New! Latvian Citizens May Have Their Deposits Blocked in Russian Banks News Department Accounts have been blocked "as part of the adjustment of processes" to implement the decree of Russian President Vladimir Putin. Among those affected by the blocking of bank accounts and assets are holders of "talent visas," foreign non-residents who have declared their commitment to "traditional Russian spiritual and moral values," as well as ethnic Russians applying for documents to move to Russia from "unfriendly" countries. ## ## Presidential Decree on Obligations to Foreign Creditors On June 1, Russian authorities expanded the scope of the decree "On the Temporary Procedure for Fulfilling Obligations to Certain Foreign Creditors," which regulates payments on loans, securities, and other debts to creditors from "unfriendly" countries. Now, the document also applies to bank deposits of foreign non-residents. As a result, banks are required to transfer income from deposits of such individuals exceeding 10 million rubles per month to special type "C" accounts, the management of which is significantly restricted. The presidential decree does not clarify whether the new rules apply to all deposits or only to term deposits. This gives financial institutions the opportunity to interpret the document differently. The Bank of Russia has promised to issue clarifications on the new regulations if necessary. Affected clients can challenge the restrictions by contacting the regulator or going to court. The list of Russia's "unfriendly" countries includes 49 nations, including all 27 member states of the European Union. "Unfriendly countries" are those that condemned Russia's attack on Ukraine.