US Business Banking for Russian Founders: What the Sanctions Mean in Practice

We will be direct: if you are a Russian founder currently resident in Russia and looking to open a US business bank account, the options are severely limited. This guide explains why, what is still legally possible in narrow circumstances, and what honest advice looks like.

The sanctions landscape post-2022

Following Russia's invasion of Ukraine in February 2022, the United States imposed comprehensive financial sanctions on Russia's banking sector. This includes:

• Major Russian banks (Sberbank, VTB, Gazprombank, and others) blocked from the US financial system
• Correspondent banking relationships between US and Russian banks largely severed
• SWIFT access cut for sanctioned Russian banks
• OFAC restrictions on providing financial services to sanctioned Russian entities

This is not a targeted sanctions program affecting specific individuals. It is a broad restriction on the Russian financial sector that affects nearly all pathways to US banking for founders currently operating in Russia.

What fintech platforms say

Mercury has indicated it does not serve customers in countries it classifies as legally high-risk. Russia falls into this category. Mercury has no European pathway that circumvents OFAC for Russian clients.

Wise explicitly closed accounts with Russian addresses in May 2022 and does not currently serve customers in Russia. Card services for Russian and Belarusian customers are restricted.

Payoneer has faced OFAC penalties for past violations related to Russia and has significantly tightened its compliance posture. Services for Russian founders are effectively unavailable.

Relay, Airwallex, and traditional US banks (Chase, Bank of America, Wells Fargo) are similarly unavailable for founders currently resident in Russia.

What is still legally possible

The sanctions target the Russian financial sector and sanctioned individuals. They do not prohibit all transactions with all Russian nationals in all circumstances. Narrow possibilities exist:

Russian founders who have relocated outside Russia — to Georgia, Armenia, UAE, Serbia, or other countries — can often access US banking through their new country of residence. If you have a non-Russian address and are not on the OFAC SDN list, the country-of-residence restrictions that apply to Russia do not apply to you.

Non-sanctioned individuals with a genuine non-Russian business structure — if your business is incorporated in a non-sanctioned jurisdiction and you have no Russian-bank payment flows, some US banks may consider your application. This requires a clean structure and careful compliance review.

Specific OFAC licences — for certain transactions, OFAC issues specific licences. These are typically for humanitarian purposes, not commercial banking. They are not a practical pathway for most founders.

What we recommend

If you are a Russian founder who has relocated or is planning to relocate, contact us. We can assess your specific situation and advise on the right structure. If you are currently resident in Russia with no near-term plans to relocate, we cannot currently help you open a US business bank account, and we will not pretend otherwise.

We do not take fees for services we cannot deliver.

This guide is for informational purposes only and is not financial, tax, or legal advice. Consult a qualified adviser for your specific situation.