Restrictions on Russia and Belarus

As a part of the EU sanctions imposed due to the Russian military invasion in Ukraine, the Estonian government has decided to impose the following restrictions on first-time e-Residency applicants from Russian and Belarusian citizens:

  • First-time e-Residency applications from Russian and Belarusian citizens cannot be submitted
    as of February 24, 2022. 
  • Processing of first-time applications submitted by Russian and Belarusian citizens currently awaiting an approval decision has been suspended. 
  • Issuing of first-time e-Residency digital ID cards to Russian and Belarusian citizens who have not yet picked up their cards is suspended in all e-Residency pickup locations.

This decision does not affect Russian and Belarusian citizens who currently hold a valid e-Residency digital ID card. However, they need to consider the following:

  • Renewal of e-Residency digital ID cards by Russian and Belarusian citizens may require additional processing time to ensure compliance with all sanctions. 
  • Estonian companies founded and run by e-residents with Russian and Belarusian citizenship may be subject to additional checks by Estonia’s supervisory authorities to ensure compliance with sanctions.

Banking services:

The process of opening bank accounts and the provision of financial services depends on the risk analysis of the banks and fintech companies as private enterprises, and the EU and international sanctions imposed. 

Many private companies and service providers listed on the e-Residency Marketplace have decided to apply restrictions on account access and also on monetary transactions with Russia and Belarus.

In addition to sanctions, some financial services providers have decided to impose their own restrictions as a show of solidarity with the people of Ukraine. 

E-Residency as an Estonian government programme cannot intervene with risk evaluations and KYC/AML processes of private companies such as banks and other financial service providers. 

Therefore, e-Residency also can not guarantee that all banking and financial services providers listed on the e-Residency Marketplace will continue to offer their services to Russian and Belarusian citizens. To clarify your situation, please contact your bank or financial service provider who can provide you with updated information regarding their ongoing services.

In case of closure of an existing business banking account, you should contact your bank or financial service provider to clarify the situation. You may need to answer some questions regarding your business activities that will help reopen your business account. 

We will provide further updates as more information is provided by the Estonian state authorities.

 

Related resources:

Security situation in Europe

EU restrictive measures 

List of legitimate news sources

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