In short: Suits those who value a Russian owner and a large ATM network and are ready to clarify terms at a branch. The main limitation is EU and Canadian sanctions.
Terms for non-residents
- Non-residents
- Limited
- Remote account opening
- No
- Visa / Mastercard
- Check with the bank
- Russian-language support
- Yes
- Owner
- VEB.RF, 97.52%
- Former name
- Belvneshekonombank (until 2012)
- Systemic importance
- group II bank for 2026
- Internet bank
- UP Online in a browser and as an app
- Sanctions
- EU since February 2025, Canada since 11 April 2023
Pros
- Russian owner: VEB.RF holds 97.52% of the shares
- Systemically important bank, group II
- Large ATM network: the bank states more than 180 own and more than 870 partner ATMs
- The website has a section on transfers for non-residents, and the UP Online internet bank is available in Russian
Cons and limits
- EU sanctions since February 2025 and Canadian sanctions since 11 April 2023
- Terms for non-resident individuals are not published on the website and are given at a branch
- Payments and transfers abroad may be rejected because of sanctions
- A non-resident cannot open a first account remotely
## About the bank
BelVEB was founded on 12 December 1991 and was called Belvneshekonombank until 2012. The National Bank classes it as a systemically important bank of group II for 2026.
Vnesheconombank (VEB.RF), Moscow, owns 97.52% of the shares. Assets were 5.334 billion BYN as of 30 September 2024. National Bank licence No. 6 of 9 June 2025 is shown on the bank's website. The bank serves retail and business clients and, by its own description, has more than 180 own and more than 870 partner ATMs.
## Sanctions
BelVEB was added to the EU sanctions list at the end of February 2025. Before that, on 11 April 2023, Canada imposed sanctions. In practice:
- European banks and services may refuse operations with the bank's cards;
- transfers through foreign intermediaries run into problems or fail;
- payments inside Belarus and with Russia by Belkart are less restricted.
BelVEB is not covered by the EU ban on transactions that applies to other banks (Alfa-Bank, Sber Bank, VTB), but it is on the EU list.
## Account for non-residents
The website has no clear description of how a non-resident individual opens an account. There is a section on transfers for non-residents, but the card terms, the list of documents and the price are given at a branch. Before a visit, find out:
- which documents are needed besides a passport;
- how much card issue and maintenance cost;
- whether a Belarusian phone number is needed for SMS and the app;
- which currencies are available on the account.
A first account for a non-resident is not opened remotely; a visit in person is required.
## Cards and payments
The bank's website presents the Belkart Maximum card in Belarusian rubles. Belkart is accepted in Belarus and Russia. Support for Mir, SBP (Faster Payments System) and UnionPay should be confirmed with the bank. The bank has also announced that it is resuming credit card issuance, but it does not say whether non-residents can get one. The internet bank, UP Online, works in a browser and in an app.
## Who it suits
BelVEB suits those who value a Russian owner and are ready to clarify terms at a branch. It is workable for payments inside Belarus and Russia by Belkart. For a transparent tariff, a quick start and payments outside the two countries, compare other banks.
Frequently asked questions
What is BelVEB?
It is a Belarusian bank, formerly Belvneshekonombank (renamed in 2012). It was founded in 1991 and is 97.52% owned by Russia's VEB.RF. For 2026 it is classed as a systemically important bank of group II.
Does BelVEB open accounts for Russians?
The website has a section on transfers for non-residents, but the terms for opening an account and card for non-resident individuals are not published. They are given at a branch, so ask in advance about the documents required and the cost.
Is the bank under sanctions?
Yes. The bank has been on the EU sanctions list since February 2025 and under Canadian sanctions since 11 April 2023. Payments through foreign banks and services may fail.
Which app does BelVEB have?
UP Online is an internet bank that works in a browser and as a mobile app. The interface is in Russian.
Can a card be issued remotely?
No. A non-resident opens the first account and card in person. This is the general rule for Belarusian banks.