50K limit on deposits for Russian nationals

InvesterJones

I think we will have to wait and see what the "forthcoming secondary legislation" is to find out more details. For the OP I think there are likely to be several reasons not to panic. Firstly I expect there will be a grace period to allow affected persons to withdraw money down to the limit and place it outside of affected bank accounts. Secondly I wouldn't be surprised if dual-citizens are except - which would make a slight mockery of it if it included those who gained citizenship after tier 1 investment visas...

[Deleted User]

A number of UK banks already refuse to do business with US persons (citizens/PR holders) due to FATCA.

Essentially, it's your choice to retain your Russian citizenship and any related consequences. Dual nationality is a choice. 

Aylesbury_Duck

It probably won't affect you, but isn't this precisely the point of economic sanctions?  To cause Russian nationals financial difficulty in order that they apply pressure to the dictatorial regime in charge there.  What's the point of sanctions that don't bite?

Phantom151

I probably wouldn't worry. Seems the rule is you can't deposit more than 50k in an account. In your shoes I'd make sure I had acces to some cash just in case they do freeze and ask you to prove origin of funds though. Obviously this depends on amount in the bank account.

6am

As a Russian citizen I can vote in russian elections in the hope of making a change. What good will it do if I renounce the citizenship? I do not see any to be honest.

Tranboy

Lucky your money is in £ sterling and not the rouble,  its going to take a 40% hit when the exchanges open on Monday.

6am

Deleted_User said:

You probably know better than me where to get info from Russian sources, but does this help any? It's aimed at Russian citizens living in Russia so it may not provide anything relevant.

Thank you, it is not relevant, I have no financial links with Russia.

6am

For now I decided to repay a mortgage as I do not want to endup in a situation where I still have debts but do not have savings. I will take some money out on Monday to have cash just in case. I will send some money to my daughter and son in law as they are buying a house and we promised to contribute from bank of mum and dad as a gift (solicitors are aware and were happy with the source of funds (savings) until recent events). I guess the situation will be clear on Tuesday

Phantom151

6am said:

For now I decided to repay a mortgage as I do not want to endup in a situation where I still have debts but do not have savings. I will take some money out on Monday to have cash just in case. I will send some money to my daughter and son in law as they are buying a house and we promised to contribute from bank of mum and dad as a gift (solicitors are aware and were happy with the source of funds (savings) until recent events). I guess the situation will be clear on Tuesday

Probably wise. You should be fine but never underestimate a banks ability to !!!!!! things up. I expect all Rusian citizens will be flagged for some level of scrutiny however irrational that may seem to us mere mortals.

thebrexitunicorn

Deleted_User said:

A number of UK banks already refuse to do business with US persons (citizens/PR holders) due to FATCA.

Essentially, it's your choice to retain your Russian citizenship and any related consequences. Dual nationality is a choice. 

It’s far from straightforward and extremely time consuming (requiring one’s presence in Russia) for an individual to be able to extract him or herself from Russian citizenship.  

OP you live here as a UK citizen, you shouldn’t be affected.