Revolut Suspends Its Banking Services In Belarus And Russia

Revolut, the UK-based fintech company, has suspended its banking services in Russia and Belarus, becoming the latest fintech leaving the region.

Revolut cut support for money transfers to or from entities in Russia and Belarus from 12:00 GMT on March 4, according to a source familiar with the matter.

Revolut cards that have been issued by financial institutions in Russia or Belarus will no longer work for users to top up their accounts.

The West has been aggressive to issue sweeping economic sanctions against Russia following its conflict with Ukraine, which began on February 24.

Earlier this week, cross border payments company Wise stopped its services in Russia – followed by Zepz, TransferGo and Remitly.

Since 2015, Revolut has provided a range of banking services including payment, investment and money management through a mobile app. The neobank became the most valuable private tech company in UK history after raising $800 million in July 2021.

Some of Revolut’s staff is based in both Russia and Ukraine, and Russian born Co-Founder of Revolut, Nikolay Storonsky said that he had to weigh on the wellbeing of those based in Russia before making any statement on the conflict. He said:

“They have done nothing wrong; they have simply helped build Revolut, supporting their own families through their hard work, just like their colleagues in Ukraine (or London or New York or Sydney or Mumbai, or anywhere else in the world where our people are based). I was, and remain, mindful of them in all of my actions.”