A new European Union move is deepening Russia’s financial isolation, reshaping the rules for individuals and businesses.
Russia’s new status in the EU’s financial system is triggering a chain reaction: foreign banks are opting to cut ties with clients from Russia rather than risk sanctions.
Banks in several countries have sharply tightened payment rules for Russians after the EU added Russia to its list of high-risk jurisdictions for money laundering and terrorist financing, Russian outlet RBC reports.
In particular, lenders in Armenia and Serbia are refusing to open accounts and process transactions for Russian nationals.
In some cases, services are terminated without detailed explanations. Banks cite “internal compliance requirements,” and closures affect both newly opened accounts and those established long ago.
Lawyers say the restrictions extend even to Russians with residence permits, registered businesses, or long-term stays in these countries.
Banks in Kazakhstan, Tajikistan, and Oman have also begun conducting more rigorous checks. The new requirements cover both individuals and companies with ties to Russia.
Clients are increasingly asked to verify the source of funds, the economic purpose of transfers, and their tax status.
According to sources, there are cases where even transfers between a customer’s own accounts are being paused. Sometimes funds are frozen indefinitely until reviews are completed.
The measures are complicating personal finances and the operations of companies engaged in international business.
Legal experts say banks are choosing maximum caution, even where there are no formal bans on serving Russian clients.
The EU placed Russia on its blacklist of countries with a high risk of money laundering and terrorist financing in early December.
The decision was actively pushed by Ukraine, the European Parliament, and several European countries, which called for increased pressure on Moscow amid talks on ending the war in Ukraine.
