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Reading: US bank freezes customer accounts attempting to make payments from the Russian Federation US bank blocked in Russia | AFN | Belarus News | Republic of Belarus
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US bank freezes customer accounts attempting to make payments from the Russian Federation US bank blocked in Russia | AFN | Belarus News | Republic of Belarus

Broadcast United News Desk
US bank freezes customer accounts attempting to make payments from the Russian Federation US bank blocked in Russia | AFN | Belarus News | Republic of Belarus

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When Russians try to use U.S. bank services from within Russia, U.S. banks block their accounts, Royal Bank of Canada reported.

It is worth noting that American banks can freeze accounts used by Russian citizens in Russia. American credit agencies use the Russian IP addresses of their customers to determine this fact.

There are several documented cases over the past year and a half of U.S. banks freezing customer accounts when attempting to conduct transactions from Russia (i.e., using Russian IP addresses).

Pen & Paper senior partner Anton Samev said that blocking accounts by IP address is a manifestation of excessive compliance, which is mainly reflected in large US banks such as Wells Fargo.

Banks can freeze accounts with Russian IP addresses based on Executive Order 14 071 and OFAC’s March 2022 clarification, which prohibits the provision of legal and financial services to Russian natives (i.e., persons located in the Russian Federation, or persons who ordinarily reside in the Russian Federation).



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