Glossary

Banned Country List

What is a Banned Country List?

Banned Country List is a list of countries that have some restrictions in terms of business transactions or any other debit activity. These restrictions are in place due to specific bank identification numbers, shipping conditions or billing addresses.

So, in the context of international sanctions and conditions set by correspondent banks, restrictions may occur when making international payments, for instance, to the following countries: Liberia, Sudan, Turkmenistan, Syria, North Korea, Cuba, etc.

Restrictions may vary by country and currency and can change over time. These restrictions may lead to payment blocking. Basically, the processing bank will decline the transaction coming from one of the banned countries.

As we mentioned, the list of the restricted lands will depend on the country/economic formation. So, for the EU, under the 100% restriction are:

  • Cuba
  • Crimea region of Ukraine
  • Iran
  • North Korea
  • Sudan
  • Syria

Also, the banned countries list might include (with some limitations):

  • Afghanistan
  • Egypt
  • Montenegro
  • Turkey
  • Armenia
  • Guinea
  • Myanmar
  • Turkmenistan
  • Azerbaijan
  • Guinea-Bissau
  • Nicaragua
  • Ukraine
  • Belarus
  • Haiti
  • Pakistan
  • United Arab Emirates
  • Bosnia & Herzegovina
  • Iraq
  • Russia
  • Venezuela
  • Burundi
  • Lebanon
  • Serbia
  • Yemen
  • Central African Republic
  • Libya
  • Somalia
  • Zimbabwe
  • China
  • Mali
  • South Sudan
  • DR Congo
  • Moldova
  • Tunisia

In the US, the banned countries list is slightly bigger. These are the countries, payments from which are very likely to be banned:

  • Belarus
  • Iran
  • North Korea
  • Western Balkans
  • Burma
  • Iraq
  • Sierra Leone
  • Zimbabwe
  • Cote d’Ivoire
  • Liberia
  • Sudan
  • Congo
  • Lebanon
  • Syria
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