Portugal's largest bank has begun closing accounts held by Russians en masse
Portugal’s largest bank, Caixa Geral de Depósitos, has begun notifying Russian customers of the closure of their accounts. The first notifications began arriving in early June, and the accounts are scheduled to be closed on August 14, 2026.
The letters state that the bank will close all accounts and cease providing services. Customers are asked to return unused checkbooks, bank cards, and other account access tools. They are offered the option to withdraw their remaining funds at a bank branch.
According to customers on social media, the notices are primarily being received by holders of Russian passports without a valid residence permit in Portugal or by those who did not have time to update their information with the bank. At the same time, some Russians with residence permits who work for Portuguese or European companies have also received notifications about account closures.
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