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Frequently asked questions related to the Russian invasion of Ukraine

Currently, the situation regarding geopolitical events is changing almost every moment.

To inform about the restrictions related to the European Union and US sanctions imposed on Russia and Belarus, and about the impact of these restrictions on Industra Bank's services, we have created an information material with frequently asked customer questions, which we update according to our information and our customer questions.

Up-to-date information on sanctions imposed on Russia and Belarus is available on the FCMC website (currently information is available in Latvian only). 
 

Support for Ukrainian refugees

Does the bank offer to open an account and issue a payment card to Ukrainian nationals?

Yes, we have introduced a simplified procedure for drawing up a current account and payment card at Industra Bank for Ukrainian refugees who have found a safety in Latvia:

  • Account application review, account opening and use - free of charge;
  • Issuance and use (no monthly fee) of Mastercard Debit payment card - free of charge.

To open an account and receive a payment card, you need to come to the nearest Industra Bank's customer service center, bringing with you your Ukrainian passport.

More information about opening an account for Ukrainian refugees (information in Latvian and Ukrainian). We kindly ask you to book a visit in advance by calling +371 67019393.

Execution of payments

Does Industra Bank execute payments to or from Russia or Belarus?
Industra Bank continues to provide payment services to and from Russia or Belarus and has no plans to discontinue this service.

Please note that receiving or sending payments may be restricted by sanctions imposed by the US and the EU on private individuals or legal persons in Russia and Belarus, including Russian banks. In addition, due to compliance checks, the any payment may take longer than usual to process.

Does Industra Bank currently ensure payment services in Russian rubles?
Industra Bank has suspended payment services in Russian rubles while the situation in the Russian financial sector is unclear.

In what currencies payments to Russia and Belarus are possible?
Industra Bank currently provides payments to these countries only in EUR, provided that the payment is made to a bank and a payee that is not subject to sanctions.

In what currencies it is possible to receive payments from Russia and Belarus?
Industra Bank customers can receive payments from Russia or Belarus only in euros currently, provided that the payment is received from the bank and the sender, which is not subject to sanctions.

Is it possible to exchange Russian rubles or Ukrainian hryvnia to euro?
The bank does not offer currency exchange for Russian rubles or Ukrainian hryvnia.

When it comes to Ukrainian citizens who have come to Latvia in search of safe asylum, we urge them not to spend their savings, but to receive all possible assistance from state and local government institutions. 

Is it possible to pay in Russia and Belarus using a payment card issued by Industra Bank?
In Russia, it is currently not possible to withdraw money at ATMs or pay at points of sale with payment cards issued by Industra Bank, as Mastercard has stopped providing its services there. In Belarus it is not possible to pay at points of sale that use the POS terminals of sanctioned banks, nor is it possible to withdraw cash at ATMs of sanctioned banks.

Can I shop with a payment card issued by Industra Bank in Russian online stores?
No, it is not possible to pay with payment cards issued by Industra Bank in Russian online stores. 

Pensions

Will Latvians who receive Russian pensions continue to receive them?
Clients who receive a pension from Russia through the State Social Insurance Agency (SSIA, in Latvian - VSAA), please follow the information provided by the SSIA.
Bank customers to whom the Russian pension fund transfers the pension directly to their Industra Bank account, will be able to receive the pension if the pension fund payment is made in EUR and has reached Industra Bank.
The Financial and Capital Market Commission has issued a general approval to banks to ensure that non-sanctioned individuals are not affected by sanctions. It allows financial institutions to make payments related to the basic needs of these persons. Thus, if the pension payment from Russia has reached Industra Bank, it is not restricted and is credited to the client's account. Another issue is that it may be difficult for Russian banks to make transfers abroad due to the sanctions imposed, so not all payments reach Industra Bank.

I receive a Latvian pension; I live in Russia. I have created a regular payment to transfer the pension I receive in my Industra Bank account to an account in Russia. How will I be able to receive my pension in the future?
We can execute regular payments to Russia only in euros and only to a bank that is not subject to US or EU sanctions.

Therefore we kindly ask Industra Bank customers, living in Russia and receiving their Latvian pension in an Industra Bank account, to open an account in EUR with a bank that is not subject to sanctions and to inform Industra Bank as soon as possible of their new bank details for execution their regular pension payments. The application for change of bank requisites must be notarized. If the client's signature has been certified by a notary in Russia, an Apostille is required.

Until the new details are received, these funds will be kept in your Industra Bank account.
The same applies to the execution of regular payments to Belarus.

How can I receive advice about execution of a regular payment to transfer my pension to Russia?
For consultation, please e-mail us:  or call us on +371 67019393.

Open an account and apply for a payment card!