Russian clients of the fintech bank Revolut living in European Union countries have reported mass account freezes. The news was first reported by BBC News Russian.
According to users, the bank initially sent out messages requesting copies of residence permits, citing the newly adopted 19th EU sanctions package against Russia. Shortly afterward, some customers received a second notification — informing them that their accounts had been closed, making it impossible to submit the requested documents.
Reports of these incidents have spread widely across chat groups of Russian expatriates in EU and Baltic states. Several individuals confirmed the information to BBC journalists in private conversations.
Some clients said they had previously contacted Revolut’s customer support to clarify whether the new sanctions might affect their accounts. They were told there was “nothing to worry about” — at least until December 22 — but the closures began earlier than expected.
Revolut, which operates without physical branches and had become one of the few banks willing to open accounts for Russians who left the country after the start of Russia’s full-scale invasion of Ukraine, said it is acting in compliance with international law.
In a comment to the BBC, the bank’s press service stated:
“As a globally regulated financial institution, Revolut must comply with the sanctions laws and regulations of the UN, the European Union, the United Kingdom, the United States, and all other applicable jurisdictions in which Revolut operates.”
According to Revolut’s interpretation, the 19th EU sanctions package prohibits providing payment or e-money services to Russian and Belarusian citizens who do not hold a valid residence permit or citizenship in an EU member state, Iceland, Norway, Liechtenstein, or Switzerland.