Revolut has started freezing the accounts of Russian citizens, including those who legally reside in EU countries, according to fakti.bg. The move enforces the EU’s 19th sanctions package, which bans financial services for Russian and Belarusian nationals without valid EU documentation.
Since November 1st, users have been notified that they must submit a European passport or residence permit or risk losing access to their funds by December 31st.
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Founded in the UK, Revolut relocated its EU operations to Lithuania after Brexit. Its Russian-born founder, Nik Storonsky, gave up his citizenship in 2022 to distance himself from Moscow’s regime.
Critics say the company has effectively become an “enforcer of EU sanctions,” abandoning its earlier stance of financial neutrality.
Crypto platforms tighten restrictions too
Crypto exchange Bybit EU has followed suit, blocking Russian users’ accounts even if they hold EU residence permits. ForkLog reports that KYC checks are now being rejected, citing “regulatory standards and potential risks.”
Together, these moves signal a major tightening of Europe’s financial policy toward Russian and Belarusian citizens, extending beyond borders and traditional banking.
Photo: The Occasional Traveller
