Expat Community > Russia

Newtocairo
Joined 2022
Posts: 0

Banking with a sanctioned bank

3 years ago

Hi. I am an American living Russia. I am also a Russian citizen by birth. Does anyone know or know where to find information what do the sanctions against Alfa Bank mean for ordinary citizens? I am a US citizen so fall under the “US person” category. I have a USD deposit in Alfa Bank which I cannot withdraw in USD due to the current foreign currency rules. But the sanctions announced yesterday (as I understand them) require US persons to terminate all relationships with Alfa & Sberbank by 6 May. I report the Alfa Bank accounts on FBAR/Fincen. The only option that I see is to convert USD to rubles and withdraw loosing money in the process. Is that correct? Can anyone point me at the right direction for more information? Thanks.

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More