ArmInfo.The Central Bank of the Republic of Armenia did not instruct Armenian banks to refuse to open accounts for Russian citizens. This is stated in the CBA's response to ArmInfo's request in connection with some concerns that some Armenian banks refuse to open accounts for Russian citizens, referring to some instruction from the Regulator.
The Central Bank in its response emphasized, in particular: "Both the RA legislation and by-laws do not prohibit non-residents from opening and maintaining accounts in Armenian banks. But the banks themselves, before establishing business relations with residents and non-residents (in this case, opening an account), conduct a due diligence of the client for compliance with the requirements of the legislation, including the fight against money laundering and the financing of terrorism, as well as compliance with the requirements of internal banking regulations and rules.
In its response, the Central Bank considered it appropriate to even announce specific figures: in the period from February 28 to March 31, 2022, about 27,000 non-resident accounts were opened in commercial banks in Armenia, the vast majority of which are Russian citizens.
ArmInfo employees contacted several banks, which, according to the Russian guests, refused to open an account for them. In their refusal, the interviewed banks referred to internal rules and procedures, while noting the existence of exceptional cases that make it possible for non-residents to open accounts. Such cases are as follows: if a non-resident, including a citizen of the Russian Federation, has relatives in Armenia, if non-residents officially reside in Armenia and have a residence permit, and if citizens of foreign states work in Armenia and are taxpayers in the RA.
It should be recalled that due to the unprecedented large-scale anti-Russian sanctions that affected the largest banks of the Russian Federation, by blocking their international payment systems and SWIFT, many Russian citizens who worked with Western countries or earn money through work in blocked social networks began to look for a way out of this situation outside their country. Armenia has become one of the most comfortable destinations for the emigration of Russian citizens in order to relocate their business. According to various estimates, from 30 to 40 thousand Russian citizens moved to Armenia.
