As the Fund continues to monitor the banking situation in the Russian Federation, it has been advised of increased limitations and restrictions on receiving and utilizing US dollars in the country. In view of this, the Fund has introduced a new Foreign Exchange (FX) payment channel that converts US dollars into RUB (Russian Ruble) at the time of transfer, using a spot exchange rate implemented by the Fund’s banking partner. This payment channel will be beneficial for retirees entitled to pension benefits calculated and issued in US dollars, such as Withdrawal Settlement and Lump Sum, as well as for retirees and beneficiaries currently receiving periodic benefits in US dollars. Please note that there will be no change if you are already receiving your periodic benefits in RUB.

To prevent payment returns of large Withdrawal Settlement and Lump Sum amounts, we strongly recommend opening a RUB account at Gazprombank, which serves as our local payment facilitator. Payments made to Gazprombank can avoid complications with additional local RUB transfers to other banks in the country. The Fund will inform concerned retirees and beneficiaries about this new payment channel, including detailed instructions on how to update their payment instructions.

Should you have any questions/concerns, please contact us at the contact details provided on our Contact Us webpage, here.