The company was founded in 2015 by Russian entrepreneur Nikolai Storonsky and his Ukrainian colleague Vlad Yatsenko.
The European financial service Revolut, operating in a digital format, has begun the process of closing accounts for some of its clients from Russia. The restrictions apply to those users who cannot confirm their citizenship of any European Union country or residence permit in this region.
Clients received two notifications from the bank. The first contained a request for a copy of the document confirming the residence permit in the EU. The second notified them of the immediate account closure, and the possibility of submitting documents after receiving this notification was completely blocked.
Previously, some Russian clients, trying to clarify the situation amid the introduction of new sanctions, contacted Revolut's support service and received assurances that they would not face any account restrictions at least until the end of December.
Explaining its position, Revolut's press service stated that the status of a globally regulated financial institution imposes an obligation on the bank to strictly adhere to all existing sanctions laws. This obligation extends to the regulations of the UN, EU, UK, USA, and all other countries where Revolut operates.
The fintech company Revolut was founded in 2015 by Russian entrepreneur Nikolai Storonsky and his Ukrainian colleague Vlad Yatsenko. As reported by Bloomberg, in May 2022, British regulators expressed serious concerns about Revolut's activities, partly due to Storonsky's ongoing ties to Russia. In response to this criticism and likely to mitigate reputational risks, Storonsky officially renounced his Russian citizenship in October 2022.
Although Revolut's global headquarters has been based in London for a long time, the company obtained its first banking status in the European Union — the relevant license was issued by the Bank of Lithuania in 2018. It took the company several additional years to obtain a full banking license in the UK, where its main office is located; this permission was only granted in the summer of 2024.
Starting in 2022, Revolut introduced some restrictions for clients with Russian citizenship, which, however, were not absolute but selective. The bank completely ceased the registration of new accounts for Russians without a residence permit in the EU and limited the ability to transfer funds to Russia.
At the same time, the possibility of opening euro accounts was preserved for those who, holding a Russian passport, can confirm their legal status in Europe with a long-term national visa of category D.
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