On January 29, 2026, the European Commission’s decision to add the Russian Federation to its list of countries with a high risk of money laundering and terrorist financing (AML/CFT) came into effect. Russia became the 30th jurisdiction on this EU “blacklist,” which already includes North Korea, Iran, Syria, Afghanistan, Yemen, and several other countries.
The European Commission conducted a technical assessment and concluded that Russia has strategic deficiencies in its national anti-money laundering and counter-terrorist financing systems. This decision was made independently of the Financial Action Task Force (FATF) lists, which Russia has been suspended from since 2023, but the country itself is not blacklisted by the FATF.
EU Foreign Minister Kaja Kallas noted that adding Russia to the list would “slow down and increase the cost of transactions with Russian banks” and would also complicate the use of financial channels to finance the war in Ukraine.
EU financial institutions are now required to apply enhanced due diligence to all transactions related to Russia: this applies to transfers, accounts, companies with Russian participation, Russian citizens, etc.
Requirements for verifying the origin of funds, monitoring transactions, and documenting are being tightened.
For Russians residing in the EU, this may mean more stringent checks when opening or maintaining accounts, delays in transfers, and an increased risk of being denied banking services.
Banks and other obligated entities (notaries, realtors, crypto exchanges, etc.) will be forced to strengthen compliance controls regarding Russian connections.
This decision strengthens the EU’s existing sanctions regime and is aimed at protecting the integrity of the European financial system. The European Commission emphasizes that the list is regularly updated based on new risk assessments.