, the bank requires the company's registration certificate, founding documents, and information about the company's head.

4. What documents are required to open a bank account in Azerbaijan?

Requirements vary from bank to bank, but Russian citizens may generally be required to provide a foreign passport, Russian tax identification number, income information, temporary registration in Azerbaijan, and a local phone number. For a company, registration documents, founding documents, and information about the director may be required.