Vietnamese banks tighten rules on Russian companies
Photo: Vietnam tightens requirements for Russian companies (freepik.com)
Vietnamese banks have begun imposing additional requirements on Russian companies when making payments, fearing secondary sanctions, according to Russian media.
Now, money is transferred only in two cases: if the goods are delivered to Vietnam or if a citizen of the republic is among the founders of the counterparty company.
Banks fear secondary sanctions from the West for transactions with Russia. The new requirements were introduced in mid-summer 2025. Banks now require a full set of documents: a contract, invoice, transport, and customs papers confirming the connection of the transaction with Vietnam, and if the shipment of goods to the country is not planned, they look for an anchor in the form of a local founder, office, or long-term partner.
For Russian companies that purchase or process goods in Vietnam, practically nothing has changed, but transit schemes have become so complicated that businesses now have to look for alternatives in other Asian countries.
Vietnamese banks began to tighten conditions in 2024 under the influence of the US presidential decree of December 22, 2023, on sanctions for transactions in favor of the Russian defense sector, as well as the OFAC clarification of June 12, 2024, on secondary sanctions.
Sanctions against Russia
The EU recently adopted its 18th package of sanctions against Russia. The list includes 22 banks, four companies linked to the Russian Direct Investment Fund, 26 entities linked to the Russian military-industrial complex, and others.
EU Chief Diplomat Kaja Kallas called the 18th package of sanctions against Russia one of the strongest since the start of the full-scale invasion of Ukraine.
According to the Estonian Foreign Minister, Brussels has already begun working on the next package of sanctions.
Ukraine has synchronized European sanctions and introduced new restrictions. They were aimed at the critical resources of Russia.
Earlier, US President Donald Trump announced plans to impose 100% secondary tariffs on countries that continue to trade with Russia. In addition, the American leader noted that he is considering not only secondary tariffs, but also secondary sanctions against Russia.
