The first half of 2026 was the worst period for Russian citizens’ bank accounts abroad since the beginning of the full-scale invasion of Ukraine. This was reported by UNN, citing the Foreign Intelligence Service of Ukraine.
The blocking of accounts and enhanced checks of clients with Russian passports are increasingly becoming standard practice at financial institutions in Europe and other regions.
Details
The tightening of controls took place against the backdrop of new sanctions and regulatory restrictions. At the end of January, the European Commission included Russia on the list of high-risk countries in the area of money laundering. At the same time, new sanctions packages were approved. Following this, a number of major financial institutions and payment services, including Wise, Revolut, N26, Commerzbank, and BNP Paribas, reviewed their approaches to servicing clients who hold Russian citizenship or were born in the Russian Federation.
Additional controls are also being introduced in Monaco. The principality, which seeks to leave the FATF “gray list” — the international Financial Action Task Force — launched inspections of major banks and financial companies. Regulators are paying particular attention to clients with an unsubstantiated source of funds, possible criminal connections, and suspicious financial transactions. According to expert estimates, about one-third of problematic clients identified during such inspections may be Russian citizens.
The FATF’s decision on the further status of Monaco’s banking system is expected at the end of October 2026.
Context
Throughout 2026, the European Union is also carrying out a large-scale reform of its system for combating money laundering and terrorist financing — AML/CFT. In December, the European Anti-Money Laundering Authority (AMLA) is expected to begin large-scale data collection to assess the risks faced by financial institutions. Based on the information obtained, banks and other institutions that may subsequently come under the direct supervision of the European regulator will be identified.
Against this backdrop, financial institutions are trying to minimize the risks associated with opaque sources of capital and clients from high-risk jurisdictions. This, in particular, is leading to additional checks, restrictions, or the termination of cooperation with some Russian clients.
As a result, for wealthy Russians, storing assets in traditional foreign financial centers is becoming increasingly difficult and expensive. Tighter international banking controls are forcing them to regularly confirm the source of their funds, the structure of their assets, and the legality of the transactions carried out.
Previously reported
Earlier, UNN reported that Russia’s state-owned VTB bank had begun restricting depositors’ access to their money.