Revolut closes accounts for Ukrainians: what the National Bank says about the future of the service

According to НБУ: The National Bank expressed its position regarding the closure of Revolut accounts for users in Ukraine. The Bank supports competition and the development of financial technologies in our country. It is important that foreign companies providing financial services comply with the laws of Ukraine and Europe.

All market participants must adhere to the same rules. Companies operating with Ukrainian residents must authorize themselves according to legislation and protect consumer rights.

Revolut has ceased servicing accounts of residents of Ukraine through Revolut Bank UAB.

However, the company will continue to service retail client accounts that are residents of the European Economic Area. The National Bank was informed of this decision in advance and is ready for dialogue with Revolut on regulatory issues.

The future presence of Revolut in the Ukrainian market will be determined by the company in accordance with legislative requirements and consumer needs. The National Bank guarantees a prompt review of documents for authorization and provides all necessary explanations regarding this process.

The National Bank of Ukraine supports open competition and adherence to legislation by companies providing financial services in Ukraine. Their actions must meet the requirements of not only domestic legislation but also international standards. Revolut will continue to have the opportunity to service accounts of residents of the European Economic Area, but national regulators will closely monitor its activities in the Ukrainian financial services market.