Only upon request: Central Bank of Armenia clarifies procedure for exchanging bank account data with Russia

YEREVAN, November 12. /ARKA/. The tax authorities of Russia and Armenia share bank account information solely upon a specific request, as stated by Hovhannes Khachatryan, Deputy Chairman of the Central Bank of Armenia, during an interview with Radio RBC.

“This situation arises when a case is opened by the tax service [of one of the countries],” Khachatryan remarked at the FinnoWay Armenia forum organized by PLAS magazine.

He clarified that there exists an automatic mechanism for supplying data to the tax service, but it is only activated when a specific case is present and a request is directed to the bank.

“In other words, you cannot withhold [information] if the request is valid. However, this does not imply that the tax authorities of Armenia and Russia have interconnected their databases. That is not the case,” Khachatryan stressed.

Armenia ratified the multilateral Competent Authorities Agreement on the Automatic Exchange of Financial Information in 2023 and is set to commence this exchange with partner countries in 2025. In the summer of 2025, legal experts interviewed by RBC indicated that Armenian banks and brokers had started to request tax residency information from Russians for the automatic exchange of information with Russia.

According to the law firm NSV Consulting, the initial exchange for 2024 was planned to occur in September of this year. Additionally, Armenia is regarded as one of the most favored jurisdictions among Russians for opening foreign accounts among post-Soviet nations, as explained by Sergey Nazarkin, Managing Partner of NSV Consulting.

The tax authorities of these nations automatically exchange information regarding non-residents’ financial accounts with financial institutions based on the principle of reciprocity during the execution of the CRS (Common Reporting Standard).

This transaction impacts both individuals as well as controlling persons and beneficiaries of corporations.

When initiating the automatic exchange, residents of Russia are required to completely reveal details regarding their foreign accounts and income to the Russian tax authorities, promptly inform the Federal Tax Service, and declare all income earned abroad.

As per Russian legislation, tax residents are defined as individuals who are physically present in Russia for a minimum of 183 calendar days within a span of 12 consecutive months.-0-

spot_img

POPULAR

A young couple created a “honey planet” in Garni

Three years ago, young spouses Narek Sargsyan and Ruzanna Danielyan created their own "honey planet" in Garni—Bee Planet.

Euro and dollar exchange rates against the Armenian dram rose, while the ruble fell: Central Bank of Armenia

The average market exchange rate for the US dollar to the Armenian dram, established on the Armenian foreign exchange market as of July 10, 2026, increased by 0.26 points to 367.38 drams.

Unibank to Raffle a Trip to Italy

Unibank announces the launch of a special campaign, "More Opportunities with Unibank Mastercard World Travel Card."

Fitch forecasts inflation in Armenia at 4.4% in 2026, subsequently declining to 3%

The international rating agency Fitch Ratings expects inflation in Armenia to average 4.4% in 2026, after which it will gradually return to its target level of 3%.

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (July 6–12)

The week in Armenia's financial market was marked by accelerating annual inflation and activity in the government and corporate securities markets.

LATEST NEWS

spot_imgspot_imgspot_img