Svetlana Sarantseva moved to Portugal from Singapore in 2021, hoping to start a family and work as a nutrition coach on the Azores archipelago; coming from Russia three decades earlier, she never anticipated the banking challenges stemming from the conflict in Ukraine. Sarantseva represents one of many Russians in the EU encountering obstacles in opening or maintaining bank accounts since February 2022, despite not being sanctioned themselves.
Denials from multiple banks have varied, with reasons ranging from nationality restrictions to supposed "lack of commercial interest." Sarantseva's efforts to secure an account have been met with rejection from institutions like Moey! and N26, citing citizenship limitations. The struggle is echoed by other Russian expats, including students, long-term residents, and activists, hampering their financial transactions and access to funds.
For those who manage to secure accounts, it often involves significant efforts, including legal assistance. The dynamics of the banking restrictions targeting Russian individuals, while Iranian and Syrian counterparts have faced similar challenges due to sanctions, have brought attention to the heightened caution exhibited by financial institutions. The evolving situation has prompted human rights groups and individuals like Gera Ugryumova to challenge denials and advocate for account access within legal parameters.
The European Commission acknowledges the concerns raised by the stringent banking regulations linked to sanctions, signaling a broader issue of compliance and risk aversion within financial institutions. Regulatory bodies in countries like Germany and Portugal have been fielding complaints and working towards solutions to address the complexities faced by Russian account applicants. Despite the limitations imposed by deposit caps under sanctions, efforts are being made to ensure compliance while upholding the rights of individuals, regardless of nationality, to access banking services.