- Category
- World
Major European Broker Scalable Capital Cuts Services for Russian Passport Holders
Prefer U24 Media on Google
- Authors
![Photo of Cyril Barabaltchouk]( "Photo of Cyril Barabaltchouk")
-72b63a4e0c8c475ad81fe3eed3f63729.jpeg "Photo of Cyril Barabaltchouk")
Scalable Capital, one of Europe’s largest digital brokers, has begun issuing mass account termination notices to Russian citizens residing across the European Union, effective October 2026, The Moscow Times reported on August 5.
The account terminations at Scalable Capital are reminiscent of a broader trend across the European financial sector, where institutions have increasingly restricted services for Russian citizens.
We bring you stories from the ground. Your support keeps our team in the field.
Major German lenders—including Sparkasse, Commerzbank, and digital bank N26—have previously subjected long-term Russian residents to sudden account freezes and mandatory status reviews, citing strict EU sanctions compliance and heightened anti-money laundering controls.
The closures affect Russian passport holders regardless of their long-term residency status, impacting individuals holding European temporary residency permits, permanent residency, and dual citizenship within EU member states.
-0db32868f7db654aafb550c14d280598.png)
Account holders across online financial forums confirmed receiving termination notices, a pattern also verified by Vera Ugryumova, head of the Iskra rights association , The Moscow Times wrote.
While the Munich-based broker cited compliance with international sanction requirements in several customer communications, the explicit justification provided in the termination letters varies. In some instances, clients were informed that their service was being discontinued due to a lack of EU citizenship, while others received generic notices of contract cancellation without detailed explanation.
In the Netherlands, at least one customer reported being requested to provide official documentation proving the renunciation of their Russian citizenship to retain access to the platform, according to The Moscow Times.
-fcce4c16216ebe10e5253bc3ca2d0eb6.png)
Specific cases highlight the broad scope of the enforcement, with dual German-Russian citizens and long-term European residents receiving cancellation notices, The Moscow Times reported. One affected client reported having held permanent residency in Germany for 17 years, while another noted opening an account specifically after securing German permanent residency under the assumption that EU status would shield their financial services from sanctions-related disruptions.
Founded in Munich in 2014, Scalable Capital operates across Germany, Austria, France, Italy, the Netherlands, and Spain, offering trade execution in equities, exchange-traded funds (ETFs), and mutual funds. The digital platform manages over €30 billion ($34.6 billion) in assets across a client base exceeding one million users, making compliance enforcement one of the most substantial service rollbacks targeting Russian nationals within the European fintech sector, The Moscow Times noted.
Similar account terminations have swept financial institutions across the EU throughout the year. In June, Portugal’s state-owned Caixa Geral de Depósitos notified Russian passport holders that their accounts would be permanently closed by August, mirroring tightening compliance policies that have also frozen accounts at major German lenders and fintech platforms like Wise and Revolut.
Discuss this article:
-111f0e5095e02c02446ffed57bfb0ab1.jpeg "Photo of Roman Kohanets")
