50K limit on deposits for Russian nationals

6am

What the heck is that? I have been living in this country for 22 years, raising family, paying taxes, saving for a pension. I am not a wealthy individual, just your normal average person, but I do have more than 50K in savings. What is this money grab? It is disgusting how they singled out a group of people. What options do I have?

6am

Not yet, but according to BBC they will impose a £50000 limit on bank deposits. So not sure what form it will take.

Alistair31

Protest the Russian ambassador to the U.K. 

Let them know actions have consequences.

Dazed_and_C0nfused

This is what the gov.uk release says. 

new restrictions to cut off wealthy Russians’ access to UK banks including £50,000 limits on bank accounts

Not clear to me if it's just wealthy Russians who are affected or all Russians??

Either way the world would be a better place if the unwanted Russians currently in Ukraine returned to Russia.

Alistair31

Deleted_User said:

Sadly, they can do what the hell they like to anyone they like under the guise of a national emergency. What you need is for people to stick up for you - to protest. 

Not sure there is going to be a lot of people going against the U.K. Gov on sanctions imposed as a result of this vile assault on a Ukraine. 

GeoffTF

The OP needs to wait and see what the full rules are, and what he can do to mitigate them.

Keep_pedalling

Interesting that the OP is claiming to be a Russian citizen, when apparently they are entitled to vote in UK general elections.

https://forums.moneysavingexpert.com/discussion/5635616/will-i-be-able-to-vote-in-the-general-election#latest

6am

Just to clarify, I have 2 citizenships, British and Russian. I became a British citizen in 2005. I was lucky as the cost of citizenship application was resonable. I have a colleague who only have an indefinite leave to remain, the reason is probably financial, as it costs a fortune to apply for a citizenship now. You can check my previous posts and see for yourself if they fit a Russian troll profile. All my savings were earned in UK, I am just a normal PAYE employee in a software company. Since 2011 I also fill tax returns every year as I had a small windfall when the company was sold. I hope that answers the questions about my position.

CKhalvashi

6am said:

Just to clarify, I have 2 citizenships, British and Russian. I became a British citizen in 2005. I was lucky as the cost of citizenship application was resonable. I have a colleague who only have an indefinite leave to remain, the reason is probably financial, as it costs a fortune to apply for a citizenship now. You can check my previous posts and see for yourself if they fit a Russian troll profile. All my savings were earned in UK, I am just a normal PAYE employee in a software company. Since 2011 I also fill tax returns every year as I had a small windfall when the company was sold. I hope that answers the questions about my position.

In this case, depending on the exact wording of the legislation, you should be ok as in the UK your British citizenship will outweigh your Russian citizenship (you will always be deemed a British citizen in the UK).

£50k isn't a large amount in savings in the grand scheme of things (around here it would just about get a house deposit), so I have to question whether this is going to have negative impacts on legitimate residents of the UK more than those who have the money and ability to hide where the money is from.

grumiofoundation

6am said:

Just to clarify, I have 2 citizenships, British and Russian. I became a British citizen in 2005. I was lucky as the cost of citizenship application was resonable. I have a colleague who only have an indefinite leave to remain, the reason is probably financial, as it costs a fortune to apply for a citizenship now. You can check my previous posts and see for yourself if they fit a Russian troll profile. All my savings were earned in UK, I am just a normal PAYE employee in a software company. Since 2011 I also fill tax returns every year as I had a small windfall when the company was sold. I hope that answers the questions about my position.

I don't think anyone was calling you a troll by the way!

In terms of the £50,000 the legislation hasn't been brought in yet (as far as I know). The actual government page says
new restrictions to cut off wealthy Russians’ access to UK banks including £50,000 limits on bank account whereas other pages (like the one you posted earlier) seem to say all russians. Obviously not helpful, and I do get that, but you may have to just wait and see what impact the sanctions have on you. 

As you have british citizenship it may be this won't actually impact you?

nyermen

OP, I do have sympathy.

A russian colleague of mine relocated here recently (as she was promoted and right now, being in the UK is really key to the business).  We've worked together for 20 years, worked together around various countries at customer sites, seen her get married, have kids etc (who've come with her to UK).  This must be horrible for her (I saw her briefly in the office, "stunned" is the best way to describe it.)

The irony is, I believe russian citizens with any amount of money in the UK are more likely to be anti rather than pro what is going on (UK is their bolt hole...)