Russian banks begin freezing accounts of foreigners from ‘unfriendly’ countries

Russian banks have frozen the accounts of multiple citizens from countries on the Kremlin's list of “unfriendly states”, following amendments signed by Vladimir Putin earlier this month, the state-affiliated business outlet RBC has reported.

According to RBC, the restrictions have hit nationals of France, Norway, and other “unfriendly” countries, with affected accounts held at T-Bank, Sber, and VTB. T-Bank customers reportedly received messages stating that their accounts had been blocked as part of efforts to “configure processes” in line with Putin's decree.

Those affected include foreigners who arrived in Russia as qualified specialists under “talent visas”, as well as holders of “shared values” visas — a category introduced by the Kremlin in 2024 that lets citizens of “unfriendly” countries bypass many standard migration requirements, provided they purchase health insurance and sign a declaration rejecting their home government's “imposition of ideological attitudes that contradict traditional Russian spiritual and moral values”.

Some of the frozen accounts belonged to ethnic Russians who had filed paperwork to relocate from “unfriendly” countries. Even some foreign nationals with valid Russian residence permits have had their accounts blocked.

The amendments behind the freezes were signed by Putin on 1 June. The changes extended a decree on the “temporary procedure for fulfilling obligations” towards creditors from “unfriendly” countries to cover bank deposits and savings accounts — a measure that previously applied only to payments on loans, borrowings, and securities.