Revolut cuts accounts of Russians. Two messages and a ban until the end of the year

Revolut blocked accounts belonging to Russian citizens who did not confirm that they had a valid residence permit in European Union countries. As reported by the Russian-language BBC website, the decision is related to the entry into force of the 19th package of EU sanctions against Russia, adopted in response to the invasion of Ukraine. Reports show that last weekend some Russian customers – especially those who opened accounts on the basis of a national category D visa or a temporary residence permit in an EU country – received two messages from the bank.

Message to customers

The first communication called for a valid document confirming the right to reside in the EU. The second one informed about the termination of the contract and closure of the account on December 31, 2025. At the same time, users affected by the decision lost the ability to perform any operations on their accounts: card payments, online purchases, deposits of funds and cash withdrawals from ATMs were blocked. The restrictions also applied to people who had a valid residence permit but did not have time to submit a copy of it to Revolut.

On the same day, Novaya Gazeta Europa reported that customers who managed to quickly submit the required documents regained access to their money within a few hours of verification. In practice, this means that verification of residence status has become a condition for continuing to use financial services in this institution for Russian citizens staying in Europe.

New sanctions

Revolut’s press office explained in responses to the media that the 19th European Union sanctions package prohibits the provision of payment services to citizens of Russia and Belarus who do not have a valid permanent or temporary residence permit or citizenship of EU countries, Iceland, Norway, Liechtenstein or Switzerland. As highlighted, as a globally regulated financial institution, Revolut must comply with the sanctions and regulations of the United Nations, the European Union, the United Kingdom, the United States and all other relevant jurisdictions in which it operates.

Until now, Revolut was one of the few banks willing to open accounts to Russians who left the country after the start of the widespread invasion, if they had a European residence permit or a long-term national category D visa. The situation changed after the 19th sanctions package entered into force on October 23. Under paragraph 19 of the EU Council regulation, previous restrictions on cryptocurrency transactions have been extended – Russian citizens are banned from receiving payments and using electronic financial services unless they have citizenship or residence in an EU country.

As a result, Russian users without a valid, documented residence status must expect their accounts to be permanently closed at the end of 2025. Those who meet the requirements and send the required documents regain access after positive verification. Revolut’s announcements and the practical implementation of sanctions confirm that timely confirmation of right of residence is now crucial – the ability to continue using payment services and access to funds depends on it.