Russians outside their homeland are finding life increasingly difficult as the world punishes Vladimir Putin for his invasion of Ukraine. Even Russian citizens who support Ukraine are feeling the crunch. This new reality is particularly true in the financial sector; Russian nationals are being shut out by many financial institutions and even shops, grocery stores, and other businesses. Bob Amsterdam, a founding partner of the Washington and London-based law firm Amsterdam & Partners has told the media that, “Banks … are refusing Russians’ bank accounts: they are closing their doors to Russians based on nationality.” Amsterdam, who is based in London, said that “Leading law firms in the city have closed their doors to Russians in terms of nationality.”
Our publication has seen reports from Russian citizens in multiple territories indicating that ordinary Russian citizens — even those not being sanctioned by Western countries — are being affected by Putin’s war of choice. For example, Yevgeny Chichvarkin, a telecoms tycoon who fled Russia in 2008 and became a high-profile London restaurateur, has long been a vocal supporter of Ukraine. Together with his wife Tatiana, the multimillionaire says he has sent four truckloads of medical and protective equipment to Poland to help Ukrainians since the Russian invasion on Feb. 24. But the 48-year-old entrepreneur, a longtime critic of Russian President Vladimir Putin, said he has just unexpectedly had one of his Swiss bank accounts frozen. He declined to say by which bank. Chichvarkin is one of a growing number of Russians living abroad who is finding issues accessing their money.
According to another report, two investment advisors and a lawyer based in the United States, described applications for bank accounts by Russian clients being rejected. Banks said they were taking extra precautions with Russian money. And three brokers said some real estate and art deals had stalled. A Canadian-American lawyer said his Russian clients were afraid to take international trips for fear of being stopped at customs as Western banks cast a wide blanket of suspicion on Russian money – even donations to charities.
While the reports are too numerous to mention, Credible Sources has reliable information that the Russian citizens in many countries are facing hardships as businesses are simply refusing to take their money. One Russian woman, with tears streaming down her cheeks, told the media, “Putin is squeezing Russian people no matter where we live. Putin has turned Russians into toxic people.”
More, In The Ring.
