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If you are going to be accepting payments from Russian customers, the size of your business is crucial. If it is small that's probably fine, if you are a big bu
by mamonster 4y ago
If you are going to be accepting payments from Russian customers, the size of your business is crucial. If it is small that's probably fine, if you are a big business you need to speak to a lawyer about possible sanctions impact. You need to be certain that you are not providing a service to a sanctioned entity or that you do not have any reg licenses coming up for review(they will look at it in a very bad way). Current sanctions allow for provision of services to certain Russian entities, and there is no legal problem assuming you don't self sanction.
In terms of accepting payments, the fact that you do not want to go to Turkey or Dubai is a big problem. It is the current scheme used for these sorts of things(I only know how it works for hedge funds) but if you want some sort of traditional experience of just receiving money in a bank Turkey/Dubai is what Russians(with money) themselves use. Depending on your customer, them setting up an account in Dubai/Russia might be a better solution, then for you there is no problem.
Otherwise, your option is crypto. If you know your customer well, you could speak with them about using Local BTC, it is very popular in Russia but then you need to keep it off the balance sheet completely(no taxes on this since it is pure P2P trading). You need an off exchange wallet to do this. The other option is obviously Monero, once again off exchange. Don't bother using anything on exchange(Coinbase/Binance/etc), once you have a steady transaction stream you will get KYC questions from their compliance department and the acc might get shut down.
To summarize, I currently don't know of a way to do it that would avoid your customers working with you to find a solution.
- hknmtt 4y agoI don't think my country has any sanctions against Russia. Anything that exists comes from Brussels but I am not sure what and where so that is a question for a lawyer, for sure. As far as I know, as just a normie, I don't think sanctions on businesses are made in general, merely on import of goods. But since the SWIFT ting, they cannot pay anyone so it's an obstacle making dealing with Russia so complicated that it essentially makes it impossible for all businesses, even though there might be not be a law prohibiting it. As for off-the books approach, that is not what I am interested in. I want to stay 100% legal. Someone below has already recommended crypto, I'll look into it. I don't have Russian-centric business, I merely want to give Russian, or any other, customers a way to use my service. That's all.