The European digital bank Revolut has begun blocking accounts of citizens of the Russian Federation who do not have residence permits in European Union countries. These actions by the bank are related to the implementation of new sanctions requirements adopted by the West against Russia.
This is reported by Finway
Account Blocking Procedure
On November 1, Revolut clients received two notifications: the first requested a copy of their residence permit in an EU country, while the second warned of account closure in the absence of such a document. Thus, the bank is enforcing strict control over compliance with the sanctions regime concerning Russians.
New EU Sanctions Package
On October 23, the European Union officially approved the 19th sanctions package against the Russian Federation. The new package includes additional restrictions on Russian banks and cryptocurrency operations. In addition, the EU has imposed restrictions on over 100 tankers flying foreign flags that transport Russian oil.
Furthermore, EU foreign policy chief Josep Borrell confirmed the introduction of restrictions on the movement of Russian diplomats within EU countries.
Revolut’s decision is part of a broader European policy to intensify financial and logistical pressure on Russia in response to its actions that violate international law.