Banking Refusals and Discrimination

Japan has not enacted formal legal restrictions on opening bank accounts for Russian citizens, but participants widely report informal refusals by banks, especially the megabanks, for both personal and, in particular, corporate accounts — described by some as a problem affecting foreigners broadly rather than Russian citizens specifically, though opinions in the chat differ. A Japanese bank that refuses to open an account is not obligated to explain why, a routinely reported practice. PayPay Bank systematically refuses corporate accounts to applicants with Russian origins or connections — several independent cases of unexplained refusal, including for companies with 12-plus years of history and clean financials — suspected, though not officially confirmed, discrimination by nationality or counterparty country. Large banks (Mizuho, Mitsubishi UFJ, Mitsui/SMBC) more often refuse accounts to companies with a "suspiciously broad" list of business activities in their articles of incorporation, so narrowing that list in the teikan is a common recommendation. Opening corporate accounts for companies tied to trade or business involving Russia is extremely difficult — banks preemptively refuse over sanctions risk and internal compliance standards (the Japanese Bankers Association has issued memos on "intensifying regulatory measures"); there is no formal blanket ban, but refusals are common in practice, and the chat is split — some report opening accounts without issue even as Russia-facing exporters, others do not. See Mizuho's foreign-exchange terms on Russia-linked business (section 6.5.B) at https://www.mizuhogroup.com/bank/info-Foreign-Exchange. Some bank questionnaires ask about ties to "sanctioned countries"; formally Russia is not under a full embargo, unlike North Korea, Iran, or Cuba, but banks interpret the question broadly. KYC/AML scrutiny for transfers linked to Russia or Kazakhstan is markedly stricter regardless of the applicant's own nationality or ties to Russia, a pattern seen not only in Japan but in Europe as well. SBI Shinsei rejected a co-founder's capital transfer with the reasoning "business use is prohibited," even though contributing capital is not itself business use in that sense (in the chat's view, the clerk was simply wrong); a possible cause was Kazakhstan as a transit jurisdiction associated with sanctions-evasion concerns, which worries banks about secondary sanctions exposure — the funds were frozen for months after the reversal. SBI Shinsei separately reversed a SWIFT capital transfer without explanation in an unrelated case. SBI Sumishin (netbk.co.jp) refused to open a corporate account citing a "blacklist of countries" for SWIFT transfers (a SWIFT transfer from the UAE was rejected as blacklisted), forcing one company to rely solely on Wise as its transfer channel — a single-point-of-failure risk. The bank reportedly removed the UAE from its blacklist in August of the prior year, but some clients still had UAE-origin SWIFT transfers rejected afterward. A Russian citizen legally exporting used auto parts (wheels) through an exporters' union with a license to trade used goods, declaring everything officially and receiving a VAT refund (5 million yen for the year), still could not open a corporate bank account after two years of trying — MUFJ, SBI, Japan Post, PayPay, Hakuriku, and Toyama Bank all refused without explanation; the business runs on a personal account and cash, with taxes paid through an accountant, and the company managed to renew its BM visa twice despite an unprofitable year. Opening an account for an export-oriented IT business with a Russian director proved difficult too — several banks, including Sumishin, refused even with a registered IT company, since banks show heightened scrutiny toward Russian directors and export operations, especially outside IT; exporting to the CIS with a Russian passport is a red flag when opening a bank account in Japan. Personal connections do not guarantee success either: a foreign co-owner (non-resident) of a company found it hard to open a corporate account even with personal ties to senior management at major banks — one acquaintance, a consultant whose personal clients include Mizuho and SBI, was refused a corporate account specifically as a business owner rather than as a consultant. The bank Minna no Ginko principally does not open accounts for non-citizens, which is legal, since Japan's constitutional non-discrimination protection applies only to kokumin (Japanese citizens), not to all residents; such discrimination is legal as long as a bank's founding documents do not obligate it to serve foreigners. Under FEFTA (the Foreign Exchange and Foreign Trade Act), banks can block or delay payments if a company's stated business activity mentions AI, "technology," or "programs," requiring confirmation that the activity does not fall under this law's licensing requirements; in one real case, a transfer was blocked because the business description included the phrase "system design." In a related case, opening a corporate account with Japanese Binance for a Japanese company with a Russian passport took two months of continuous document gathering, possibly tightened because the business description mentioned AI-agent integrations, requiring a separate declaration that the business had no ties to export-controlled technology, weapons, or research requiring a license. Source: https://www.mizuhogroup.com/bank/info-Foreign-Exchange — Mizuho's terms on foreign-exchange transfers related to business in Russia (section 6.5.B).