After the implementation of the 19th package of sanctions against the Russian Federation due to the war unleashed by the Kremlin in Ukraine, some banks and payment services began to block cards and accounts of Russians and Belarusians without residence permits in the countries of the European Economic Area and Switzerland.
In early December, the payment service Wise announced that it was forced to temporarily block its cards for users from Russia and Belarus.
To unblock them, it is necessary to provide a residence permit in the European Economic Area or proof of citizenship of one of the EEA countries.
The company explained this by the implementation of the 19th package of sanctions against Russia, which was adopted by EU countries "in response to the escalation of Russia's aggression against Ukraine, particularly the recent brutal deliberate military campaign against civilian infrastructure, including energy, water supply, and healthcare facilities."
If a user does not provide any of the requested documents, it means they will no longer be able to use the Wise card.
"No other changes will occur in the operation of your profile. You can still send, store, receive, and convert money," the message on the service's website states.
Similar restrictions have already been introduced by Paysera and Revolut, citing that they must comply with the sanctions laws and regulations of the UN, European Union, United Kingdom, United States, and all other applicable laws and regulations in all jurisdictions.
On Tuesday, it became known that Revolut prohibited cardholders issued in Russia and the CIS from topping up their accounts.
Cryptocurrency exchanges Bybit and Bitget, as reported by users, block access even with a residence permit if Russia is indicated as the country of origin.
Experts note that financial institutions prefer to impose such restrictions to avoid any, even minor, risks. Therefore, restrictions against citizens of the Russian Federation and Belarus will continue to increase.
Restrictions in Poland
The Polish bank PKO sent messages to clients with Belarusian citizenship about the possible blocking of account operations if they do not present a valid residence permit.
The warning states that clients must come to the branch and confirm their personal data. A residence permit or other documents granting the right to stay in Poland are required for this.
It was previously reported that the bank restricted the account operations of one of the entrepreneurs from Belarus, as he had more than 100,000 euros when his residence permit expired. Holders of the Republic of Belarus passport can have more than 100,000 euros in a bank account only with a European residence permit.
19th Package of Sanctions of the European Union Against the Russian Federation
The European Union adopted the 19th package of sanctions against the Russian Federation in October in response to the Kremlin's aggression in Ukraine.
Restrictive measures were introduced against the Russian energy sector, banks from third countries, and cryptocurrency providers.
"Russia is increasingly using cryptocurrency to circumvent sanctions. In this context, the A7A5 stablecoin, created with the support of the Russian state, has become an important tool for financing actions that support the aggressive war," the message from the EU Delegation to Russia stated. Therefore, sanctions were imposed against the developer of A7A5, the Kyrgyz issuer of this cryptocurrency, and the operator of the platform where significant volumes of A7A5 are traded. Transactions involving this stablecoin are prohibited throughout the EU.
The European Union also prohibited its operators from interacting with the Russian national payment card system "Mir" and the fast payment system (FPS).
As part of this package, the EU introduced additional measures against Belarus to limit its support for Russia's military actions.
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