BML denies reports of suspension of money transfers to and from Russia

Bank of Maldives (BML) has denied reports that it has suspended money transfers to and from Russia, stating that it has made no changes to its policies concerning transactions involving the country.

The bank issued the clarification on Monday evening following reports by Russian media outlets, including RBC, claiming that BML had decided to stop processing payments sent to or received from Russia.

In a post on X, BML spokesperson Mohamed Saeed said the bank had not issued any statements or shared information with media organisations regarding such a decision.

He also confirmed that BML had not introduced any policy specifically aimed at suspending transactions originating from or involving Russia.

Saeed explained that BML, like other banks, relies on international correspondent banks to process foreign currency transactions, particularly those denominated in US dollars.

These correspondent banks operate under their own procedures, regulations and compliance policies, including screening the parties involved in transactions and their ultimate beneficiaries.

"Correspondent banks may reject or return transactions that fall within the scope of these policies. Such decisions are entirely at the discretion of the correspondent banks, and BML is required to comply with them," Saeed said.

He emphasised that decisions to reject or return payments under correspondent banking compliance requirements should not be interpreted as a policy introduced by BML to suspend transactions with Russia.

The bank also expressed concern that the circulation of what it described as inaccurate reports could have consequences for the Maldives' tourism industry and the wider economy.

Russia is a source market for Maldivian tourism, making international payment arrangements relevant to businesses serving Russian visitors.

BML maintained that it had made no changes to its position on Russia-related transactions, while noting that international transfers remain subject to the requirements and decisions of correspondent banks.