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Paysera to stop Russian transfers and shut down Russian client accounts

Thursday 24 February 2022 15:16 CET | News

Lithuania-based financial technology company Paysera has announced its intention to no longer process transactions in RUB, amid the current tensions between Russia and Ukraine.

The company will also close all accounts belonging to Russian clients and restrict money transfers to and from Russian banks, while encouraging other financial institutions and payment processors to take similar measures.

The restrictions are aimed towards Russian residents who don’t have the right to reside in another country deemed acceptable by the company’s policy. Similarly, transfers to all Russian and Belarusian banks have been terminated for all customers if the recipient is a Russian or Belarusian company. Companies registered outside Russia but with Russian main shareholders will also have their Paysera accounts terminated.

Paysera’s CEO mentioned that these restrictions are made to reduce operational risks. As per the company’s agreement with its clients, customers will be officially notified of the restrictions on transactions in the next days. 

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Keywords: financial services, online banking, compliance, money transfer, bank transfer, transaction monitoring
Categories: Payments & Commerce
Companies:
Countries: Belarus, Russian Federation
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