Russians cut off from Revolut. The bank blocked the accounts of customers without local residence

Online bank Revolut has blocked the accounts of Russian customers without residence in the EU, the Russian-language BBC service reported. The bank explained that this was due to the entry into force of the 19th package of EU sanctions imposed on Russia due to the invasion of Ukraine.

According to information published on Monday by the Russian-language BBC website, Russian users of Revolut bank who opened accounts on the basis of a category D national visa or a temporary residence permit received two messages last weekend. The first one included the requirement to present a valid residence permit in the European Union, and the second one informed about closing the account and terminating the contract on December 31, 2025. At the same time, these people lost the ability to carry out operations using their accounts. This applies to both online purchases, card payments, account deposits and cash withdrawals from ATMs. The accounts of users who had a residence permit in the European Union but did not find time to send it to the bank were also blocked.

On the same day, Novaya Gazeta Europa reported that customers who were able to confirm receipt of an EU residence permit regained access to their funds within a few hours of sending the required documents.

In response to journalists' inquiries, the Revolut Bank press office reported that the 19th EU sanctions package prohibits the provision of payment services to citizens of Russia and Belarus who do not have a valid permanent or temporary residence permit in EU countries, Iceland, Norway, Liechtenstein or Switzerland, or citizenship of these countries. “As a globally regulated financial institution, Revolut must comply with the sanctions and regulations of the United Nations, the European Union, the United Kingdom, the United States, and all other applicable laws and regulations in all jurisdictions in which Revolut operates,” it said in a statement.

Digital bank Revolut has so far been one of the few banks willing to open accounts to Russian citizens who fled the country after the launch of a widespread invasion of Ukraine. This concerned people with a European residence permit or a long-term national category D visa.

The nineteenth package of sanctions against Russia entered into force on October 23. Paragraph 19 of the EU Council Sanctions Regulation introduces new restrictions to the already existing ban on cryptocurrency transactions – it prohibits Russian citizens from receiving payments and using electronic financial services unless they have citizenship or residence in an EU country.

Tomasz Dawid Jędruchów (PAP)

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