Revolut Bank starts blocking accounts and transactions of Russians living in Europe
Russians living in Europe have begun to complain about restrictions on transactions on their cards and accounts with Revolut Bank.
Source: Forbes Russia
Details: The Lithuanian-registered Revolut Bank is one of the key banks for Russians who are moving to Europe because they do not support Russia's military invasion of Ukraine and want to avoid being conscripted.
The reason for the restrictions on card and account transactions for Russians was the bank's stricter requirements for documents confirming the right to live in Europe and difficulties in obtaining residence permits or long-term visas.
One of the Forbes’ sources, a Russian living in France, said that a few weeks before his long-term visa expired, Revolut requested documents that would allow him to reside in the EU.
The bank did not accept the temporary residence permit that the Russian had received on humanitarian grounds and requested either a residence permit or a 180-day D visa. The Russian's account was restricted by blocking incoming transfers, but the bank left him free to spend the money on the card. The restrictions were promised to be lifted as soon as one of the two documents confirming the right to reside in Europe was provided.
Three Russians living in Latvia faced similar difficulties.
According to Paddy Crowley, a representative of Revolut, the bank has tightened its formal requirements for Russian and Belarusian citizens due to restrictions imposed by the EU on people from these countries.
He explained that clients from Russia and Belarus must present an extended residence permit or work visa that allows them to stay in the EU for more than 180 days. The restrictions apply specifically to Russians and Belarusians and are valid throughout the bank's presence, Crowley said.
Background:
In October 2022, Nikolai Storonsky, co-founder of the fintech company Revolut, who holds a British passport, renounced his Russian citizenship.
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