Knowledge base / Banks and accounts
How to receive payments from Russia as a sole proprietor in Armenia
Which currency to accept
Many Armenian banks open business accounts in rubles. Inecobank, for example, lists AMD, USD, EUR and RUB accounts in its business tariffs. Each account serves one currency, so you need a separate ruble account for rubles.
Rubles or dollars/euros
- Rubles. Often easier for a Russian client: the payment usually does not pass through US or European banks. Each bank has its own terms for incoming rubles, so check before you share your details.
- Dollars and euros. These go through correspondent banks in the US and Europe. The risk of delays and rejections over sanctions screening is higher.
- Conversion. You can sell rubles to the bank and convert them to drams. Rates differ between banks, so compare in advance.
Open the account first. The process is described in Business bank account in Armenia.
Step by step setup
- Sign a contract
State the service, price, currency, acceptance procedure and your IE's details. The clearer the subject of the contract, the fewer questions from banks. - Give exact bank details
IBAN, SWIFT, the IE's name in Latin letters and, for rubles, the separate ruble details from your bank. A mistake in the beneficiary name is a common reason for returns. - Issue an invoice
One invoice per payment, referring to the contract. The client puts the contract and invoice numbers in the payment reference. - Sign an acceptance act
The act confirms the service was delivered. The client's Russian bank asks for it as part of its currency control. - Issue an e-invoice
Record the export transaction in the Armenian tax system. See our e-invoicing guide.
Bank checks on both sides
In Russia. Paying a foreign contractor is an import of services for the client. Under Bank of Russia rules, an import contract of 3 million rubles or more must be registered with the client's bank. The bank asks for the contract, invoices and acts. Without them the payment may be delayed on the client's side.
In Armenia. The Central Bank of Armenia has said that banks manage sanctions risks on their own. So rules differ between banks, and checks can be stricter when the payment comes from a sanctioned Russian bank. Banks most often ask:
- who the client is and what it does;
- what the payment is for: contract, invoice, act;
- why the amount is what it is and how often payments will come;
- whether the goods or services are linked to sanctions restrictions.
Reply quickly and attach documents. If a payment is held anyway, see Bank account blocked in Armenia.
Currency control and taxes in Armenia
Under Armenia's currency regulation law, transactions between a resident and a non-resident for services are not restricted. There is no requirement to repatriate or sell foreign currency proceeds. A payment from a Russian company is exactly this kind of transaction.
Tax is paid on revenue in drams. Since 1 July 2026, foreign currency income is converted at the Central Bank of Armenia average rate published on the working day before the date the income is recognised. Under turnover tax, the base rate for services is 10%, and 1% for IT activities on the government list. See our turnover tax guide. Watch the AMD 115 million limit: above it you become a VAT payer.
Common mistakes
- Taking business payments to a personal card. This is the main trigger for bank questions.
- Working without a contract and acts. Then both the Russian and the Armenian bank may hold the payment.
- Writing "transfer" or "help" in the payment reference instead of the contract and invoice numbers.
- Calculating tax at the rate you sold rubles to the bank, not at the Central Bank rate.
- Skipping the e-invoice because the client is abroad.
Frequently asked questions
Can an Armenian sole proprietor receive payments from Russia in rubles?
Yes. Many Armenian banks open business accounts in rubles, for example Inecobank. You need a separate ruble account, and each bank has its own terms for incoming rubles, so check them in advance.
What documents are needed to get paid from Russia to an Armenian IE?
A contract, an invoice for each payment and an acceptance act. The client's Russian bank asks for them, and an import of services contract of 3 million rubles or more must be registered there. The payment reference should cite the contract and invoice.
Does Armenia have currency control on payments from foreign clients?
Armenia's currency regulation law does not restrict payments between a resident and a non-resident for services. There is no requirement to repatriate or sell foreign currency proceeds.
Which exchange rate is used for tax on ruble income in Armenia?
Since 1 July 2026, foreign currency income is converted to drams at the Central Bank of Armenia average rate published on the working day before the income is recognised. The rate at which you sold rubles to your bank is not used for tax.
Working with clients in Russia?
We will help you prepare contracts, invoices and acts, answer bank requests and calculate tax in drams correctly. We work in English and Russian.
Sources: ARLIS — Law on Currency Regulation and Currency Control; Inecobank — business account tariffs; Bank DOM.RF — currency control under Instruction 181-I; Azatutyun — Central Bank of Armenia on sanctions risks; EY Armenia — 2026 changes, currency conversion; Armenian Lawyer — conversion rules from 1 July 2026; PwC — Armenia taxes.