Russians Denied US Bank Accounts: Why Banks Refuse Service Even Without Sanctions
A phenomenon broader than sanctions
Many Russian citizens assume that if they are not named on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List, hold no blocked assets, and face no individual restrictions, a US bank has no real basis to turn them away. In practice, Russians denied US bank accounts is a routine outcome, and it happens regardless of whether...