The reluctance of foreign banks to process financial transactions for Russian IT firms that are under Ukrainian sanctions appears to hinge more on the individual choices of specific financial institutions than on the formal policy of the country’s central banks. This view was voiced by Denis Kuskov, chief executive officer of TelecomDaily, in an interview given to RIA Novosti. He noted that, given the situation, it could be practical for affected companies to seek banking services in another institution within Russia.
Earlier in the week, the business daily Vedomosti, citing unnamed sources, reported that foreign credit institutions began denying financial operations for Russian IT companies amid the Ukrainian sanctions regime. The decision, Kuskov observed, raises questions about the process behind such moves. He proposed two possible explanations: one where the central bank’s policy dictates a uniform response across banks, and a second where individual banks take independent actions. So far, he suggested the latter seems more likely. If that is the case, Kuskov advised seeking alternative domestic banking options to ensure continuity of financial activity.
As context, President Volodymyr Zelensky announced sanctions in mid-April targeting 254 Russian and Belarusian companies for ten years. The list included prominent IT players such as Yandex, Rambler, and other technology enterprises, amplifying the impact on cross-border financial services for the sector.
Analysts emphasize that the current environment creates a maze of compliance requirements and risk assessments for banks operating with Russian clients. Financial institutions are increasingly cautious about sanction compliance, anti-money-laundering controls, and the reputational risks associated with processing payments linked to sanctioned entities. For many Russian IT firms, this means re-evaluating bank relationships, diversifying counterparties, and building contingency funding plans to minimize disruption to operations and international collaboration.
Experts also highlight the importance of transparency and clear regulatory guidance to prevent confusion across the banking system. While some institutions may opt for more conservative stances, others may carve out compliant pathways that allow sanctioned firms to maintain essential financial flows without contravening restrictions. In this climate, financial resilience becomes a strategic priority for the tech sector, with a focus on safeguarding payroll, vendor payments, and cross-border licensing arrangements.
In summary, the current development points to a sector where policy signals and the risk appetites of individual banks interact in shaping the accessibility of financial services for sanctioned IT companies. The response from the industry will likely depend on the ability of Russian firms to navigate domestic banking networks, align with sanctions rules, and secure reliable financial channels to sustain ongoing research, development, and global collaboration. Attribution: statements from Denis Kuskov in coverage of sanctions impacts on the IT sector and reported banking practices.