Revolut bans transfers in Russia and Belarus

Quick Take

  • From March 4, Revolut will no longer support transfers to or from entities in Russia and Belarus.
  • The move follows similar bans by major remittance firms like Wise and Remitly.

British fintech firm Revolut has blocked payments to Russia and Belarus, joining a string of fintech firms pulling out of the region.

The $33 billion neobank stopped supporting money transfers to or from entities in Russia and Belarus from 12:00 GMT on March 4, according to a person familiar with the matter.

At the same time, users can no longer top up their Revolut accounts using cards issued by financial institutions in Russia or Belarus.

The news comes amid sweeping economic sanctions against Russia following its invasion of Ukraine, which began on February 24 — with fintech firms adding to the pressure.

Earlier this week, remittance firm Wise suspended its services in Russia. Shortly after, Zepz, TransferGo and Remitly took similar actions.

Founded in 2015, Revolut offers a range of payment, investment and money management services through a mobile app. The startup became the most valuable private tech company in UK history when it raised $800 million in July of last year.

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