Bank of Maldives (BML) has firmly rejected reports claiming that it suspended money transfers to and from Russia, confirming that its policies governing Russia-related financial transactions remain unchanged.
The clarification was issued on 9 November 2026 following reports by Russian media outlets, including RBC, alleging that BML had stopped processing payments sent to or received from Russia. Responding to the claims, BML Spokesperson and Public Relations Manager Mohamed Saeed said the reports were inaccurate and did not reflect the bank’s position.
Saeed confirmed that BML had not issued any statement or provided information to media organisations indicating that Russian transactions had been suspended. He stated that the bank has not introduced any special policy specifically intended to block funds originating from Russia or financial transactions connected to the country.
BML explained that international foreign currency transfers, particularly transactions denominated in US dollars, are processed through international correspondent banks. These institutions apply their own regulatory requirements, compliance procedures and screening mechanisms to assess the parties involved in transactions and determine the ultimate beneficiaries of transferred funds.
According to the bank, correspondent institutions may reject or return transactions that do not meet their internal compliance requirements or fall within restrictions applied under their respective policies. Such decisions are made independently by correspondent banks, while BML is required to comply with the procedures and decisions of institutions facilitating international settlements.
Saeed stressed that any transaction rejected or returned following compliance screening by a correspondent bank should not be interpreted as a policy decision by BML to suspend payments involving Russia.
The bank also highlighted the importance of responsible and accurate reporting on international payment matters, noting that misleading information could negatively affect confidence in the Maldivian economy and the country’s tourism industry. Russia remains one of the Maldives’ important tourism source markets, and dependable international payment arrangements continue to play a significant role in supporting resorts, travel operators and other businesses serving international visitors.
The Maldives has continued to strengthen its position as a globally connected tourism destination under the Government’s economic development agenda, with the financial sector playing an important role in facilitating international commerce and visitor-related transactions. BML’s clarification provides further assurance to businesses and travellers that its established policy regarding Russia-related transactions has not changed, while all cross-border transfers remain subject to the compliance requirements of international correspondent banking networks.
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