Stricter payment regulations imposed by Vietnamese banks towards Russian corporations due to fears of sanctions.
In the summer of 2025, Vietnamese banks introduced new requirements for payments involving Russian companies, primarily to avoid being caught up in secondary Western sanctions targeting transactions with Russia.
These banks now only allow transfers if the goods are physically delivered to Vietnam or if the Russian company has Vietnamese founders. Full documentation such as contracts, invoices, and customs papers are required to prove the transaction's connection to Vietnam. If such direct ties are absent, banks look for local anchors like a Vietnamese partner or office to ensure compliance.
This strict approach stems from Vietnamese banks' concerns about secondary sanctions imposed by Western countries—measures that penalize third-party financial institutions enabling sanctioned transactions with Russia. By tightening checks and documentation, Vietnamese banks aim to demonstrate to regulators that transactions are genuine local economic activities and not attempts to circumvent sanctions.
The US presidential decree of 22 December 2023 and the Office of Foreign Assets Control's 12 June 2024 clarification on secondary sanctions influenced this change in Vietnamese banking regulations. The US measures are aimed at transactions benefiting the Russian defense sector.
The restrictive environment has severely limited transit schemes through Vietnam, causing some businesses to seek alternatives in other Asian markets. For Russian firms directly supplying or processing goods in Vietnam, conditions remain mostly unchanged. However, if no goods are to be shipped to the country, banks instead require an "anchor" such as a local founder, an office, or a long-term contract with a Vietnamese partner.
These new requirements help banks prove to the regulator that the transaction is related to the local economy and does not intend to evade sanctions. It is essential to note that there is no formal ban on payments without a link to Vietnam, but banks have taken the US measures as a signal of increased caution.
The US sanctions are part of the 2025 American Defense Plan and focus on securing critical minerals. The potential impact of these sanctions is significant, with US tariffs ranging from 20% to 40% potentially reducing Vietnam's exports to the United States by a third, amounting to US$37 billion.
[1] Source for the impact on transit schemes [2] Source for the changes in Vietnamese banking regulations [3] Source for the potential impact on Vietnam's exports to the United States due to US sanctions
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