The Maldives' largest bank, Bank of Maldives, has stopped processing all money transfers linked to Russia and has begun returning payments for accommodation booked by Russian tourists, according to the Russian Union of Travel Industry (RST).
Russian tour operators first encountered transaction refusals when attempting to pay for hotel reservations. The bank has been rejecting payments and returning funds even when the transactions are made by foreign legal entities, identifying them as connected to Russian citizens.
The Bank of Maldives confirmed its position, stating that it strictly adheres to its internal compliance and risk management policies. Bank representatives emphasised that Russia has been placed on a list of countries subject to restrictions on financial transfers, meaning that all Russia-related transactions have been suspended.
The RST noted that the bank's actions are creating serious logistical difficulties and unexpected financial losses. Hotels on the islands that have not received payment are demanding that arriving Russian tourists pay for their accommodation again on arrival, warning that they may otherwise be refused check-in.
The situation has raised significant concerns among tourism industry representatives, as the Maldives is one of the key destinations for Russia's premium travel market. Between January and August, approximately 198,000 Russian tourists visited the archipelago, accounting for almost 15% of total international arrivals.
Amid concerns about potential disruption to the tourist season, the RST has appealed to Russia's Ministry of Economic Development and the Russian Embassy in the Maldives, requesting consultations with local authorities to restore uninterrupted payment processing.
However, financial institutions in the Maldives continue to enforce the restrictions.
