A European brokerage firm has begun closing accounts held by Russians, even those with residence permits

Scalable Capital, one of Europe’s largest brokers, has begun terminating services for clients with Russian passports who reside in EU countries. Users report that they have received notifications about the closure of their accounts starting in October, and this information was also confirmed by Vera Ugryumova, head of the Iskra Association.

According to clients, the restrictions affect not only Russian citizens without EU status, but also holders of residence permits, permanent residency, and even dual citizenship in EU countries.

In its letters, Scalable Capital does not explicitly cite Russian citizenship as the reason for terminating the relationship. In some cases, the company mentions the lack of EU citizenship, while in others it simply notifies clients of the termination of contracts without explanation.

At the same time, Ugryumova stated that the broker cites the requirements of sanctions legislation but does not specify the exact grounds. In one case in the Netherlands, a client was asked to provide proof of renouncing Russian citizenship.

This has been reported by Russian propaganda media.

Since the beginning of the year, Russians have withdrawn nearly $5 billion from foreign banks.

Meanwhile, in Russia, production and sales of agricultural machinery have plummeted.

After three years of unexpected economic growth, Russia is facing a sudden slowdown—war costs, inflation, and falling oil prices have begun to weigh on an economy that, until recently, seemed resilient to sanctions.

Consumer lending in Russia has fallen to a six-year low.