A Vostro account is required for accounting funds belonging to foreign banks and registered in accounts of Russian credit institutions, as well as for accounting for funds received from foreign financial institutions and repaid in advance to refinance foreign loans. Vostro accounts of non-resident banks can be opened in Russian rubles and foreign currencies. The terms nostro and vostro are mainly used by banks when one bank holds money in another bank (in a corresponding account, often referred to as a nostro or vostro account). Both banks must keep records of the amount of money held by one bank on behalf of the other. To distinguish between the two records of the same balance and the same transactions, banks refer to accounts like nostro and vostro. From the point of view of the bank whose money is held with another bank: A corresponding account opened for a defendant bank and on which the correspondent bank provides credit and transfer of funds in accordance with the law and the correspondent banking contract. The Vostro account with the bank surveyed is considered a Nostro account. A Vostro account is an account that a correspondent bank keeps on behalf of another bank. .