November 05, 2026

Where Did the Bank Accounts Go?


Where Did the Bank Accounts Go?
Galicia Bank in Ciudadela, Buenos Aires province, Argentina. Just a Man, Wikimedia Commons.

On October 31, independent Russian outlet Meduza reported that an Argentinian bank shuttered the accounts of some Russians, Ukrainians, and Belarusians without warning. A Telegram group for those affected by the closures has grown to over 400 members.

Since Russia launched its full-scale invasion of Ukraine, Argentina has become a popular refuge for Russians, Belarusians, and Ukrainians. On October 28 and 29, clients with ties to Belarus, Russia, and Ukraine found that the Argentine bank Galicia had unilaterally shut down their accounts without prior notice. The closure affected everyone from recent Argentine citizens to those who worked for local companies or resided in the country for other reasons.

Many users' accounts disappeared from the Galicia banking app. Some clients reported that they could not open new accounts; the affected customers were only allowed to withdraw their money. According to Meduza, Galicia employees said that their bank accounts were closed based on a "commercial decision," but there was no further elaboration of what that meant. The bank has not issued an official statement on the matter.

Members of the Telegram group pointed out that not all Russians, Belarusians, and Ukrainians living in Argentina had their Galicia accounts closed. Those affected by the bank account closures are considering filing a joint lawsuit. The affected clients speculated that the bank closures could have been connected to the fact that Galicia was recently acquired by HSBC, a bank headquartered in London.

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