Following the European Union’s decision to include Russia on the list of countries at high risk for money laundering, banks in several countries have tightened conditions for payment transactions involving Russian citizens, RBC reports, citing lawyers and international business consultants, as reported by The Moscow Times.
According to these sources, banking institutions in Armenia and Serbia have begun refusing Russian citizens when opening accounts and conducting transactions.
In some cases, services are suspended without detailed explanations, justified only by “internal compliance requirements.”
Previously opened accounts are also being closed, including those belonging to Russians with residence permits, business registrations, or long-term stay status in these countries.
Banks in Kazakhstan, Tajikistan, and Oman have also started carrying out more detailed checks on transactions, according to the law firm O2 Consulting.
The new requirements apply to both individuals and legal entities with ties to Russia. Clients are increasingly required to confirm the origin of funds, the economic purpose of transfers, and their tax status.
According to experts, Russians are being hindered, among other things, from transferring money between their personal accounts. In some cases, funds are being frozen for an indefinite period.
Lawyers explain that the tightening of requirements and controls is a consequence of growing pressure from international regulators and correspondent banks.
Financial institutions fear secondary sanctions and prefer to reduce all potential risks in advance, the publication’s sources say.
At the beginning of December, the EU added Russia to its blacklist of countries at high risk for money laundering and terrorist financing.
This list is the European equivalent of the Financial Action Task Force (FATF) blacklist, which includes countries such as Iran, Myanmar, and North Korea.
