Thailand’s largest bank freezes thousands of Russian accounts

Russian media report that the sudden restrictions have left Russian tourists and expatriates scrambling to withdraw funds and seek explanations at bank branches across the country.

Previously known for its accessibility to foreigners, including short-term visitors, Bangkok Bank had allowed even tourists to open local accounts with ease. That policy has now shifted sharply. Under new rules, only Russian citizens who possess long-term visas, are married to Thai nationals, or own property in Thailand will be allowed to maintain their accounts and continue using their cards. All others are permitted to withdraw their funds before services are cut off.

The Russian Embassy estimates that 40,000 to 50,000 Russians live permanently in Thailand, many of whom are believed to be affected. Bank branches in tourist hubs like Pattaya and Phuket have reportedly been overwhelmed by crowds of concerned Russians seeking clarification.

While Bangkok Bank has yet to release an official statement, representatives have pointed to tightened internal regulatory standards and a reassessment of risks associated with money laundering, terrorism financing, and fraud. Behind the scenes, however, the move is also interpreted as a response to growing international sanctions pressure and scrutiny of Russian financial flows.

Adding fuel to speculation, Thai authorities recently uncovered a large-scale financial fraud operation involving the illegal cashing of remittances. On May 21, four employees of an unnamed bank in Pattaya were arrested for helping open 15 accounts for foreigners on tourist visas. These accounts reportedly processed over 100 million baht (approximately $3 million), which was quickly withdrawn before the individuals left the country. The funds are believed to be linked to a transnational phone scam operation, with total damages estimated at 2.2 billion baht.

This banking clampdown underscores a broader trend of increasing global financial isolation for Russian citizens abroad, even in countries historically seen as neutral or welcoming.