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Expat Community > Russia

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Banking with a sanctioned bank

2 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.

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