Portugal's largest bank closes Russian accounts

Portugal's largest bank, Caixa Geral de Depósitos, has started mass-notifying Russian clients about account closures, with the first notifications arriving in early June 2026. The bank will close all accounts and refuse services by August 14, 2026, asking clients to return checkbooks and cards. Notifications primarily target Russian passport holders without a valid Portuguese residence permit or those who failed to update their data, though some with residency have also received notices.