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The war in Ukraine and your banking affairs

Credit transfers to and from Ukraine and Russia

The impact of Russia's invasion of Ukraine is being felt across the globe, first and foremost by the people of Ukraine and their loved ones, but also in the global economy. The sanctions imposed on Russia by the European Union affect the payment systems of all Dutch banks, including that of ABN AMRO. Moreover, banks are facing an increased risk of cyber-attacks and fraud. We will do everything we can to keep your personal data safe. On this page, you can read more about the impact of the sanctions on your banking affairs. 

Frequently asked questions about credit transfers to and from Russia, Belarus and Ukraine

Transactions from private clients to family or friends in Ukraine are free of charge. We have put measures in place to ensure that neither the client nor the recipient will pay any banking fees. This arrangement applies only to private clients. Corporate clients, charities and NGOs will continue to pay the applicable fee for credit transfers to Ukraine.

Payment transactions with Russia are becoming increasingly difficult, both in euro (EUR) and in US dollar (USD), as both the European Union (EU) and the United States (US) have imposed sanctions on transactions with certain regions in Ukraine. While the EU has banned transactions in the Donbas region, the US is targeting a larger area. As a result, USD payments are more likely to be stopped than EUR payments as US banks actively analyse which areas are currently under Russian control and block all transactions with those areas. Moving in pace with developments on the ground, US banks’ implementation of US sanctions is therefore much more subject to change than is the case with EU sanctions. ABN AMRO is also keeping a finger on the pulse, in order to avoid that transactions of our clients are rejected by US banks.

It will become more difficult for ABN AMRO account holders to receive payments from Russia and Belarus due to the SWIFT measures in place. Transactions in RUB may be delayed or not processed at all.

With the exception of the banks that have been expelled from the SWIFT banking network, other banks in Russia, Belarus and Ukraine can still receive our payment instructions. However, we cannot guarantee whether and how quickly they will process these payments. 

Since the expulsion of a number of banks from the SWIFT network on 20 March 2022, we are no longer able to process incoming or outgoing SWIFT transactions with these banks and their clients. See the table below for the list of sanctioned organisations and how this will affect you.

Yes. There are specific sanctions on shares and bonds of certain Russian parties. This has been the case since the annexation of Crimea, and these sanctions have recently been extended.

No, that is no longer possible. AMRO AMRO issues MAESTRO cards which are accepted at terminals of MAESTRO acceptance points. These acceptance points (shops, ATMs, etc.) are clients of a bank that is connected to the MasterCard network. MasterCard is the owner of the MAESTRO brand. Effective 5 March 2022, cards issued by Russian banks will no longer be supported by the Mastercard network and cards issued outside Russia will no longer work within the country. Thus, the ABN AMRO debit card will not work in Russia.

There is no ban on the use of cash (including Euros) already on hand in Russia. However, the EU has prohibited, subject to certain exceptions, the supply of euro-denominated banknotes to Russia or to any natural person or organisation in Russia, or for use in Russia. The prohibition does not apply where the banknotes are for the personal use of natural persons travelling to Russia. For more information, please refer to the EU Sanctions Regulation (Article 5) .

Bank account for Ukrainian customers

Opening a current account for Ukrainian refugees

We welcome refugees from Ukraine to open a current account with ABN AMRO using the ABN AMRO app. 

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Together in action for Ukraine

The Netherlands takes massive action for Ukraine. From small to big actions; any form of support is very welcome and urgently needed. Needless to say that we, at ABN AMRO, also want to help. In cooperation with Giro555, we have launched a fundraising campaign for the people of Ukraine.

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Russia-Ukraine conflict: impact on financial markets

The Russia-Ukraine conflict leaves its mark on the economy and financial markets. Read market commentaries from ABN AMRO's experts which will help you assess the possible impact.

Your payments and the SWIFT network

On 12 March 2022, the European Union cut off seven Russian banks and their affiliates from the SWIFT banking network. As a consequence, we are unable to engage in payment transactions with the parties listed below.

BIC Name BIC Name
VTBRRUMM JSC VTB Bank OBJSRUMM OTKRITIE BROKER JOINT STOCK COMPANY
VTBRRUM2 JSC VTB Bank RUDLRUMM BANK OTKRITIE FINANCIAL CORPORATION (PUBLIC JOINT-STOCK COMPANY)
VTCARUMM JSC VTB CAPITAL RUIDRUMM ROSGOSSTRAKH BANK
MOSWRUM2 BM-BANK JOINT-STOCK COMPANY ROSYRU2P THE ROSSIYA BANK
POSBRUMM POST BANK JOINT STOCK COMPANY SOMRRUMM SOVCOMBANK
CNOVRUMM NOVIKOMBANK JSC DALVRU8X ORIENT EXPRESS BANK
PRMSRUMM PROMSVYAZBANK PJSC BFEARUMM VEB BANK (VNESHECONOMBANK)
JSNMRUMM BANK OTKRITIE FINANCIAL CORPORATION (PUBLIC JOINT-STOCK COMPANY) EXIRRUMM EXIMBANK OF RUSSIA JSC

As of 20 March, the European Union has expelled three Belarusian entities and their subsidiaries from the SWIFT network. As of that date, we will no longer be able to exchange any payment instructions with the parties listed below.

BIC Name
BAPBBY2X BYELORUSSIAN JOINT-STOCK COMM. AGROINDUST. BANK (BELAGROPROMBANK)
MMBNBY22 UC FOREIGN BANK 'MOSCOW-MINSK' MINSK
BRRBBY2X JOINT-STOCK COMPANY 'DEVELOPMENT BANK OF THE REPUBLIC OF BELARUS

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Stay up to date!

We can imagine that this situation raises questions and uncertainty for you. Check this page from time to time for the latest updates on the impact of the conflict in Ukraine on your banking affairs.