Changes in Customer Service Policy
The European fintech bank Revolut has begun closing accounts for Russian citizens who do not have residency or citizenship in an EU country. Previously, the bank allowed accounts in euros to be opened with a Russian passport and a long-term type D visa, but this policy has now changed. The new requirements are linked to stricter sanctions against Russia introduced in October 2024.
Reasons and details of the new restrictions
In early November, Russian clients received notifications requesting documents to confirm their legal residency in the EU. If unable to provide such documents, the bank began the process of closing their accounts. According to customers, Revolut representatives had previously assured them that changes would not affect them until the end of the year, but this changed with the implementation of the latest sanctions package.
Company background and history
Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. In 2022, Storonsky renounced his Russian citizenship, and the company is headquartered in London. The bank operates under a license issued by the Bank of Lithuania, and since 2024 has been authorized to conduct banking activities in the UK. Since 2022, Revolut has already restricted new account registrations for Russian citizens without European residency and imposed limits on transfers to Russia.
Impact of Sanctions and Next Steps
The latest, 19th package of European Union sanctions against Russia, which came into force in October, affected not only the oil sector and payment systems but also tightened controls over financial transactions by Russian citizens in European banks. As an international financial institution, Revolut is required to comply with the legislation of the EU, the UK, the US, and other countries where it operates. Russian authorities continue to insist that the Western restrictions are illegal, but banks operating in Europe are forced to follow the new rules.
