Citizens of “unfriendly countries” have begun facing blocked deposits in Russian banks

Citizens of “unfriendly countries” have begun facing blocked deposits in Russian banks

RBC reports this, citing several clients of Sber, T-Bank, VTB, and Alfa-Bank. According to them, since the beginning of June, banks have started freezing funds in the accounts and deposits of non-residents from “unfriendly countries.”

The freezes appeared because of changes to Putin’s “counter-sanctions” decree No. 95 of March 5, 2022. Previously, it applied to payments to foreign creditors from “unfriendly” countries only on loans, borrowings, securities, and other debts. But on June 1, Putin signed decree No. 377, which extended some of these rules to bank deposits as well.

🔵In Russia, the countries considered “unfriendly” include European Union countries, the United States, the United Kingdom, Ukraine, Canada, Japan, Switzerland, Norway, South Korea, Australia, New Zealand, Singapore, Taiwan, and a number of other states.

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