- BML denied Russian media reports claiming it suspended money transfers to and from Russia, calling them false.
- The bank said transaction rejections stem from international correspondent banks' compliance policies, not any BML-specific Russia policy.
- BML warned inaccurate reports could harm the Maldivian economy and tourism sector, as Russia is a major visitor source market.
The Bank of Maldives (BML) has refuted media reports claiming that it suspended money transfers to and from Russia, confirming that its policies regarding transactions involving the country remain unchanged.
The clarification was issued on 9 November 2026, after Russian media outlets, including RBC, reported that BML had halted payments sent to or received from Russia. In a statement posted on social media, BML Spokesperson and Public Relations Manager Mohamed Saeed dismissed the reports as false and contrary to the facts. He confirmed that the bank had neither issued statements nor shared information with media organisations regarding any suspension.
“Bank of Maldives has not established a specific special policy to block money sent from Russia or financial transactions related to that country,” Saeed stated.
Saeed explained that BML, like other financial institutions, relies on international correspondent banks to process foreign currency transactions, particularly those denominated in US dollars. These intermediary banks enforce their own regulations, screening procedures, and compliance policies to verify the parties involved in a transfer and identify 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 rejections or returns triggered by third-party compliance checks do not represent a BML policy to suspend Russian transactions.
The bank also warned that circulating inaccurate reports about payment restrictions could harm the Maldivian economy and its vital tourism sector. Russia remains a major source market for visitors to the Maldives, making reliable international payment channels essential for local tourism businesses.
BML reiterated that its position on Russia-related transactions remains unchanged, though all cross-border transfers continue to operate under the compliance requirements of international correspondent banks.
