Revolut will not close accounts for Ukrainian refugees in the EU: NBU clarifies

24 December 11:43

The National Bank of Ukraine has announced that fintech bank Revolut will not stop servicing accounts of Ukrainians residing and officially registered in the European Union and the European Economic Area. This was reported by the NBU, commenting on the information about changes in the company’s policy, "Komersant Ukrainian" reports

Earlier, it was reported that Revolut may start closing accounts for Ukrainians. The NBU clarified that this applies to residents of Ukraine, not Ukrainian citizens in general. There are no changes in the operation of accounts for Ukrainian refugees in the EU.

Who exactly is affected by the restrictions

The NBU explained that Revolut has decided to stop providing services to Ukrainian residents who have opened accounts through Revolut Bank UAB. At the same time, this decision does not apply to Ukrainians who:

live abroad;
have official registration in the EEA countries;
use Revolut services as residents of the respective European countries.

Thus, the accounts of Ukrainian refugees in the EU remain active and continue to be serviced.

The regulator’s position

The NBU has emphasized that it is open to further regulatory dialogue with Revolut and welcomes any duly authorized form of the company’s presence in the Ukrainian financial market.

According to the regulator, the future model of Revolut’s operation in Ukraine will depend on

on the decision of the company itself;
compliance with Ukrainian regulatory requirements;
the list of financial services to be provided to Ukrainian consumers.

The NBU emphasized that it is ready to promptly consider the package of documents for Revolut’s authorization if it is submitted in accordance with the current legislation. As part of the consultations, the company has already provided comprehensive explanations on possible mechanisms for legal operation in Ukraine.

Why Revolut closes accounts for Ukrainians

The company explicitly states that it is currently unable to provide financial services to residents of Ukraine. At the same time, the statement emphasizes:

“Although we are currently unable to provide our services to residents of Ukraine, we hope that this will be possible in the future. We will inform you if the situation changes.”

The reasons for this decision have not been officially detailed, but it is related to regulatory and legal restrictions.

As a reminder, on November 1, digital bank Revolut began closing accounts of Russian clients who do not have European citizenship or residence permits. The users received two notifications: first, the bank requested a copy of the residence permit, and then informed them of the account closure, after which it became impossible to provide the documents. Some Russian clients received assurances that the restrictions would not affect them at least until the end of December this year.

Revolut said that as a globally regulated financial institution, the bank is obliged to comply with the sanctions rules of the UN, EU, UK, US and other jurisdictions.