The Republic Fund for Pension and Disability Insurance (PIO Fund) of Serbia announced that it received a notification from the Russian Pension Fund regarding delays in pension payments for Russian beneficiaries living outside Russia. The issue is linked to sanctions imposed on Gazprom Bank, the correspondent bank authorized for international pension transfers.
Although Gazprom Bank holds License 38A, which allows transactions for pension payments to non-US citizens abroad, practical difficulties and delays are preventing smooth transfers to foreign banks. As a result, Russian pension recipients in Serbia have not received payments for the last two quarters.
The Russian Pension Fund suggested exploring solutions in cooperation with Serbian banks where the beneficiaries hold accounts, to ensure transfers can continue without breaching sanctions regulations.
In response, the PIO Fund and the Social Insurance Institute have contacted the National Bank of Serbia to find a solution for regular fund transfers from Russia.
Currently, there are 808 Russian pension beneficiaries in Serbia. Under the 2017 international social insurance agreement between Serbia and Russia, pensions are paid quarterly, based on life certificates submitted by beneficiaries to PIO Fund branches, which are then forwarded to the Russian Pension Fund.
