Revolut Blocks Accounts of Russians Without Residence Permits in the EU

The European digital bank Revolut has initiated the blocking of accounts belonging to Russian citizens who do not have residence permits in European Union countries. These actions are related to the necessity of strict enforcement of Western sanctions aimed at the Russian Federation.

This is reported by AgroReview

Implementation of Sanctions Against Russian Citizens

Starting from November 1, bank clients received two official notifications. The first required them to provide a copy of their residence permit in an EU state. The second notified them of the automatic closure of their account if such a document was not provided within the specified timeframe.

The European digital bank Revolut has begun blocking accounts of Russians without residence permits in EU countries as part of compliance with Western sanctions.

New EU Sanction Restrictions Against Russia

On October 23, the European Union officially adopted the nineteenth package of sanctions against the Russian Federation. This package includes new restrictions for Russian banks, as well as bans on cryptocurrency transactions for individuals and entities from Russia. Additionally, over 100 tankers under foreign flags involved in transporting Russian oil have been added to the list of restrictions.

Furthermore, as confirmed by the head of European diplomacy, Josep Borrell, restrictions have been implemented on the movement of Russian diplomats within EU countries. This is another step by the European Union to strengthen control over compliance with the sanctions regime against Russia.