Revolut and Ukrainian residents: why the fintech experiment is being wound down and what it means for the market
The decision by the British neobank Revolut to stop servicing clients who are residents of Ukraine has become a telling case of a global fintech colliding with national regulation. Time for Action has gathered all publicly confirmed facts and calmly broken the situation down to its essence, without emotions and without conjecture.
Starting on December 22, Ukrainian users of Revolut began receiving emails about the upcoming closure of their accounts. The company officially confirmed this information, stressing that it does not apply to all Ukrainians, but exclusively to clients who are residents of Ukraine. Revolut team stated directly: “Revolut has made the decision that it can no longer provide its European bank accounts to customers who are residents of Ukraine.” At the same time, the company emphasized that “this decision does not affect Ukrainian citizens who live in countries of the European Economic Area and have Revolut accounts; we will continue to provide them with services.”
The key date in this story is February 22, 2026. Until that moment, accounts of Ukrainian residents will remain active. Over the next 60 days, users are advised to withdraw their funds from the accounts and download all statements. At this stage, the company is offering no exceptions or alternative scenarios.
To understand the reasons behind this decision, it is important to return to how Revolut entered Ukraine. In February, the company announced the expansion of its services for Ukrainian citizens in cooperation with the Diia platform of the Ministry of Digital Transformation. The idea was to connect the Ukrainian diaspora in Europe with families in Ukraine, offering access to European accounts, instant transfers, and basic financial services. These services were provided through Revolut Bank UAB, registered in Lithuania.
However, a fundamental limitation emerged almost immediately. Long-term servicing of clients who are not residents of the European Economic Area is not possible without additional permits from local regulators. This was stated explicitly by Revolut’s Head of New Market Launches, Dmytro Strelchuk: “For users to have access to the hryvnia, we need to partner with one of the Ukrainian banks or obtain a banking license. We will work on this, it will take time, and it will happen later.”
The position of the National Bank of Ukraine on this issue has been and remains clear. The regulator has repeatedly emphasized that “according to the Law of Ukraine ‘On Banks and Banking Activity’, the only permissible forms of conducting banking activity in the territory of Ukraine are the establishment of a branch of a foreign bank or obtaining a banking license in Ukraine”, and that “any of these forms requires permission from the National Bank of Ukraine.” These requirements are universal and do not depend on the size of the company or its global brand.
Following Revolut’s decision, the NBU separately commented on the situation, underlining that it supports open competition and the development of financial technologies, while at the same time stressing: “the rules are the same for everyone.” The regulator is interested in large international players entering the Ukrainian market, but any company intending to provide financial services to residents of Ukraine must undergo authorization in accordance with Ukrainian legislation.
An important nuance is that Revolut informed the NBU in advance of its intention to stop working with Ukrainian residents, and the National Bank itself remains open to regulatory dialogue. In its statement, the regulator explicitly noted: “The future model of presence on the Ukrainian market will be determined directly by the company itself, taking into account Ukrainian regulatory requirements and the range of services it plans to provide to Ukrainian consumers.” Moreover, the NBU assured that if a complete package of documents is submitted, it will ensure prompt consideration, and Revolut has already been provided with detailed explanations regarding possible authorization mechanisms.
Thus, this is not about a ban or a conflict, but about a legal pause caused by the mismatch between the current operating model and the requirements of Ukrainian law. Revolut has effectively acknowledged that the temporary scheme with European accounts for Ukrainian residents has exhausted itself.
The company’s financial position also deserves attention. In April, Revolut reported a 149% increase in profit before tax in 2024 to £1.1 billion, confirming that the decision to close accounts is not related to financial difficulties. The reasons lie solely in the sphere of regulation and licensing.
In summary, Time for Action records several fundamental conclusions. First, Revolut is not leaving Ukraine permanently, but is suspending services for residents due to the lack of a license. Second, Ukrainians who live and are officially registered in EU countries do not lose access to the service. Third, the Revolut case demonstrates that Ukrainian financial regulation operates under uniform rules for everyone, even for global fintech giants. Finally, this story leaves open the scenario of a second attempt by Revolut to enter the Ukrainian market, but in a format that fully complies with Ukrainian legislation.
For users, this is an unpleasant but predictable decision. For the market, it is a clear signal: fintech in Ukraine is possible only within the rules, and no brand can bypass them.
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