That would mean that any international payments for Russia would be almost impossible, since revising Russia’s status would entail enhanced scrutiny of transactions.
Furthermore, some foreign banks in this case would also refuse to work with Russia, as they would risk being hit by penalties.
This would affect not only businesses, but also those Russians who, for instance, need to pay for medical treatment or study abroad.
FATF blacklisting, as Kiev desperately requests, would put Russia on a par with North Korea, Iran, and Myanmar. These nations have been isolated for decades and it is nearly impossible to conduct financial transactions with them.
Yet India and China, as members of FATF, are not likely to support blacklisting Russia, one of their main international partners.
Experts suggest Russia is likely to be added to the softer “greylist” of “Jurisdictions under Enhanced Monitoring.” FATF grey list currently comprises 23 countries, including Türkiye, the UAE, South Africa, Albania, Yemen, and Jordan.
In this case, banks would still scrutinize transactions with Russia, which is already happening in practice. But international transactions would be even longer and more expensive all the same.