Portugal’s largest state-owned bank, Caixa Geral de Depósitos (CGD), has begun notifying Russian nationals that their accounts will be closed starting August 14, 2026.
According to notifications received by clients, the measure primarily affects Russian citizens without a valid Portuguese residence permit or those who have not updated their residency status with the bank. However, some holders of Portuguese residence permits and Russians employed in other EU countries have also reported receiving similar notices.
The bank stated that remaining funds can be withdrawn at CGD branches following the account closures.
In spring 2026, CGD requested that some clients update personal information and provide confirmation of income sources.
Experts attribute the move to tighter policies by European financial institutions toward clients with Russian citizenship. In recent years, EU banks have increased checks as part of anti-money laundering procedures and sanctions compliance. Financial institutions are also paying closer attention to transfers involving banks in Commonwealth of Independent States countries, including Armenia, Kazakhstan, and Kyrgyzstan.
The development follows the EU’s adoption of its 19th sanctions package in October 2025. The package introduced additional restrictions on payment services for Russian citizens without EU residency rights, including limits on issuing and renewing bank cards.