pension payments

Serbia seeks solution for delayed Russian pension payments due to bank sanctions

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…