What Has Changed for Foreign Nationals’ Bank Deposits in Russia: New Rules for Accessing Funds
For anyone living in Russia or planning to move there, a bank deposit can be an important financial tool. It may hold personal savings, money set aside for rent or a home purchase, funds for everyday expenses, or an emergency reserve.
Changes to the rules governing access to this money are therefore more than a legal technicality. What matters to a depositor is whether they can continue to access their funds and what they should do if the bank has already applied the special procedure.
In 2026, the rules affecting foreign depositors changed several times.
Starting June 1, bank deposits became subject to a special procedure that allowed funds to be transferred to Type C accounts in certain cases. This meant that a foreign depositor might not be able to receive the money through the usual banking process.
The situation changed on August 4. Presidential Decree No. 550 removed bank deposits held by foreign individuals from this special regime.
In other words, the rules governing bank deposits held by foreign nationals have become less restrictive.
To understand exactly what has changed, however, it helps to first look at what Type C accounts are and why they were used.
What Is a Type C Account, and Why Could Your Money Be Transferred to One?
A Type C account is a special bank account used in Russia for certain transactions involving funds owed to specific categories of foreign creditors.
This mechanism was introduced in 2022 as part of special measures regulating payments to certain categories of foreign persons.
Money held in a Type C account cannot be used as freely as funds in an ordinary bank account. Special rules and restrictions apply to how the account holder can access and use the money.
Until June 2026, personal bank deposits were not covered by the special procedure that applied to these obligations.
That changed when Presidential Decree No. 377 came into force on June 1, 2026. Bank deposits were brought within the scope of the special regime.
From that point, foreign depositors could encounter the Type C account mechanism when receiving money from Russian banks.
Why Did the Rules Change Again?
The rules governing foreign nationals’ bank deposits went through several changes in 2026.
The Type C account system itself has not been abolished. The latest change concerns one specific category: bank deposits held by foreign individuals.
On August 4, 2026, Presidential Decree No. 550 was signed. It amended the previous procedure and removed bank deposits held by foreign individuals from the special regime.
The regulations now distinguish between different types of obligations.
Special rules remain in place for certain obligations to foreign creditors. Bank deposits held by foreign individuals, however, are no longer subject to this particular procedure.
For depositors, this is the key change: foreign citizenship alone no longer means that a bank deposit is subject to the Type C account regime under these provisions.
What Does This Mean for Foreign Nationals in Practice?
The main question is simple: what happens to the money now?
If a foreign national opens or already holds a deposit in a Russian bank, Decree No. 550 means that the deposit is no longer covered by this special regime.
In other words, a bank should not apply the Type C procedure solely because the depositor is a foreign national.
The situation is different if the money has already been transferred to a Type C account.
For example, a foreign national may have held a deposit in a Russian bank. After the previous rules came into force, the bank transferred the funds due to that person to a special account. The law has since changed.
In this case, the money does not disappear or become the bank’s property. However, the depositor should contact the bank to clarify the procedure for accessing those funds.
Funds transferred to a Type C account between June 1 and August 4, 2026 may be paid out in rubles.
If this has already happened to you, the first step is to contact your bank and ask how the funds will be released in your specific case.
Who Do the New Rules Apply To?
The changes primarily concern foreign individuals who hold deposits in Russian banks.
This may include:
- a foreign national who lives permanently in Russia;
- someone temporarily staying in the country;
- a foreign national planning to move to Russia who has already opened a Russian bank account;
- a depositor who keeps savings in a Russian bank regardless of their country of permanent residence.
The decree also introduces changes affecting Russian branches, representative offices, and other subdivisions of foreign organizations registered in Russia.
The new decree should not, however, be interpreted more broadly than its actual scope.
Type C accounts have not been abolished entirely.
If the creditor is a foreign company or belongs to another category of foreign creditors, it is necessary to check separately whether the special procedure still applies.
What Should You Do If You Have a Deposit in a Russian Bank?
For most depositors, the change in the law does not mean that they need to close their account urgently or take any mandatory action.
It is still worth checking how the new rules apply to your particular situation.
If Your Deposit Is Operating Normally
If you can access and manage your deposit without restrictions, it is generally enough to monitor information provided by your bank. The new decree does not, by itself, require you to close the deposit or change its terms.
If the Bank Has Already Transferred Your Money to a Type C Account
In this case, contact your bank and ask:
- whether the funds are currently held in a Type C account;
- whether the new rules apply to them;
- how the payment will be processed;
- what documents you will need to receive the funds.
If You Are Planning to Open a Deposit
The new rules are also worth considering when choosing a bank and deciding where to place your money. Before depositing a substantial amount, a foreign national should check the bank’s current policies and procedures for serving nonresident customers.
What Has Changed for People Planning to Move to Russia?
When moving to another country, financial arrangements quickly become part of everyday life.
You need to pay for housing, transportation, healthcare, education, and ordinary household expenses. Being able to access and manage your own money is therefore an essential part of settling into a new country.
Clear banking rules are part of the broader infrastructure foreign nationals need for everyday life in Russia.
Removing personal bank deposits from the special regime reduces one potential restriction that foreign depositors could otherwise encounter.
Banking rules are only one part of the financial side of relocation. A foreign national’s situation may also depend on their immigration status, tax status, source of income, and the nature of specific banking transactions.
What Has Changed Overall?
Since August 4, 2026, bank deposits held by foreign individuals have no longer been subject to the special regime that provided for the use of Type C accounts.
For most foreign depositors, this means a simpler process for accessing and managing their own funds.
If money has already been transferred to a Type C account, the situation requires separate attention. The funds may be received in rubles, but the payment procedure should be confirmed with the bank servicing the account.
Decree No. 550 does not abolish all special rules applying to foreign nationals and companies. It addresses a specific situation involving bank deposits held by foreign individuals and the categories of foreign organizations covered by the decree.
For substantial amounts or more complex cases, it is better to consider the specific circumstances rather than rely on general rules alone. The relevant factors may include when the deposit was opened, when the funds were transferred, the account holder’s legal status, and the procedures applied by the bank.
Sources
- Presidential Decree No. 95 of March 5, 2022, “On the Temporary Procedure for the Fulfillment of Obligations to Certain Foreign Creditors.”
- Presidential Decree No. 377 of June 1, 2026, which brought bank deposits within the scope of the special procedure.
- Presidential Decree No. 550 of August 4, 2026, which amended the application of the special procedure to bank deposits held by foreign individuals.
- Bank of Russia clarification dated July 14, 2026, on the application of the special procedure to the fulfillment of obligations under bank deposits.
