Armenian banks start asking Russians for information about their tax residency

Armenian banks start asking Russians for information about their tax residency

International News Desk

According to global times News Agency Europe,Armenian banks have begun collecting data on tax residency of Russians with accounts in the country for the first automatic exchange of information with Russia, The global times Europe media.The first exchange of data for last year will take place in September 2025. This means that information on the income and assets of Russian citizens and companies in Armenia owned by Russians will become visible to the Federal Tax Service (FTS).A source in the Armenian financial market confirmed the receipt of requests from local regulators. If information is not provided, account servicing is suspended. Requests are sent not only to personal account holders, but also to controlling persons and beneficiaries of companies.The Armenian banking system is used for international settlements. Foreign companies open accounts in the republic to receive export revenue from Russia or transfer funds for imports. Armenia ratified the multilateral agreement on automatic exchange of financial information in 2023 and launched such exchanges this year.