Payments from Russian clients - will a pro-Russian payment system resolve the issue?

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UK and US Ltd/Llp/Llc.

I've mostly been using UK Ltd up till now, and I've had Wise connected to it.


Now I'll need to be able to receive payments from Russia **as well**, and at times.


Do I understand correctly that what I'll have to do is simply choose a payment system that works with Russia? That is, I can apply for, for instance, Advcash.com **as a business** (UK/US Ltd/Llc) and then, via AdvCash receive payments from russia clients, from Russia? With no problem? And the fact that I'll be using UK and US Ltd/Llp/Llc for that won't matter?


Will there be any issues in regards to accounting of my companies?


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Or perhaps open a brand new UK or US Ltd/Llc and use it only for russian clients, with appropriate payment systems?
 
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Forester

Mentor Group Light (Private use!)
If I were you, I would avoid UK or US jurisdiction for trading with Russia at all. Russia is under UK and US sanctions and problems for your business (even if it is perhaps not under sanctions) can arise anytime.
I.e., set up a new company, under jurisdiction that do not impose sanctions, and use it only for russian clients, with appropriate payment systems.
 

Jerry1911

Entrepreneur
If I were you, I would avoid UK or US jurisdiction for trading with Russia at all. Russia is under UK and US sanctions and problems for your business (even if it is perhaps not under sanctions) can arise anytime.
I.e., set up a new company, under jurisdiction that do not impose sanctions, and use it only for russian clients, with appropriate payment systems.
That's exactly what I'd do and I think it's the best solution right now. Curious to see what other members think...
 
I.e., set up a new company, under jurisdiction that do not impose sanctions, and use it only for russian clients, with appropriate payment systems.
So THIS is when a Belize or Scheyshelles company, and banking there, would finally come in handy, huh?


Otherwise, where else? A company that's easy and *cheap* to set up, preferably with an ability to set it up remotely, and which won't have any problem due to the sanctions of UK, US and EU .
 

Forester

Mentor Group Light (Private use!)
So THIS is when a Belize or Scheyshelles company, and banking there, would finally come in handy, huh?
For example...
Otherwise, where else? A company that's easy and *cheap* to set up, preferably with an ability to set it up remotely, and which won't have any problem due to the sanctions of UK, US and EU .
For forming a new company it its better to start a new thread here
It belongs there, and attracts more proper attention...
 

Sols

Staff member
Mentor Group Gold
So THIS is when a Belize or Scheyshelles company, and banking there, would finally come in handy, huh?
No, those banks are whipped into compliance by their correspondents banks. A bank in Belize or Seychelles isn't going to risk having their USD, EUR, and GBP correspondent accounts pulled just to facilitate some sanctions-dodging.

You need banks in countries with currencies that are actually somewhat useful.

What people are doing right now is transacting via banks in Kazakhstan, Turkey, and other countries that haven't snactioned Russia. They usually set up local companies but the banks will for very good, large clients accept foreign companies. There are usually one or two currency conversions taking place, for example RUB to KZT and KZT to USD. If you're on a tight budget, this won't work. It's for big volume (millions at a time).
 
No, those banks are whipped into compliance by their correspondents banks. A bank in Belize or Seychelles isn't going to risk having their USD, EUR, and GBP correspondent accounts pulled just to facilitate some sanctions-dodging.
How's a bank from Belize or Seychelles different from a bank from Kazakhstan or Turkey, in regards to sending to/receiving from payments Russia and compliance? Neither Belize, nor Seychelles haven't imposed any sanction on Russia either.

By the way, Belize or Seychelles probably won't have accounts in RUB anyway.


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My budget for now is low. And I'd use a company for working with russian clients only, and only when they'd want to work officially.

Then I could set up a company in Armenia, as the easiest option? But that'll probably require a physical office, huh?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
No, those banks are whipped into compliance by their correspondents banks. A bank in Belize or Seychelles isn't going to risk having their USD, EUR, and GBP correspondent accounts pulled just to facilitate some sanctions-dodging.

You need banks in countries with currencies that are actually somewhat useful.

What people are doing right now is transacting via banks in Kazakhstan, Turkey, and other countries that haven't snactioned Russia. They usually set up local companies but the banks will for very good, large clients accept foreign companies. There are usually one or two currency conversions taking place, for example RUB to KZT and KZT to USD. If you're on a tight budget, this won't work. It's for big volume (millions at a time).
Adding here UAE as jurisdiction and AED/SAR/CNY as Currency with Dubai Banks.

How's a bank from Belize or Seychelles different from a bank from Kazakhstan or Turkey, in regards to sending to/receiving from payments Russia and compliance? Neither Belize, nor Seychelles haven't imposed any sanction on Russia either.

By the way, Belize or Seychelles probably won't have accounts in RUB anyway.


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My budget for now is low. And I'd use a company for working with russian clients only, and only when they'd want to work officially.

Then I could set up a company in Armenia, as the easiest option? But that'll probably require a physical office, huh?
You would need to invest at least 10.000 USD to get something done no matter which option you are looking into.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
That's not true for the options I've mentioned.
What you have mentioned is no option at all - Advcash can receive EUR SEPA transactions only and no SWIFT payments from Russia.

Russians can create an account and deposit Crypto then send but that's the same like they send you directly Crypto.

You are like "Hi guys wanna spend 100% for getting payments from Russia for Business Purpose - if even any" well welcome to reality - Russia is in war with Ukraine / Western Countries and got sanctioned - there is no "just a bit business with Russia" when even Russians itself are getting disconnected from Visa/Mastercard - moving over to Dubai just for having again access to the financial fiat system without interruption.

@Sols and myself mentioned to you the ways to go - come on Seychelles and Belize? 10 years ago maybe but nowadays you even don't get normal payments through with such jurisdictions.

Anyway we mentioned you the truth - everything else is time waste but that's your business call.
 
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