russians Face Restrictions on Access to Banks Abroad

Banks in Armenia, Serbia, Kazakhstan, Tajikistan, Oman, and a number of other countries have significantly tightened compliance controls on customers associated with russia. Both individuals and legal entities are subject to checks; in a number of cases, financial institutions suspend transactions or close accounts. The formal goal is to prevent money laundering, fraud, and regulatory violations, but the actual effect is much broader.

It involves a set of measures aimed at ensuring compliance with laws, internal regulations, and international standards. Banks carefully check the origin of funds and the economic feasibility of transactions, especially international transfers and currency transactions. Customers are increasingly required to provide additional documents confirming long-term residence, official employment, or business activities. In the absence of such confirmation, accounts are blocked or payments are rejected.

The tightening of controls comes against the background of the European Commission’s decision on December 3, 2025, to include russia in the list of high-risk countries with “strategic weak points” in the fight against money laundering and terrorist financing. This decision effectively forces financial institutions in third countries to apply enhanced verification measures to any transactions involving russian residents.

The key driver of this policy is the banks’ fear of falling under secondary US and EU sanctions, as well as the desire to minimize reputational risks. As a result, a regime of gradual financial isolation of russians is being formed, which goes far beyond the formal scope of sanctions. Even in countries that have not officially joined the sanctions, any connection with russian capital is increasingly seen as an unacceptable risk.