Новые санкции ЕС приводят к блокировке счетов россиян в Bybit EU и Revolut Translation: New EU sanctions lead to account blockages for Russians in Bybit EU and Revolut

Restrictions are tied to the 19th sanctions package from the EU

One user of Bybit’s European branch faced difficulties with the KYC process while transferring their account, likely due to their Russian citizenship.

As reported by OhMySwift founder Andrei Avramenko, his source held a residence permit in the EU and was a client of Bybit NL (Netherlands), but later, the trading platform’s division merged with the pan-European Bybit EU.

«I live in Europe, everything is above board. Recently, ByBit NL migrated to ByBit EU, and they requested that I undergo KYC again. […] They denied me based on the same documents that I had successfully used for verification before,» the user explained their dilemma.

In a response letter, customer support indicated that the decision was based on «regulatory standards and potential risks.»

According to Bybit’s European policy, the service prohibits account registrations from individuals holding citizenship in Afghanistan, Belarus, Iran, North Korea, Russia, and the United States.

While the situation does not directly involve Bybit’s global operations, the new policy from its European subsidiary may be informed by the 19 sanctions packages imposed by the European Union against Russia. This is corroborated by similar cases involving Revolut.

Sources from «Mediazona» indicate that the British online bank Revolut has begun closing the accounts of Russian nationals residing in the EU, citing new restrictions.

Previously, Revolut allowed Russian citizens with residence permits in Europe or long-term visas (type D) to open accounts. However, on November 1, these users received two letters: the first requesting them to update their information, and shortly thereafter, the second notifying them about their account being frozen.

«Mediazona» is aware of at least five cases of account freezes. Former Meduza journalist Petr Sapozhnikov encountered a similar issue.

«Revolut blocked my card just a couple of hours ago—so completely that I can’t even call a taxi (I can’t withdraw money, make payments, or transfer to other users). All because my residence permit is still being processed,» he stated.

Two similar stories involving Belarusian citizens were shared with «Zerkalo.» One woman with a residence permit in Lithuania had her account completely restricted overnight, being asked to update her European document information.

Another bank client had been using her account as a supplementary one for cryptocurrency storage. She also received a notification regarding her account’s blockade.

Initially, all her access was blocked, but later she managed to withdraw her assets.

«By some miracle, all access in the app was restored (even though I didn’t upload any documents—their processing is still pending). I instantly sold everything and transferred the funds to another account. Only after that did I breathe a sigh of relief,» the woman recounted.

On October 23, the EU introduced the 19th sanctions package against Russia. In addition to import and personal bans, it affects cryptocurrency platforms and transactions involving digital assets.

According to European Commission President Ursula von der Leyen, all cryptocurrency transactions for residents of the Russian Federation will be blocked.

Foreign banks associated with Russian alternative payment systems, as well as operations with companies registered in special economic zones, are also subject to these restrictions.

Recall that in February, the EU included the cryptocurrency exchange Garantex in the 16th sanctions package against Russia.

In March, Reuters discovered that Russian oil companies are utilizing cryptocurrencies, including Bitcoin, Ethereum, and stablecoins like USDT, to conduct oil export transactions to China and India, circumventing Western sanctions.