Russian Banks Restrict Accounts for Foreigners From 'Unfriendly' Countries

Russian Banks Restrict Accounts for Foreigners From ‘Unfriendly’ Countries Russian banks are turning off the money tap for many foreigners — and even some who moved to Russia in search of “traditional values” are discovering their funds are no longer theirs to touch.

Under amendments to Vladimir Putin’s 2022 decree on obligations to “unfriendly” creditors, restrictions that once hit loans and securities now extend directly to bank deposits and accounts for non‑residents from EU states, the US, UK, Canada, Japan, South Korea, Australia, New Zealand, Switzerland, Norway and Ukraine.

What’s actually happening in the banks

Opposition‑leaning outlets report that clients of major lenders — including T‑Bank, Sberbank, VTB and Alfa‑Bank — are finding deposits suddenly frozen or access sharply limited. Some banks outright block accounts; others quietly “recommend” that foreigners pull money out of deposits early, before restrictions bite harder.

The implementation is chaotic. A Russian residence permit sometimes gets accounts unfrozen; in other cases, it changes nothing, leaving even long‑term residents locked out of their own cash.

Who’s getting hit — and why it stings politically

According to reporting based on complaints to RBC, the clampdown is hitting non‑resident foreigners from France, Norway and other “unfriendly” states, including skilled professionals and ethnic Russians who relocated to Russia — often for ideological reasons — only to see their savings trapped.

One opposition framing is particularly cutting: even foreigners who moved to Russia for “traditional values” are being swept up in the same net as Western sanctions architects.

Legal gray zone and future fights

The Central Bank has signaled it may issue extra clarifications, and affected clients are being told they can challenge blocks via the regulator or in court — a narrow procedural lifeline in what is, in substance, a political financial embargo on individuals.

The Kremlin’s message to “unfriendly” countries is clear; the message to their citizens living in Russia is even sharper: your money is now part of the geopolitical battlefield.