Countries and regions, to or from which cross border settlements are prohibited
Due to international sanctions or the conditions established by correspondent banks or SEB Pank, SEB Pank does not enable executing cross-border payments with the following countries:
- Cuba
- Crimea / Sevastopol
- Iran
- North Korea
- Sudan
- Syria
- Venezuela
In addition to the fact that SEB Pank does not offer payments or accept receipts from these countries, it is not possible to carry out transactions through SEB Pank that have any other direct or indirect connection with these regions.
SEB’s digital services, including the Internet Bank and the mobile app, cannot be used while you are in North Korea, Syria, Cuba, Crimea, Iran, and Venezuela. The restrictions are due to the extensive international sanctions in place in these areas. Further information on the sanctions that SEB Pank abides by is set out in the General Terms and Conditions.
Restrictions: Russia and Belarus
On 1 June 2022, SEB stopped offering payment services in all currencies to Russia and Belarus.
Due to the extensive sanctions imposed on Russia and additional restrictions imposed by the correspondent banks of SEB, SEB Pank no longer allows transactions that have a direct or indirect connection with Russia (e.g. transactions involving the transport of goods to Russia, the accounts of a Russian company located in the bank of another country, etc.).
Belarus is also subject to extensive sanctions, due to which SEB may refuse to execute transactions that have a link to Belarus.
More information on the sanctions imposed on Russia and Belarus
Countries and regions, to or from which cross border settlements have been restricted
Due to international sanctions, and the risk of circumvention thereof, or the conditions established by correspondent banks or SEB Pank, there may be restrictions in executing cross-border payments with the countries entered in the list:
- Afghanistan
- Azerbaijan
- Burundi
- Central African Republic
- Democratic Republic of the Congo
- Egypt
- Guinea / Guinea-Bissau
- Haiti
- Iraq
- Kyrgyzstan
- Lebanon
- Libya
- Mali
- Myanmar (Burma)
- Nicaragua
- Pakistan
- Somalia
- South Sudan
- Zimbabwe
- Transnistria
- Tunisia
- Turkey
- Turkmenistan
- United Arab Emirates
- Yemen
- Donetsk, Luhansk; Kherson; Zaporizhzhia*
*Payments to these regions can be made only to areas under the control of the Ukrainian government
The list of countries/regions is not exhaustive and may change over time. The bank may refuse or suspend a payment and request from the customer additional information and documents regarding the payment, to make sure that the payment does not violate the terms and conditions established by international sanctions, correspondent banks, or SEB Pank.
Parties related to whom payments are prohibited
SEB Pank complies with any restrictive measures imposed by the Republic of Estonia, the United Nations, the Council of the European Union, or any other institution with which Estonia is required to comply. SEB Pank reserves the right to refuse any transaction which, in its opinion, violates these restrictive measures or in respect of which SEB Pank cannot exclude the risk of violation.
Due to banking policy, SEB Pank does not settle with natural or legal persons, institutions, or entities on the OFAC SDN (Office of Foreign Assets Control Specially Designated Nationals List) or with legal entities owned in the extent of 50% or more by the aforementioned.
Payments in US dollars
SEB Pank offers a payment service in US dollars only to persons and companies that are located in or whose registered address is in Estonia. In addition, restrictions apply to companies engaged in activities with a high risk of money laundering, including currency exchange and/or payment mediation services, credit and financial institutions, games of chance and gambling games, and handling of firearms. SEB Pank does not accept payment orders in US dollars from other customers due to restrictions established by intermediary banks.
To avoid any inconvenience, please transfer or accept funds through our bank in euros or submit payment orders in US dollars to a bank in the country where you live or your company is registered.
Restrictions on transactions involving ships
Transactions involving ships or related activities must be accompanied by the details of the ship involved in the transaction, i.e. the name of the ship, IMO number, flag state, name of the owner, registration number, and country. If the transaction does not include the requested information, there may be a delay in processing the payment when additional information is requested. Please note that if you are unable to conduct due diligence or suspect that a transaction breaches international regulatory requirements, the bank may refuse the transaction or freeze the funds.
Possible additional restrictions on cross-border payments
Further restrictions may be imposed on payments in other currencies as well as on incoming and outgoing payments in euro from outside the EEA, where businesses are involved in activities with a high risk of money laundering, including currency exchange and/or payment mediation services, credit and financial institutions, games of chance and gambling games, and handling of firearms.
