Russian citizens and Russian-owned companies can open bank accounts in Türkiye. Turkish law does not prohibit it, and many Russian individuals and businesses bank in Türkiye today. Banks, however, have become noticeably more selective. They open accounts only where the person, the company, its owners, the products and the planned activities all fall outside the scope of applicable sanctions.
Each bank applies its own policy, and these policies differ widely. One bank may decline a profile that another accepts. Preparing a complete, consistent and well-explained application file is therefore the key to a successful outcome.
Why Turkish banks have become more selective
Türkiye has not adopted the EU, US or UK sanctions against Russia as national law. Turkish banks, however, depend on correspondent relationships with international banks and are exposed to secondary sanctions risk. As a result, they screen Russia-related customers carefully against US, EU and UK sanctions lists and review the goods and payment flows involved.
A bank will typically focus on three questions:
- Who is the customer? The individual, all shareholders and ultimate beneficial owners, directors and signatories must not be sanctioned persons or owned or controlled by them.
- What is the business? Products must not be restricted, dual-use or high-priority items, and the activity must not fall within sanctioned sectors.
- How does the money move? Source of funds, counterparties, payment routes and currencies must be transparent and documented.
Personal bank accounts for Russian citizens
Most banks prefer applicants who hold a Turkish residence permit, although some open accounts for non-residents. A typical file includes:
- Valid passport and, where available, Turkish residence permit
- Turkish tax identification number
- Proof of address in Türkiye
- Evidence of income and source of funds (salary, business income, property sale, savings)
- A short explanation of the expected account use
Corporate bank accounts for Russian-owned companies
A Turkish company with Russian shareholders is a Turkish legal entity and can open a corporate account. The bank will nevertheless look closely at the owners and the real business. In addition to the company’s registry and tax documents, banks usually request:
- Identification and beneficial ownership information for every shareholder
- A business plan describing products, suppliers, customers and target markets
- Contracts, invoices or purchase orders showing real commercial activity
- Expected transaction volumes, currencies and countries
- Confirmation that no sanctioned person, product or activity is involved
For import, export and trading companies, banks pay particular attention to customs codes (HS codes) of the goods and to whether any goods are destined for Russia.
Why a well-prepared file makes the difference
Compliance teams decide on the file in front of them. Missing documents, a vague business description or unexplained transfers lead to delays or refusals, even for fully lawful businesses. A complete and accurate file that presents the real business clearly, anticipates the bank’s standard compliance questions and documents that no sanctioned person, product or activity is involved greatly improves the chances of a timely decision.
Bank selection also matters. Banks differ in the sectors, transaction types and customer profiles they serve, and their policies change over time. Applying to a bank whose service model fits the client’s lawful business avoids unnecessary delays.
How Tercan Legal helps
Tercan Legal has advised foreign clients in Türkiye since 2013 and serves clients from over 40 countries. We regularly assist individuals and companies with Russian and CIS shareholders with bank account applications and related corporate matters in Türkiye. Our founding attorney has served as counsel to Turkish participation banks and has hands-on experience in payment systems, free zones and sanctions compliance.
Our support covers:
- Preliminary sanctions screening of the individual, the company, its owners, goods and counterparties
- Bank selection based on the client’s lawful business profile and each bank’s published requirements
- File preparation in Turkish, with an accurate business description and supporting documents
- Bank meetings together with the client, with support from our Russian desk
- Related services: company formation, appointment of directors and signatories, residence and work permits, accounting through our in-house English-speaking CPA
Please note: we work only with lawful business. We do not assist with transactions involving sanctioned persons, goods or activities, or with any structure designed to circumvent sanctions. Account opening is always at the bank’s discretion, and no adviser can guarantee approval.
Frequently asked questions
Can a Russian citizen open a bank account in Turkey? Yes. Russian citizens who are not subject to sanctions can open personal accounts, usually with a residence permit, tax number and proof of source of funds. Each bank decides individually.
Can a Turkish company with Russian shareholders open a corporate account? Yes, if the shareholders, the business and the counterparties fall outside sanctions. Banks review ownership, goods and payment flows in detail.
Do I need a residence permit? Most banks prefer one. Without a residence permit the options are narrower but not always closed.
How long does it take? With a complete file, a decision usually comes within a few weeks. Incomplete or inconsistent files are the main cause of delay.
Talk to us
If you plan to bank in Türkiye personally or through your company, contact us for a preliminary assessment call. We will review your profile, tell you openly what is achievable and set out the next steps. Where a matter falls within the scope of sanctions, we will tell you so at the outset.
This article is for general information only and is not legal advice. Sanctions rules and bank policies change frequently; each case requires individual assessment.
