BML rejects reports of Russia payment restrictions

Bank of Maldives says it has not suspended or restricted Russia-related payments, while clarifying that individual foreign currency transactions may still be rejected by international correspondent banks under their own sanctions and compliance policies.

Mohamed Hilmy

09 November 2026, 22:28

Bank of Maldives (BML) has rejected reports claiming that it has suspended fund transfers to or from Russia, saying no changes have been made to its arrangements for such transactions.

BML spokesperson Mohamed Saeed said reports suggesting that Russia-related transfers had been suspended were “entirely false” and had no factual basis.

The Bank also said it had neither issued an official statement nor provided information on the matter to any media outlet.

BML clarified that it has not adopted a policy restricting payments originating from or related to the Russian Federation.

However, the Bank noted that foreign currency transactions, particularly those denominated in US dollars, are cleared and settled through international correspondent banks.

These correspondent banks apply their own sanctions and compliance requirements, including screening the parties involved in transactions and their ultimate beneficial owners.

Payments that fall within those policies may therefore be rejected or returned by correspondent banks, with BML required to comply with their decisions.

The clarification follows reports claiming that BML had stopped processing Russia-related payments.

BML said reporting of this nature could be detrimental to the interests of the Maldives’ tourism sector and wider economy.

BML rejects reports of Russia payment restrictions

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