Despite external restrictions on international settlements, demand for transfers abroad remains high, and with it grows the popularity of schemes using third countries. The method's essence is simple: money is sent from Russia to an intermediate country (for example, Kazakhstan, Turkey, or Georgia), where it is converted into another currency, and then redirected to the final jurisdiction. The main goal is to bypass direct restrictions on bank transfers. However, such a multi-stage chain is subject to numerous risks, including account freezes, losses on exchange rates, and multi-day delays.
How Transit Transfer Schemes Work
The classic route looks as follows: Russian rubles are transferred to a bank in Kazakhstan, Turkey, or Armenia, where they are converted into euros or dollars, after which they are directed to the target country. At first glance a logical process, but each stage of this chain represents a separate point of failure. According to MoneyPort, more than 60% of clients who attempted to conduct a transfer through a third country independently faced delays exceeding 5–7 business days or other issues.
Money can be sent in three main ways. SWIFT transfers go through banks in friendly countries, but the commission for accepting cash rubles in some CIS banks reaches 5%. Cryptocurrency — rubles are converted to USDT or BTC on an exchange, and then sold for cash in the target country. Cash air couriers involve physical export of money, but since 2022 there is a ban on exporting cash currency exceeding $10,000 per person.
Main Problem: Conversion Losses and Freezes
At the final stage, the intermediate currency is converted into local currency or issued in cash. This is precisely where a significant loss occurs due to exchange rate difference: for example, the chain RUB → KZT → USD results in losses of 7–10%. Furthermore, banks in the destination country increasingly demand confirmation of the source of funds. According to MoneyPort's findings, in 40% of cases, banks in the EU request additional documents about transactions that passed through transit countries, which delays the disbursement by up to 14 days.
Real Consequences: Two Typical Cases
One striking example is the purchase of an apartment in Spain. An individual sold an apartment in Moscow for 50 million rubles and attempted to transfer the money through a Georgian cryptocurrency exchange. The rubles were converted to USDT, then to euros on a European platform, and the euros were withdrawn to a Spanish bank account. After receiving €450,000, the Spanish bank requested documents on the source of funds. The Georgian exchange did not provide statements detailing the transactions, the bank froze the account for 3 weeks, and the client lost the deposit on the real estate deal.
The second example is international trade. A Russian import company concluded a contract for $200,000 with a supplier in China. The company opened a legal entity in Kazakhstan, transferred rubles there, converted them to dollars, and sent a SWIFT transfer. The Kazakhstani bank checked the documents for 5 days, the Chinese bank froze the transfer due to suspicions regarding the transit through Kazakhstan. The money was frozen for 2 weeks, the supplier demanded a penalty, and the losses on commissions and exchange rates amounted to approximately $18,000.
Main Pitfalls
The risk of freezing remains critical. Banks in third countries, including institutions in the UAE and Turkey, are strengthening checks on transit operations. Money can be frozen for a period of 2 weeks to several months "pending clarification of circumstances" — with no guarantees of unfreezing. Double conversion results in losses of 10–12% on each pair of exchanges and intermediary commissions. For a sum of $100,000, this means direct losses of $10–12,000.
Another serious problem is documentation requirements. Final banks in destination countries demand full confirmation of the source of funds, but intermediate platforms often cannot provide detailed reports on transactions. This is particularly relevant for cryptocurrency exchanges and informal exchange services in transit countries. As a result, even legitimate transfers can be frozen for an indefinite period, and in some cases — confiscated.