Boyko has become an investor in Plata and Revolut's rival startup, Oninvest sources said

Billionaire Oleg Boyko became an investor in Plata and Revolut's rival startup in Mexico

Sudden account blocking has become a parable not only for private but also for business clients of neobanks. Entrepreneurs complain of funds freezing, paralyzing their business, and forced account closure without explanation. Automated compliance using AI that neobanks employ is partly to blame. What should an entrepreneur do if his account is blocked; Oninvest found out.

What to do if a neobank in the EU has closed a business account?

In February 2026, a Baku military court sentenced Ruben Vardanian, an investment banker who pioneered the stock market in Russia, to 20 years in prison. Prior to that, he served as prime minister of the unrecognized Nagorno-Karabakh Republic (NKR), which was the steepest turn in his 30-year career and led him to an Azerbaijani prison. Oninvest looked into how Vardanyan went from Forbes list member and investment banker to politician and prisoner.

Investment banker Ruben Vardanyan was sentenced to 20 years in prison by a court in Azerbaijan. What led him to this? 

The European Commission (EC) <a href="https://finance.ec.europa.eu/document/download/66e8fd7d-8057-4b9b-96c2-5e54bf573cd1_en?filename=faqs-sanctions-russia-consolidated_en.pdf">has put an</a> end to a long-standing dispute between banks and fintech start-ups with Russian clients residing in the EU. Officials have issued a clarification: Russian citizenship alone is not grounds for closing an account.

European Commission tells banks how to apply payment sanctions to Russians with residence permits 

Founders with Russian roots in 2025 attracted just over $3 billion of foreign investment in their projects, which is comparable to the result of 2024. This means that the crisis of 2022-2023, when foreign investors turned away from Russian startups after the outbreak of hostilities in Ukraine, has been overcome. In 2026, Russian founders will have to deal with new serious problems, including tougher US immigration policy and Russia's inclusion in the EU's money laundering blacklist. How will this affect their business?

Startups with Russian roots attracted more than $3 billion in foreign investment in 2025. What awaits them in 2026? 

Bank Hapoalim B.M.

Bank Leumi le-Israel B.M.

Mizrahi Tefahot Bank Ltd.

Israel Discount Bank Limited

Israeli banks have stepped up checks on the tax residency of repatriates from the Russian Federation. The banks either ask clients to prove that the center of their life interests is now in Israel, or independently recognize their Russian tax residency, inviting the client to appeal at once. It is not worth ignoring the banks' requests, otherwise data on Israeli accounts and cards will be received by the Federal Tax Service as part of an auto-exchange of information, financial advisers warn.

Banks in Israel check repatriates for Russian tax residency: what are the risks?

Societe Generale Societe anonyme

BNP Paribas SA

UniCredit S.p.A.

Deutsche Bank Aktiengesellschaft

Russians living in the EU have started to encounter checks on previously approved money transfers to Revolut from CIS countries to Europe. Often these are transactions made 1-2 years ago. Neobank tries to find out whether a third country bank was not a transit link between Russia and the EU, asks for confirmation of the source of origin of the funds and blocks the account if it sees the Russian origin of the money.

Revolut has started checking old transfers by Russians. Why is this happening and what are the risks? 

The Carlyle Group Inc.

Exxon Mobil Corporation

Chevron Corporation

Russian oil company Lukoil has found a buyer for its foreign assets that may finally satisfy OFAC. This is the American Carlyle, an investment company with big connections in US political circles. What is it known for?

Washington Liaison: the story of Carlyle, the buyer of Lukoil's foreign assets

Raiffeisen Bank International AG

Strabag SE

Raiffeisenbank, a Russian subsidiary of the Austrian RBI group, generates a significant share of its profits. But its Austrian owners cannot receive dividends from it because of Russian laws and courts. On January 30, the Austrian bank will publish preliminary results for 2025. What should investors know about the bank's business in Russia?

Yulia Petrova

Writes about:

Articles: 30

Investor battle: how billionaire Oleg Boyko became Oleg Tinkov's rival in Mexico

Fighting AI Compliance: what to do if a neobank in the EU has closed your business account?

Investment banker and prisoner: Ruben Vardanian's mistakes that deprived him of his freedom

European Commission tells banks how to apply payment sanctions to Russians with residence permits

Startups with Russian roots have survived one crisis. But there is a new one ahead

Banks in Israel check repatriates for Russian tax residency: what are the risks?

Revolut has started checking old transfers by Russians. Why is this happening and what are the risks?

Washington Liaison: the story of Carlyle, the buyer of Lukoil's foreign assets

Raiffeisen Bank's 2025 report: what investors need to know about its business in Russia