EMI for Russian-involved Business

[inector]

A friend of mine is opening a bank / EMI for his offshore company, like BVI

But...his business is involved in trading with Russia

He doesn't send / receive money there, just trades

He has a good citizenship, not Russia

Which EMI would be okay with this? (Bankera, 3SMoney, Bilderlings...)

Should he tell the emi in advance about Russia trade?

 

[Martin Everson]

Should he tell the emi in advance about Russia trade?

Yes if he wants to be rejected.

BVI and Russia is kiss of death in the west.

 

[inector]

Yes if he wants to be rejected.

If they later find out, how to choose an EMI so they don't freeze the funds, but give them back?

I have a feeling that EU ones will freeze funds (even high-risk Lithuanian ones?)

But for example 3SMoney has a license in Dubai, would that save us from frozen funds?

 

[Martin Everson]

f they later find out, how to choose an EMI so they don't freeze the funds, but give them back?

I have a feeling that EU ones will freeze funds (even high-risk Lithuanian ones?)

There is no future guarantee what an EMI would do when they hear the word "Russia" at some point. They would likely block funds and file a suspicious activity report and wait for feedback from authorities over what to do with blocked funds. End of day they want to protect their license and their necks.

But for example 3SMoney has a license in Dubai, would that save us from frozen funds?

Frozen funds are likely to happen anywhere where trade activity breaks any sanctions or restrictions that country may have in place. I have no idea what business your doing with Russia and from where goods/services are coming and going from to get an idea of the problems you will face. However it is important to stay complaint with laws.