Russian residents with EU permits violate sanctions by placing funds in sanctioned banks
The Latvian State Security Service (VDD) warns that Russians holding residence permits in EU countries violate sanctions if they place funds in Russian banks under EU restrictions. In early February, VDD requested the prosecution to initiate a case against a Latvian citizen who received a salary from a Russian company into an account at a bank listed under sanctions.
VDD clarified that the ban applies to all EU residents, including Russians with residence permits. The placement of funds in sanctioned banks is considered a breach of European law. This case highlights the strict enforcement of EU sanctions within member states.
This development may lead to increased monitoring of financial transactions by residents involving sanctioned countries and potentially new criminal investigations in cases of violations.
