Sanctioned Banks and a Sinking Ruble Are Upending Russian Expat Finances

Sanctions are targeting Russia’s largest banks, biggest companies and richest people, in the wake of the country’s invasion of Ukraine. They’re also having a knock-on effect further afield by squeezing everyday Russians living abroad.

These expats don’t have private jets or wealth managers. But they are accustomed to easy online banking, cheap currency conversions and a steady flow of goods and services between their current outposts and home. With new sanctions — as well as sudden policy changes by Russia and the breakneck drop in value of the ruble — those links have broken down in just days.