Revolut, a fintech bank founded in 2015 by russian Nikolai Storonsky and Ukrainian Vlad Yatsenko, has started freezing accounts of russian citizens living in the EU on humanitarian or national D-type visas. This is reported by the russian portal Mediazona.
The portal's users reported that on November 2, they received letters from the bank demanding a valid residence permit in the EU, and later a message about blocking their accounts. Revolut explains the decision by a new package of sanctions.
According to the 19th package of EU sanctions, financial institutions are prohibited from servicing russian and Belarusian citizens without a valid permanent residence permit or citizenship of the EU, EEA or Switzerland. Revolut said that contracts with customers will be terminated on December 31, 2025.
The company explained that it was acting in accordance with international sanctions legislation.
At the same time, The Bell and Novaya Gazeta-Europa reported that Revolut partially unfroze the functions for some users who applied for a tax-free regime. They were allowed to pay with their cards and conduct cryptocurrency transactions, but cash withdrawals and transfers remain blocked.
As previously reported, on October 23, the European Union finally approved the 19th package of sanctions against russia. It will apply to russian banks, cryptocurrency exchanges, organizations in India and China, as well as a ban on imports of russian liquefied natural gas.
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