Czech banks began massively blocking accounts of Russians

Czech banks close accounts for Russian citizens who work or study in the republic. Credit organizations do not explain the reasons for blocking accounts.

As “e15.cz” writes,va big banks – Creditas and UniCredit Bank – confirmed that they are closing accounts for Russians and Belarusians. The interlocutors also spoke of a blockade at ČSOB, but the credit institution rejects these allegations.

The representative of the Czech bank UniCredit, Petr Plochek, explained that the bank applies special rules to customers who are not citizens of one of the EU countries. They must document their connection to the Czech Republic. What else the rules are, he did not specify, citing their special nature. In addition, Ploček added that the bank is very careful with citizens of countries that the Czech Financial and Analytical Bureau (FAÚ) considers high-risk countries. Russia is one of them.

A Russian citizen told e15.cz that the Czech bank ČSOB closed her account without explanation, even though she has a work visa. To unblock the account, he must present a document of permanent residence in the Czech Republic (permanent residence), which he does not have. At the same time, a ČSOB representative said that the group always warns customers in advance before closing their accounts.

After Russia invaded Ukraine and imposed sanctions on the Russian Federation, the EU banned Russians from keeping over 100,000 in their accounts. euro. In March last year, the European Central Bank demanded that banks thoroughly check the transactions of Russian and Belarusian citizens in order to avoid circumvention of sanctions, Reuters wrote.

European banks have begun to impose even stricter restrictions on Russian citizens than the sanctions provide for. Lawyers explained this by the desire of credit institutions to protect against accidental violation of sanctions. Banks often found it unprofitable to spend funds checking a Russian client, it was easier to just part with them, Vadim Pogosyan, former director of business development at Alfa Asset Management (Europe) SA, told Forbes.