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Restrictions in executing payments

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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

As of 1 June 2022, SEB has discontinued offering payment services in all currencies in the direction of Russia and Belarus. 

In addition, extensive sanctions have been imposed on Russia and Belarus, as a result of which SEB may also refuse to engage in any other transactions with a Russian or Belarusian connection.

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.

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.