Portugal's largest bank closes Russian accounts

Portugal's largest bank, Caixa Geral de Depósitos, has begun mass-notifying Russian clients about account closures, with notifications sent via email or SMS starting from June 8, 2026. The closures affect not only Russians without residence permits but also some clients holding valid Portuguese residence permits. Bank employees attribute the situation to new internal instructions from the central office, which they claim is under pressure from the EU. Affected clients are being offered the opportunity to resubmit their residence permit documents and request a reconsideration of the decision. The bank cites general terms and conditions as the basis for the closures, leaving many account holders uncertain about their financial access.