Foreign nationals living in Cyprus who use the popular British neobank Revolut have encountered a sudden problem — mass account freezes. Since the end of October, thousands of Russians and Belarusians residing in Cyprus and other EU countries have been receiving notifications about their accounts being frozen, even if they hold valid residence permits.
Revolut justifies these actions as part of compliance with the 19th package of EU sanctions against Russia, but experts argue that the company is interpreting the new regulations too rigidly.
Sudden Freezes and “Financial Shock” for Users
Starting October 31, Revolut clients began receiving messages requesting reverification of their identity documents — passports and residence permits. A few days later, many received another notice:
“Your account will be closed in accordance with the updated EU sanctions compliance policy.”
In most cases, users were not given any chance to appeal the decision.
The situation has primarily affected Russians and Belarusians living in France, Germany, Latvia, Greece, and Cyprus, where Revolut is widely used for rent payments, purchases, and international transfers.
“Yesterday I paid my utility bills in Limassol without issues, and today my card doesn’t work — I can’t even withdraw cash,” complains one of the bank’s clients. Similar stories are spreading rapidly across Russian-speaking communities.
Revolut’s Explanation Conflicts with EU Policy
Revolut representatives state that the company is obliged to strictly comply with sanctions imposed by the EU, the UK, the US, and the UN. According to an official press statement:
“We are temporarily restricting access to our services for customers who cannot confirm their legal residency in an EU country.”
However, legal experts note that the 19th EU sanctions package contains no explicit ban on servicing Russian or Belarusian residents who hold valid EU residence permits. This suggests that Revolut has chosen a stricter internal policy to minimize potential risks of penalties.
Expats in Cyprus: Everyday Life Disrupted
For many residents of Cyprus from CIS countries, Revolut had become an essential financial tool — offering instant transfers, multi-currency cards, favorable euro exchange rates, and the ability to hold crypto assets.
Now, these users have found themselves locked out of their funds, unable to make transfers, while opening a new account in Cypriot banks such as Bank of Cyprus, Hellenic Bank, or Alphabank Cyprus can take weeks due to source-of-funds verification.
“You live legally in Cyprus, pay taxes, and then a bank founded by a Russian suddenly pushes you out of the system,” users complain on social media.
The 19th sanctions package, adopted by the EU on October 23, 2025, tightened control over financial movements linked to Russia and Belarus, including crypto assets and bank transfers within the EU. Revolut, licensed in Lithuania, introduced preventive measures to avoid potential sanctions investigations.
Interestingly, this is not the first such incident. In spring 2024, Bank of Cyprus closed around 4,000 accounts belonging to Russian nationals, and in summer 2025, Swiss banks introduced similar restrictions. Revolut’s move thus reflects a broader European trend of financial risk aversion toward Russians and Belarusians — even those long settled and working in the EU.
What Revolut Clients in Cyprus Can Do
If your account has been frozen, Revolut advises uploading copies of all documents under the Verification section and waiting for a response from customer support. However, many users report that even with valid residence permits, accounts remain blocked.
Alternatives include local Cypriot banks and fintech platforms such as Wise or Paysera, which currently apply less stringent criteria. Still, opening an account requires proof of residence and income verification, a process that may take several days to three weeks.
Experts recommend not keeping large sums in a single digital service and monitoring sanction-related updates regularly to avoid future account freezes.