Turkish Deniz Bank stops opening Russian accounts

By bne IntelliNews May 7, 2024

One of the largest Turkish banks DenizBank has significantly tightened the conditions for opening accounts for Russian nationals since the beginning of 2024 and has practically stopped approving such applications, RBC business portal reports citing two intermediaries who help Russian citizens get cards in Turkish banks. 

As followed by bne IntelliNews, the US has stepped up the pressure of secondary sanctions on the banking systems of Russian main trading partners, which appeared to influence the trade dynamics in the beginning of 2024, including trade with Turkey.

DenizBank used to be owned by Russia's largest lender state-controlled Sber (Sberbank) that sold Deniz prior to Russia's full-scale military invasion of Ukraine.

Sources surveyed by Kommersant claim that DenizBank “has practically stopped” opening accounts for Russian citizens since the beginning of 2024, approving only one out of ten applications. It is impossible to open an account even with a residence permit and a confirmed address in Turkey. 

The bank reportedly makes exceptions only for clients with large deposits of $100,000 and more.

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