Revolut stopped in Ukraine

Since December 22, Revolut users in Ukraine have started receiving notifications about the closure of their accounts. In the notifications, the bank states the wording “due to local legal requirements”, without specifying details.

As follows from the message shared by the Forbes author, clients will be able to withdraw funds and save the necessary statements within 60 days. During the same period, accounts will continue to operate as usual. Revolut notes that they cannot provide services to residents of Ukraine yet, but they allow a return to the market in the future and promise to notify about changes.

After the allotted period, the account will be closed, and the remaining funds can only be withdrawn to an external bank account after conversion to euros. All assets in cryptocurrencies and metals must be sold by the closing date, otherwise the company will do this automatically and transfer funds in fiat currency to the main account. Money from general and children’s accounts before closing will also be transferred to the main one.

Revolut says that users who have paid for a subscription and will not be able to use it due to account closure will be refunded. Any proceeds after closure will automatically be sent back to senders.

Revolut is a British neobank, one of the co-founders of which is Ukrainian Vlad Yatsenko. After the last investment round, the company was valued at $75 billion. The service planned to fully enter the Ukrainian market in February, offering accounts in hryvnia and dozens of currencies based on the license of the Lithuanian Revolut Bank UAB. However, after the NBU requested to obtain a Ukrainian banking license, the company suspended registration of new clients. The reasons for the suspension of work and the subsequent decision to close accounts with Revolut are not officially disclosed.