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RUB – Russian Ruble

Overview

Payments in RUB may be carried out into customer accounts with banks of the Russian Federation and other banks having RUB correspondent accounts.

Currency Guidelines

Russian authorities use a dedicated five digit purpose of payment code to describe the reason of payment. This code is known as a VO code (see Appendix II), it is mandatory and has to be added to the reason of payment.

A clear reason / purpose of payment is mandatory and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.

Example of a “VO Code” and “reason of payment”:  VO20100
                                                                                  RENT MID-AUGUST / MID-SEPTEMBER 2014

Moreover, it is strongly recommended to indicate the amount of VAT if any, or add the mention “without VAT” into the remittance information.

Payments in RUB toward Russia

While making payments in RUB you should keep to the following rules for filling the payment order:

  • Domestic account number – must be exactly 20 digits long where the 6, 7, 8th digits (currency code) must equal to 810. Account numbers in other currencies are not accepted for RUB payments. It is not allowed to use accounts starting with 30101 or 30103 as the beneficiary account numbers. This information must be populated in field 59.

  • Beneficiary name - shall be specified in full, without abbreviations or acronyms in field 59 and a legal form of the beneficiary is mandatory. The full name of private individuals, who are Russian residents, shall contain First name, Last name and Patronymic.

  • The Russian Tax ID is the INN code (a unique taxpayer code). If the beneficiary is an existing legal entity who is a Russian resident then the relative INN code is required. For non-residents who pay taxes in Russia the INN code is required as well as, a KIO code (tax ID for foreign legal entities in Russia). This information must be instructed in field 70.

The tax ID can be:

INN + 10 digits for a legal entity paying taxes in Russia

INN + 12 digits for an individual paying taxes in Russia

KIO + 5 digits for foreign entities not paying taxes in Russia

INN0 - is acceptable for payments in favor of private individuals who do not have Tax ID and in favor of a newly established legal entity who has an account for capital accumulation.

KPP code of the beneficiary (nine-digit code) if provided, should be added after the INN followed by dot, code word KPP and 9 characters. The KPP is a special tax administration code, relating to “registration reason”. KPP is not used for payments in favor of private individuals.

Example: INN1234567890.KPP123456789

  • The BIK code (Russian bank identifier sort code – nine-digit code) and the beneficiary bank’s correspondent account number with the Central Bank of Russia (twenty digits - always starting with the following digits 30101 or 30103) are mandatory for commercial payments. Three last digits of BIK code always coincide with three last digits of correspondent account number. Correspondent account number is not required if beneficiary’s bank is a branch of the Central Bank of Russia (budget payments).

  • Payment details: Settlements with a non-resident or between non-residents are subject to Currency control. According to the current Russian regulations, commercial banks are to check up grounds for making payments in RUB and the VO code if one of the parties is a non-resident. Before making the payment, consult your Russian partner and specify the payment details and the VO code. VO code describes the reason of payment and consists of two letters and five digits (see Appendix II), it is mandatory and must correspond to the reason of payment.

  • Clear reason / purpose of payment is mandatory and shall contain a full written description (in English) of the nature of payment. For example: providing an invoice number without guiding text is considered as insufficient and can cause a delay in processing the payment. If no VO code is indicated in the payment details field, the bank has the right to enter/correct it based on information in the payment detail.

Payments in RUB outside Russia
  • Account number: must be in the local or IBAN format, depending on the beneficiary's country.

  • Beneficiary name - shall be specified in full, without abbreviations or acronyms and a legal form of the beneficiary is mandatory.

  • INN0 - is acceptable for payments in favor of private individuals who do not have Tax ID and in favor of a newly established legal entity who has an account for capital accumulation.

  • The BIK code (Russian bank identifier sort code – nine-digit code different from the BIC code)

  • Payment details: Settlements with a non-resident or between non-residents are subject to Currency control. According to the current Russian regulations, commercial banks are to check up grounds for making payments in RUB and the VO code if one of the parties is a non-resident. Before making the payment, consult your Russian partner and specify the payment details and the VO code. VO code describes the reason of payment and consists of two letters and five digits (see Appendix II) it is mandatory and must correspond to the reason of payment.

  • Clear reason / purpose of payment is mandatory and shall contain a full written description (in English) of the nature of payment. For example: providing an invoice number without guiding text is considered as insufficient and can cause a delay in processing the payment. If no VO code is indicated in the payment details field, the bank has the right to enter/correct it based on information in the payment detail.

Instructions, technical guidelines & more

To consult the Technical Guidelines of this currency, click here

TECHNICAL GUIDELINES

To consult the Appendix(es) click here

Appendix II: Purpose of Payment Code (RUB)-VO Code
Additional information

• Available charge options: OUR

• Central bank of Russia: http://www.cbr.ru/eng/

• Federal Tax Service of the Russian Federation: http://eng.nalog.ru/