Banking restrictions on Russian nationals
Since February 2011, Russian nationals or natural persons residing in Russia or any legal person, entity or body established in Russia are banned from receiving financial services on:
(i) making deposits over 100,000 euros in a financial institution;
(i) transferable securities negotiable on the capital market. such as shares in companies and securities equivalent to shares in companies, partnerships or other entities, bonds of other forms of securitised debt, or any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities.
(iii) purchasinag units in collective investment undertarkings such as investment funds.
In addition, since March 2022, it is prohibited to sell, supply, transfer or export euro denominated banknotes to Russia or to any natural or legal person, entity or body in Russia. This prohibition does not apply to the personal use of natural persons travelling to Russia or members of their immediate families travelling with them.
There are however exemptions to the limit of 100,000 euros deposits, as well as authorizations for attending basic needs both of natural persons and companies.
If you face these restrictions in Spain, and you are able to provide evidences that the funds are legitimate, we can offer you legal assistance before your bank and if needed, the Department of the Treasury of Spain.
