Russians rush to open foreign bank accounts in record numbers
Russian tax residents are increasingly opening bank accounts abroad, with nearly 700,000 new accounts registered in 2024 alone. This surge continues a steady upward trend, as more individuals and businesses seek financial options outside Russia. In 2023, the Federal Tax Service (FNS) recorded 1.825 million foreign accounts held by 539,100 Russian tax residents. By 2024, the number of self-reported foreign accounts grew by roughly 31% annually, with no sign of residents closing existing ones.
Most new accounts are being opened in neutral or 'friendly' countries, though no single destination stands out in available data. Meanwhile, over 2 million Russian taxpayers now hold accounts in nations with automatic financial information exchange—a 12% rise from the previous year. The FNS, however, does not share financial data with many 'unfriendly' nations, limiting transparency in some cases.
The shift reflects broader changes in the global economic landscape, pushing both individuals and businesses to diversify their financial holdings abroad. The steady increase in foreign accounts suggests a long-term trend rather than a short-term reaction. With more Russian residents and businesses expanding their financial presence overseas, the number of accounts in neutral and cooperative jurisdictions is likely to keep rising.
