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MOSCOW, May 11. Holding funds in foreign accounts carries increased risks for Russian citizens, according to a review of financial market risks prepared by the Bank of Russia.
“Measures in the form of closing accounts, transferring assets to special segregated accounts do not apply to sanctioned persons, but to Russian tax residents in general. Therefore, it should be borne in mind that keeping funds in foreign accounts carries increased risks for Russian citizens,” the document says.
The regulator notes that starting from 2022, individuals have significantly increased the amount of funds sent to foreign banks and brokers. At the same time, there has recently been a tendency to introduce restrictions for Russians in the use of banking and other financial services by organizations registered in other jurisdictions.
«Thus, bank accounts are blocked and/or closed (sometimes without prior notice), restrictions are imposed on money transfers, in general, banks apply stricter compliance control measures in relation to customers from Russia. In addition to restrictions on transactions with funds, the actions of foreign organizations are sometimes aimed at limiting transactions with securities of Russians,» the Central Bank said.
First of all, according to the regulator, such a trend is demonstrated by banks from the list of unfriendly countries (Switzerland, France, Cyprus), but in a number of countries that are not unfriendly, individual financial organizations are tightening checks, fearing threats of secondary sanctions for servicing Russian clients. 1871107124.html» data-title=»The Central Bank expects the growth of the Russian economy in the second quarter»>