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As a result of sanctions, foreign (non-Russian) bank cards don't work in Russia anymore. Most banks have stopped transfers to Russia. Western Union, MoneyGram and other money transfer services don't serve Russia either. However, despite these obstacles, it is still possible to transfer money to Russia both for everyday living and large one time expenses such as purchasing a property, starting a business or buying stocks of Russian companies.
In 2022 numerous political, economic and financial sanctions were imposed on Russia. Foreign bank cards no longer work in Russia while Russian bank cards don't work abroad. Many international flights to / from Russia have been terminated. There are fears of negative implications in case of coming to or dealing with Russia. Below we will answer the most common sanction-related questions and give tips on how to come to Russia in new realities.
Russia offers plenty of business opportunities. The competition in Russia is much lower compared to the US and the EU, the same is true about salaries, rental and utility fees. Vast domestic market and export-oriented infrastructure ensure businesses won't have problems with selling their goods and services.
Below we chose 5 good ideas for a startup in Russia.