50K limit on deposits for Russian nationals

billy2shots

Might be relevant to you OP. 

As an AFC Bournemouth follower I was interested in how this situation affects the club who is owned by Maxim Demin. 

The government have announced no sanctions as he also holds a UK citizenship and they wouldn't sanction one of our own.

Based on that I would continue to research the issue but not do anything drastic. 

earlybird2022

Are there any news on dual citizens, permanently residing in the UK, and sanctions?

marcia_

earlybird2022 said:

Are there any news on dual citizens, permanently residing in the UK, and sanctions?

 10 Russians were mentioned in parliament this afternoon in relation to sanctions. Thats it 

HCIMbtw

Cryptocurrency:

You could hold your savings in a stable coin, e.g. USDC, in a non-custodial digital asset wallet, e.g. Exodus, or a hardware wallet like Trezor one. 

I mean it wouldn't be my first port of call, because I enjoy FSCS protection where I hold cash, which you wouldn't get with this, but if you are sitting on a lot of savings, don't want to have 20 different bank accounts with £50k in them, then storing your money in stablecoin like USDC would be a 'stable' work around and would be about the most trustworthy USD coin that I know of. 

Section62

HCIMbtw said:

Cryptocurrency:

You could hold your savings in a stable coin, e.g. USDC, in a non-custodial digital asset wallet, e.g. Exodus, or a hardware wallet like Trezor one. 

I mean it wouldn't be my first port of call, because I enjoy FSCS protection where I hold cash, which you wouldn't get with this, but if you are sitting on a lot of savings, don't want to have 20 different bank accounts with £50k in them, then storing your money in stablecoin like USDC would be a 'stable' work around and would be about the most trustworthy USD coin that I know of. 

I would think it better to wait to see exactly how these restrictions will be applied before a dual-citizen does anything dramatic.

In the current environment anyone with Russian links moving a large amount of cash (Sterling) into crypto via the UK banking system may cause themselves greater difficulties down the line.

Never forget that individual banks aren't obliged to continue their business relationship with us, and even quite minor innocent transactions have been known to spook them.

[Deleted User]

thebrexitunicorn said:

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.  

Are you now saying that dual nationality is an obligation? International Law only requires that you aren't stateless i.e. you have at least one citizenship. 

For the record, one of my close friends is a dual Russian/British National; so this isn't anti-Russian rhetoric but a simple fact. 

Malthusian

HCIMbtw said:

I mean it wouldn't be my first port of call, because I enjoy FSCS protection where I hold cash, which you wouldn't get with this, but if you are sitting on a lot of savings, don't want to have 20 different bank accounts with £50k in them, then storing your money in stablecoin like USDC would be a 'stable' work around and would be about the most trustworthy USD coin that I know of. 

A money market fund would give you nearly the same protection as an FSCS-protected bank account, without needing to rely on a bro's mystery box that backs his promise to pay 1 real dollar for every crypto dollar. There is also no chance that sending excess funds to an investment platform would trip anti money laundering flags at your bank.

Circle claims that each USDC is backed by a dollar held in reserve, or by other "approved investments", though these are not detailed. The wording on the Circle website changed from the previous "backed by US dollars" to "backed by fully reserved assets" by June 2021. [Wikipedia]

thebrexitunicorn

Deleted_User said:

thebrexitunicorn said:

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.  

Are you now saying that dual nationality is an obligation? International Law only requires that you aren't stateless i.e. you have at least one citizenship. 

For the record, one of my close friends is a dual Russian/British National; so this isn't anti-Russian rhetoric but a simple fact. 

I did not say anything of the sort.  Ask your friend about the process for renouncing Russian citizenship. It’s quite an undertaking.