Revolut

Business in Russia

Russian citizens living in Europe are complaining about restrictions on transactions on their cards and Revolut bank accounts, Forbes has learned. The reason is the tightening of bank requirements for documents confirming the right to live in Europe, and difficulties in obtaining a residence permit or long-term visas. Co-owner of Revolut, Mykola Storonsky is the son of the director of Gazprom Promgaz OAO, a division of the Russian gas giant. Because of this, Revolut was unable to obtain a banking license in the UK for a long time. The process began in 2022 and was only granted by regulators in 2024. Revolut also has a banking license for the European Economic Area (EEA) and is supervised by the European Central Bank (ECB) and the Bank of Lithuania.

Decision trail

Decision date 19/05/2023 · Reference ↗

Stop top-ups for Russian cards and block transfers to Russian institutions. A number of clients of Europe's largest digital bank Revolut have begun receiving notifications that the bank no longer accepts transfers from Russia, even through third countries such as Kazakhstan, financial adviser Natalia Smirnova reported in her blog. Violating the restrictions, as the bank itself warns, may lead to blocking or even closure of the account. Revolut has begun notifying its Russian clients, who do not have a temporary residence permit or citizenship of an EU country, about the closure of their accounts. The bank refers to the 19th package of EU sanctions against Russia, which were introduced due to the full-scale Russian invasion of Ukraine. Revolut has banned Russians from transferring money from 50 countries.

Local stats (LeaveRussia)

Status history since 2022

1. 03/08/2026 — suspended · Imported from KSE LeaveRussia

Possible sanctions matches

Name-based matches against EU/US/UK lists — verify identity before drawing conclusions.

• Association of Combatants of the Cuban Revolution (US, in force)
• Committees for the Defense of the Revolution (US, in force)
• Ministry of the Revolutionary Armed Forces of Cuba (US, in force)
• Informal Anarchist Federation/International Revolutionary Front (US, in force)
• Revolutionary Class Self-Defense (US, in force)

Exposure profile