Armenian Banks Begin Collecting Russian Tax Data Ahead of First Info Exchange

Armenian banks have started collecting information on Russian citizens holding accounts in the country regarding their tax residency, ahead of the first automatic exchange of financial data with Russia.

The first exchange, covering the previous fiscal year, is scheduled for September 2025, The Caspian Post informs via Russian media.

Once implemented, information on the income and assets of Russian individuals and companies in Armenia will be accessible to Russia’s Federal Tax Service (FTS).

A source from Armenia’s financial sector confirmed that local regulators have issued formal requests to banks for this data. Failure to comply could result in account restrictions or suspension. Requests are being directed not only to personal account holders but also to company controllers and beneficiaries.

Armenian banks play a key role in international settlements. Many foreign companies open accounts in Armenia to receive export revenues from Russia or to facilitate payments for imports.

Armenia ratified the Multilateral Competent Authority Agreement (MCAA) on automatic exchange of financial information in 2023 and initiated these exchanges earlier this year, aligning with international tax transparency standards.