Revolut began to block the operations of Russians living in Europe – Kommersant

Russian citizens living in Europe faced restrictions on operations on their cards and accounts at Revolut Bank (registered in Lithuania). The restrictions arose due to the tightening of the requirements of the credit institution for documents confirming the right to live in Europe, and difficulties in obtaining a residence permit (residence permit) or long-term visas. About problems with accounts Forbes told four Russians who currently live in France and Latvia. Revolut spokesman Paddy Crowley confirmed that the bank has tightened formal requirements for Russians.

A Russian living in France told the publication that a few weeks before the expiration of his long-term visa, Revolut asked for documents allowing him to live in the European Union. Documents issued by the French prefecture on humanitarian grounds (Autorisation provisoire de sejour – temporary residence permit), the bank refused to accept.

The support service of the credit organization demanded to provide either a standard residence permit card (Titre de sejour) or a D visa for a period of 180 days. Until the Russian meets the requirements of the bank, his account will be limited, incoming transfers will be blocked, he can only use the funds that are on the card.

Similar problems were reported to Forbes by Russian citizens living in Latvia. According to the interlocutors of the publication, Revolut sent push notifications two to three weeks before the expiration date of the documents with a request to confirm residency in Latvia with either a visa or a residence permit card. “Neither one nor the other I now have. The account is blocked when the visa expires, and you cannot upload anything new to them, ”said one of the interlocutors. The bank also retained for him the opportunity to spend the money that is on the card.

The founder and CEO of the Latvian company Brette Haus, Gennady Bakunin, who has been living in Latvia for four years on a residence permit, said that every year in May, closer to the end of the residence permit, Revolut bank requested new documents and received a confirmation of residence. However, in 2023, there was a delay with the documents. The Office of Citizenship and Migration Affairs in Latvia did not renew the residence permit within the prescribed period. According to Mr. Bakunin, Revolut does not accept any certificates that the documents are currently under consideration.

The representative of the credit organization Paddy Crowley confirmed to Forbes the tightening of formal requirements for the Russians. As Mr. Crowley explained, in connection with the restrictions imposed by the European Union on citizens of Russia and Belarus, all holders of Russian and Belarusian passports who wish to use the services of Revolut must present an extended residence permit or a work visa that allows them to stay in the EU for more than 180 days.

Paddy Crawley noted that Revolut does not really accept certificates confirming the submission of documents for the extension of a residence permit or a visa as a justification for unblocking accounts. According to him, these restrictions apply exclusively to Russians and Belarusians and operate throughout the entire territory of the bank’s presence.

In February 2022, the European Union decided to limit financial flows from Russia by banning European banks from accepting deposits from Russians and Russian companies in excess of €100,000. Euroclear and Clearstream blocked the accounts of the National Settlement Depository (NSD), due to which some of the securities of Russian investors were frozen . Later NSD came under EU sanctions.