Europe Is Finally Ceasing to Be a “Safe Haven” for russians’ Bank Accounts

The first half of 2026 was the worst period for russians’ foreign bank accounts since the start of the full-scale invasion. The freezing of russian citizens’ accounts abroad this year has stopped being an isolated incident and has become a systemic practice. In late January, the European Commission added russia to the “blacklist” of countries with a high risk of money laundering, and two sets of sanctions were approved at the same time. Against this background, Wise, Revolut, N26, Commerzbank, BNP Paribas, and many other banks in Europe, Asia, and the Americas have revised their terms of service for customers who hold a russian passport or list russia as their place of birth.

The Principality of Monaco, in an effort to leave the “gray list” of the FATF – the Financial Action Task Force, an international body that develops financial measures to fight money laundering – has begun auditing major banks and financial companies. The local regulator is already publishing files on clients whose sources of funds are not properly documented, who have documented criminal ties, and whose transactions themselves are questionable. According to experts’ estimates, approximately one-third of these “problematic clients” are russians. The FATF’s final decision on the status of Monaco’s banking system is expected in late October 2026.

By the end of 2026, the EU is set to become a hostile environment for russian bank accounts. Right now, the European AML/CFT (Anti-Money Laundering / Countering the Financing of Terrorism) system is undergoing its most sweeping transformation in the last 10 years. Experts are discussing the “2026 silent deadline” for the enhanced regulations. This December, the AMLA (Anti-Money Laundering Authority) will launch a large-scale data collection effort (Risk-Assessment Data Collection) to compile a list of financial institutions that will fall under the regulator’s supervision. Clearly, no European bank wants to end up on a “blacklist” due to opaque client portfolios, including “risky” money from russians. That is why European banks are now actively cutting ties with russian clients.

This pressure from the international banking system has turned the practice of keeping funds in former “safe havens” into a constant source of stress for wealthy russians, which requires regular financial expenditures to conceal their money. At the same time, mistrust of the russian ruble, coupled with the kremlin’s aggressive policies, creates a real prospect of losing savings in their home country.