The measure Revolut adopted takes advantage of the series of punishments applied by many governments and international entities against Russia and Belarus, precisely due to the armed operations of the Soviet nation into Ukrainian regions.
The UK-based FinTech company and bank that also operates with cryptocurrencies, Revolut, revealed the suspension of its services for clients living in Russia and Belarus, adhering to the international sanctions imposed by many countries and financial entities worldwide.
Revolut Stops Services to Users from Russia and Belarus
According to various reports, the decision means that Revolut will stop backing up funds transfers to entities in Russia and Belarus. This information got revealed by an internal source, who explained in detail the procedures the bank would implement regarding the situation.
The source also highlighted that those users with Revolut cards from financial entities located in Russia or Belarus wouldn’t have permission to use these items and other services brought by the FinTech company.
According to various reports, the founders of Revolut, Nikolay Storonsky, and Vlad Yatsenko, both from Russian and Ukrainian nationality respectively, said the conflict that is currently ongoing between the two countries touches both entities. Hence, the procedure is also part of these chairmen’s position towards the situation. These directors are also British, so they act according to the legal status in that European nation.
More Punishments Strike Against Russia and Belarus
The current situation and considering how Russia has increased its offensive against Ukraine have led many international entities to implement economic sanctions on the Soviet nation, aiming to close spaces to finance more offensive actions and incursions.
These sanctions aim at Russia and its closest ally, Belarus; both administrations are increasingly experiencing a massive blockade in terms of their capital channels, a situation that impacts their local economies and causes a lot of struggles regarding the price of their assets.
Many organizations in the crypto world have agreed to these policies. On the other hand, exchanges and entities assured that they would not block their services, at least in Russia, as with Coinbase, Binance, and Kraken.
The representatives of those companies said they do not consider it fair to judge residents outside the conflict by closing channels to deal with the harsh economic situation that comes from these measures.
However, Brian Armstrong explained that as a company based in the US, if the local government decrees a blockade on Russia, unfortunately, this and other entities must proceed according to said opinion, although in a personal capacity, he would not proceed to apply such complicated actions.
By: Jenson Nuñez
